Gov't debts hit new all-time high as pandemic costs swell

The state’s outstanding debt load amounted to P11.97 trillion as of end-October, up 0.46% or P54.48 billion month-on-month, the Bureau of the Treasury reported Wednesday. Since the beginning of the year, liabilities have accumulated by P2.6 trillion.

STAR / File

MANILA, Philippines — The government’s debt pile continued its rise in October to reach a new all-time high, as the Duterte administration counts on borrowings to fund its costly coronavirus programs.

The state’s outstanding debt load amounted to P11.97 trillion as of end-October, up 0.46% or P54.48 billion month-on-month, the Bureau of the Treasury reported Wednesday. Since the beginning of the year, liabilities have accumulated by P2.6 trillion.

The latest data showed obligations continued to climb beyond the Duterte administration’s debt program for the entire 2021, which is set at P11.73 trillion. In the first half, the debt load already accounted for 60.4% of gross domestic product, breaching the 60-percent ceiling that is deemed manageable by global debt watchers.

Full Story: https://www.philstar.com/business/2021/12/01/2145011/govt-debts-hit-new-all-time-high-pandemic-costs-swell