• The Philippines’ debt pile climbed further to hit a new high of P14.48 trillion in October due to an increase in domestic and foreign borrowings as well as the depreciation of the peso against the dollar, according to the Bureau of the Treasury (BTr).
  • The end-October debt level was 1.49 percent higher than the P14.27 trillion in September. On a yearly basis, the debt stock expanded by 6.16 percent from P13.64 trillion.
  • For October alone, the government added P212.3 billion to the debt pile due to the net issuance and availment of domestic and external loans particularly the retail dollar bonds.
  • This was also exacerbated by the revaluation effect of the peso depreciation to P56.808 against the dollar during the month.
  • As such, the current debt stock is now 99 percent of the expected P14.62 trillion debt by end-2023.