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Weak peso pushes Phl debt to P15.3 T
The Philippine Star
|July 05, 2024
The continued weakening of the peso against the dollar pushed the country’s debt to a new record high of P15.3 trillion in May, the Bureau of the Treasury said.
Latest data from the Treasury showed that the national debt settled at P15.347 trillion as of end-May, the highest level to date.
This is also 8.4 percent higher than the P14.15 trillion debt in the same month last year.
Theoretically, at P15.347 trillion, each of the estimated 119.9 million Filipinos is indebted by P128,455 to foreign and domestic creditors.
For May alone, the government added a total of P330.39 billion to the debt pile due to the impact of local currency depreciation on the valuation of foreign currency-denominated debt.
The peso depreciated against the dollar to 58.524 as of end-May from 57.583 a month ago, marking its worst showing in nearly two years, after the US Federal Reserve signaled the possibility of a delayed monetary policy easing.
This story is from the July 05, 2024 edition of The Philippine Star.
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