Update on PH National Government Total Debt
PH NATIONAL GOVERNMENT – The data from the Bureau of Treasury revealed the total debt of the Philippines as of 2021.
The Philippines is one of the several nations across the globe hit hard by the COVID-19 pandemic. Currently, strict measures are still up in the country for more than two (2) years in the pursuit to curb the spread of the virus.
The economy of the country really dropped amid the pandemic. Several businesses had no choice but to temporarily or permanently close after incurring only expenses for several months. This further results in the increase in the unemployment rate in the country and many Filipino households financially struggling.
In the pursuit to achieve population protection, the country is vaccinating the people against COVID-19. The PH national government previously said that it borrowed money for the procurement of the jabs for the people.
Aside from the COVID-19 pandemic, the country is also facing several other big challenges including the impacts of Typhoon Odette which hit the country before 2021 closed. It is no secret to the Filipinos that the country is facing a huge debt.
Recently, the data from the Bureau of Treasury (BTr) revealed the total debt of PH national government as 2021 ended. Based on a report on ABS-CBN News, it reached a total outstanding debt of P11.73 trillion.
Out of the said total debt of the PH national government as of 2021, according to the report, the total debt in December dropped by 1.7% due to the net redemption of domestic securities. With regards to the debt-to-GDP ratio, it was at 60.5% that is higher compared to 2020’s 54.6%. According to BTr, the ratio is still within the accepted sustainable threshold as the economy of the country continues to recover from the impacts of the pandemic.
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