PH government debt stock tops P19 trillion

MANILA, Philippines — The Philippine government’s outstanding debt climbed past the P19-trillion mark in June, exceeding the Marcos administration’s year-end forecast six months ahead of time as the state continued to rely on borrowing to finance its budget deficit. Data from the Bureau of the Treasury on Thursday showed the national debt rose 2.8 percent from a month earlier to a record P19.07 trillion, up 10.4 percent from a year earlier. READ: PH debt hits new peak at P18.55T The total already eclipsed the administration’s projection of a P19.06-trillion debt stock by the end of 2026. Since the start of the year, the government’s debt has expanded by nearly P1.4 trillion, or 7.7 percent. The Treasury attributed the increase to the continued implementation of the government’s fiscal agenda and financing program while maintaining what it described as a resilient debt portfolio. READ: Gov’t debt payments up 12% in April Domestic debt, which accounted for about two-thirds of the total, rose 2.7 percent from May to P12.84 trillion. The Treasury said the government raised a net P342.93 billion from the local market during the month, although a stronger peso reduced the value of its dollar-denominated domestic bonds by about P600 million. INQ