Local debt reached P6.43 trillion, a 4.1-percent reduction from end-August’s P6.71 trillion, while foreign debt rose by 1 percent to P2.93 trillion. The Treasury traced the decreased local debt to repayment, and said domestic gross borrowings hit P2.63 trillion at end-September. Ricafort also said the country’s $100.49 billion in gross international reserves (GIR) “provide more than enough buffers” for the government in managing foreign debt. The latest GIR can cover 9.2 times the country’s short-term external debt based on original maturity and 5.4 times based on residual maturity, according to the Bangko Sentral ng Pilipinas. Data from the Department of Budget and Management showed earlier that state debt is seen to hit P10.16 trillion by yearend.

Source: Manila Times October 29, 2020 16:30 UTC