Statement of Bureau of Treasury on the Philippine National Gov’t Debt
BUREAU OF TREASURY – BTr revealed the current debt of the Philippines amid the crisis due to the COVID-19 pandemic.
The COVID-19 pandemic greatly affected several countries in the world. It cost lives, dragged national economies down, shut down businesses, and forced the people to live under a new normal setting. The Philippines is one of the nations whose economy was dragged down by the pandemic.
A lot of people died of COVID in PH. The country is under restrictions for more than two (2) years now in the pursuit to stop the spread of the virus. However, the community quarantine measures have effects on the economy of the nation.
Many businesses were not able to withstand the demands of the pandemic. The week-long if not month-long closure only incurred them expenses with no profits. The losses forced several small and big companies to temporarily or permanently shut down.
Amid the fight against the pandemic, the national government borrowed money from other international entities to fund the actions taken. One of them is the procurement of vaccines against the virus.
Recently, the Bureau of Treasury gave an update on the debt of the Philippine national government. Based on a report on ABS-CBN News, BTr reported that the PH national government has reached Php 12.03 trillion as of January.
Bureau of Treasury stated that the total national government increased by 2.6% or Php 301.12 billion because of the net availment of both domestic and external debt. Furthermore, BTr said that out of the total debt, 30.4% is from external sources while 69.9% is domestic debts.
The domestic debt of the Philippine national government reached Php 9.37 trillion for January. It is 2.4% higher compared to the domestic debt of the country in December 2021. The external debt was at P3.66 billion last month – 2.9% higher compared to the external debt in December 2021.
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