Philippines debt soars past US$180bil in June as govt borrows more

Cyclists wearing protective masks ride past stores and shoppers at Quiapo Market in Manila, the Philippines, on Monday, July 27, 2020. - Bloomberg

MANILA (Xinhua): The Philippines' outstanding debt soared past 9 trillion pesos (roughly US$183.9 billion) as of end-June as the government borrowed more to fight the Covid-19 pandemic, the country's Bureau of Treasury said on Wednesday (July 29).

In a statement, the treasury bureau said the total debt stock for the month reached 9.05 trillion pesos, an increase of 163.3 billion pesos (roughly US$3.3 billion) or 1.8 per cent compared to May "due to the net issuance and availment of domestic and external financing."