Phi debt piles up to P15.02 T in April

The country’s outstanding debt crossed the P15-trillion level anew in April mainly due to higher borrowings and the depreciation of the peso against the dollar.

- KEISHA TA-ASAN

Latest data from the Bureau of the Treasury showed the national debt stood at P15.02 trillion in end-April, inching up by 0.6 percent from P14.93 trillion the previous month.

On a yearly basis, however, the debt stock picked up by 7.9 percent from P13.91 trillion.

For April alone, the government added P91.5 billion in fresh obligations due to the net issuance of government securities and the local currency depreciation versus the dollar.

Security Bank chief economist Robert Dan Roces also attributed the increase in outstanding debt to the depreciation of the peso, which inflates the value of dollardenominated debt.

The peso breached the 57 to $1 level on April 16, the first time in nearly two years. It continued to weaken against the greenback, piercing the 58 to $1 level this May.