Manila Philippines – The outstanding debt of the Philippines stood to P16.090 Trillion, the Bureau of Treasury recorded this in November 2024.
The country’s debt increased by 10.9% compared to the end of November in the year 2023.
It also increased by 0.4% compared to the P16.020 Trillion pesos debt recorded in the month of October 2024.
According to the Bureau of Treasury, the increased in the country’s debt is caused by financing and the effect of local currency depreciation or the decrease in the value of the peso against foreign currencies.
The exchange rate of the peso against the dollar weakened in November, with the value of the US dollar at P58.60.
Based on Treasury data, the country’s domestic debt is at P10.921 trillion pesos.
It is up 9% compared to the same month in the year 2023.
While the external debt is P5.169 Trillion, higher by more than 15% compared to last year.
Meanwhile, during the meeting held by President Bongbong Marcos with cabinet members yesterday, the administration assured that the National Expenditure Program (NEP) will be used properly in government programs.
This includes the current administration’s socioeconomic programs.