MANILA, Philippines — The government’s outstanding debt hit a new record high in February driven primarily by additional domestic borrowing to fund national development projects.
At P18.16 trillion, outstanding debt grew by P1.53 trillion in February, or 9.19 percent, from P16.63 trillion a year earlier, the Bureau of the Treasury reported on Wednesday. This is also higher than the P18.13 trillion a month earlier.
“The modest uptick underscores the government’s stable and well-managed debt position amid evolving global financial conditions,” the Treasury said.
“This was largely driven by the continued prioritization of domestic financing to protect the government’s debt position from unfavorable external developments,” it added.
