Government's heavy debt load hits record P11.6-T in AugustThe state’s outstanding liabilities stood at P11.61 trillion in July, up 4% on a month-on-month basis, the Bureau of Treasury said on Tuesday. Since the beginning of the year, the debt load has gotten heavier by P1.82 trillion. MANILA, Philippines — The government’s debt load continued to pile up in August to hit a record high, as the state ramps up its borrowings to make up for dismal revenues amid a pandemic-induced economic weakness. Debts will continue to build up as the Philippines’ pandemic needs grow, all while revenue collection remains anemic because of protracted economic weakness. Already, economic managers expect the government’s outstanding obligations to hit P11.73 trillion by the end of the year, before growing to P13.42 trillion by end-2022, when a new administration would have taken over.

Source: Philippine Star September 30, 2021 06:26 UTC