The Philippines’ total debt reached a record-high ₱16.02 trillion by the end of October, primarily due to the peso’s depreciation against the US dollar.
Data from the Bureau of the Treasury revealed an increase of ₱126.95 billion from ₱15.893 trillion at the end of September.
Year-on-year, the debt grew by 10.6%, or ₱1.539 trillion, compared to ₱14.480 trillion recorded in October 2023.
Domestic debt declined to ₱10.889 trillion, down by ₱46.42 billion from the previous month due to a net redemption of ₱52.65 billion in government securities.
This reduction was partially offset by a ₱6.23 billion increase in peso conversion for dollar-denominated obligations.
External debt rose to ₱5.130 trillion, up by ₱173.37 billion from the prior month, reflecting the peso’s weaker exchange rate.
For 2024, the Department of Budget and Management has set the borrowing program at ₱2.4 trillion, higher than the ₱2.207 trillion in 2023.