Debt Rises to Fresh High of P16.75 T

The appreciation of the peso managed to slightly offset higher borrowings as part of the government's fiscal program, but the country's outstanding debt still inched up to a fresh high of P16.75 trillion as of April, the Bureau of the Treasury said.

- By Louise Maureen Simeon

Latest data from the Treasury showed that the national debt settled at P16.75 trillion as of end-April, its highest level to date.

This is also 11.6 percent higher than the P15.02 trillion debt in the same period last year.

For April alone, the government added some P68.69 billion to the debt pile, a modest 0.41 percent increase month-on-month.

According to the Treasury, the minimal increase in debt in April was minimized by the appreciation of the peso, thereby reducing the effect of additional borrowings in line with the fiscal program.

The Treasury said the country remains on track to achieve fiscal consolidation and reduce the debt ratio as a percentage of the economy to below 60 percent by 2028.