Philippines' debt rises to 252.6 bln USD in end-August

Xinhua
03 Oct 2023, 02:05 GMT+10

MANILA, Oct. 2 (Xinhua) -- The Philippines' debt rose to 14.35 trillion pesos (252.6 billion U.S. dollars) as of the end of August, a 0.7 percent increase from the total outstanding debt recorded in end-July, the Bureau of the Treasury said Monday.

"The increment from the July level was primarily due to the peso depreciating from 54.834 to 56.651 against the U.S. dollars over the reference period," the bureau said.

Of the total debt stock, the bureau said 31.8 percent were foreign borrowings, while 68.2 percent were domestic borrowings.

The bureau said the Southeast Asian country's foreign debt amounted to 4.56 trillion pesos, 2.9 percent higher than that in July, mainly because of the weaker peso.

"Peso depreciation against the U.S. dollar caused a 146.85 billion peso upward revaluation of U.S. dollar-denominated debt in August, although partially offset by the 22.11 billion peso downward revaluation of the third-currency debt component," the bureau said. (1 peso equals 0.018 U.S. dollar)

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