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Philippine debt carves fresh record of P13.856 trillion

The Philippine government’s outstanding debt surged to a new record high in March as the country accumulated P104.142 billion worth of additional obligations during the month, resulting in total debt of P13.856 trillion, data released by the Bureau of the Treasury (BTr) showed.

Data from the BTr revealed that the government’s total debt of P13.856 trillion as of March is more than the P13.752 trillion in February, and P13.698 trillion in January.

Broken down, P9.513 trillion came from domestic debt, including P156 million from direct loans, and P9.513 trillion from debt securities.

The government reported P4.343 trillion worth of external debts, based on the foreign exchange rate of P54.318:$1. The external obligations include P1.947 trillion coming from loans, and P2.396 trillion coming from debt securities.

The same data from the BTr showed that there were P384.118 billion worth of guaranteed debt as of March, covering P202.083 billion domestic, and P182.035 billion external.

Just last month the inter-agency Development Budget Coordination Committee (DBCC) expects government revenues at P3.7 trillion this year, and have an annual increase of P512.7 billion until it reaches P6.6 trillion in 2028 due to additional tax reforms. —KG, GMA Integrated News