Bureau of Treasury Reveals Debt of PH as of March
BUREAU OF TREASURY – The BTr posted an update revealing the amount of the increased debt of the Philippines as of March 2022.
The Philippines has huge debts for decades now. The country has both external and internal debts that have already reached trillions. The COVID-19 pandemic has pulled the financial status of the country down even more.
Amid the pandemic, several businesses had no choice but to temporarily or permanently close as they cannot withstand week-long if not month-long duration of having no operation. Strict community quarantine measures had to be applied to fight the spread of the virus.
The economy of the Philippines greatly struggled amid the COVID-19 crisis. The same thing was happening in most Filipino households, many face financial struggles.
The Philippines had to borrow money from other sources to fund the fight against the COVID-19 pandemic. The people had to be given financial and food assistance and there was a need for money to procure the vaccines against the coronavirus.
Every now and then, the Bureau of Treasury posts updates regarding the PH debts. In February 2022, it reached Php 12.09 trillion.
Recently, based on a report on ABS-CBN News, the Bureau of Treasury posted the PH debt as of the end of March. It reached P12.68 trillion. Out of the said total debt of the country, 30.1% or Php 3.81 trillion of it was sourced externally while 69.9% or Php 8.87 trillion was from domestic borrowings.
In June 2016, the country’s debt was just Php 5.95 trillion. It has more than doubled in just around five (5) years. Presidential Communications Secretary and Acting Presidential Spokesperson Martin Andanar cited that the recent loans of the country were in the pursuit to address the COVID-19 pandemic and for the resiliency efforts.
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