Philippines' debt down by 2.1 per cent in May

MANILA, July 3 (Xinhua): The Philippines' debt decreased by 2.1 per cent at the end of May due to the repayment of provisional advances from the central bank, the Philippine Bureau of Treasury has announced

The bureau said the national government's total outstanding debt registered at 12.50 trillion pesos (US226.78 billion) in May.

Of the total debt stock, the bureau said 30.7 percent was sourced externally, while 69.3 per cent were domestic borrowings.

The bureau added the country's foreign debt increased by 0.1 per cent in May, attributing the increment to the impact of local and foreign currency fluctuations against the US dollar.

Philippine President Ferdinand Romualdez Marcos, sworn in on Thursday, said his administration is "drawing up a comprehensive all-inclusive plan for economic transformation."

"The priority is economy," Marcos vowed, assembling his economic team to steer the economy. - Xinhua

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Philippines , Country , Debt , May , Down


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