The Bureau of the Treasury reduced its national government debt ceiling by 0.7 percent this year, taking into account the impact of collections by revenue-generating agencies on the country’s fiscal condition. The new debt target is 6 percent higher than the P6.09 trillion obligations recorded in 2016, equivalent to 42.18 percent of GDP. Domestic debt grew by 9 percent year-on-year from P3.79 trillion, while foreign obligations rose 5.7 percent from P2.08 trillion. Month-on-month, the national government’s outstanding debt fell by P25.06 billion or 0.4 percent. Domestic debt fell by P22.77 billion or 0.5 percent, while external obligations were lower by P2.29 billion or 0.1 percent.

Source: Manila Times July 05, 2017 16:52 UTC