National government debt continues to rise but at a decelerated rate

PHILIPPINES - Report 10 Jul 2024 by Diwa Guinigundo and Wilhelmina Manalac

Public debt reflects the ability of governments to finance their annual budgets. If tax and non-tax revenues do not suffice, and reserves are not adequate to be drawn down, governments resort to borrowings from both domestic and external capital markets.

The Philippines’ national government incurred an outstanding debt of PHP 15.3 trillion, representing an increase of PHP 330.39 billion or 2.2 percent from end-April 2024 and PHP 1,193.47 billion or 8.4 percent compared to end-May 2023. This means that while public debt continues to rise, the pace appears to be decelerating.

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