Gov’t debt climbs to P6.7T in 2017
The government borrowed more in 2017 to support its ambitious spending plans.
Outstanding debt of the national government totaled P6.65 trillion as of December 2017, rising by 9.25% from the 2016 level, the Bureau of the Treasury said.
Two-thirds of total debt came from local sources, while a third was borrowed from foreign creditors.
Domestic debt amounted to P4,44 trillion, up by 5.5 percent from the previous month largely due to the P255 billion in retail Treasury bonds offered in December.
Meanwhile, external debt reached P2.2 trillion which slightly declined from November’s tally as the peso appreciated against the dollar during the month.
Relative to the economy, the debt level accounted for 42.7 percent of gross domestic product. This, however, is bigger than the 40.7 percent program as the government chose to pre-fund its financing needs for 2018.