Update on Philippine Debt as of February 2022
PHILIPPINE DEBT – The Bureau of Treasury released details about the total debt of the Philippines as of the end of February 2022.
The Philippines borrowed a lot of money not only from domestic creditors but as well as from foreign lending bodies amid the COVID-19 pandemic. Huge funds were borrowed to support the country’s fight against the spread of the virus that shook the nation’s healthcare system.
It is more than two (2) years now since the pandemic started and the fight is still ongoing. Amid the easing of restrictions in most countries across the globe, the World Health Organization (WHO) warned that the pandemic is not over somewhere if it is not over everywhere. Vaccinations are still ongoing in the pursuit to curb the spread of the virus.
Amid the Philippine debt increasing as the country has no choice but to borrow money in the effort to cope with the demands of the pandemic, the economy of the nation was pulled down.
Strict community quarantine measures had to be implemented to fight the pandemic. The restrictions include the limitations on the operations of several businesses most especially those that are non-essentials. Several companies were left with no choice but to temporarily or permanently close.
Meanwhile, PH certainly has gains over the fight against the pandemic – gains that must be protected by continuing the practice of the minimum health protocols amid eased measures. The economy is also pushing to recover.
Based on a report on ABS-CBN News, the Bureau of Treasury recently gave an update on the total Philippine debt as of the end of February 2022. It is at $12.09 trillion.
Out of the said total debt of the country, 30.4% are external borrowings while 69.6 % are internal borrowings. Both domestic and external debts are 0.5% higher compared to the borrowings in January. The country’s debt continues to rise amid another challenge – the series of oil price hikes.
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