The country’s debt ballooned to a new record high, breaching the P12-trillion mark as of end-January due to the government’s continued borrowing efforts to fund its pandemic response.
The country’s outstanding debt grew by 20 percent to P11.73 trillion in 2021 from P9.8 trillion in 2020 due to double-digit increases in domestic and external obligations, the Bureau of the Treasury said.
The country’s debt pile went down to P11.93 trillion in November as the government redeemed locally issued debt papers, inching closer to its debt target level for 2021.