Philippine peso bills are seen at a money changer in Manila. Among 16 major banks in Southeast Asia, the fastest increase in nonperforming loans was recorded at Philippine banks. © Reuters
MANILA, Philippines — On Thursday, data from the Bureau of the Treasury (BTr) revealed Thursday that the country's debt increased further in 2022 to 13.42 trillion as a result of double-digit growth in domestic and international borrowing.
Reports show that domestic debt climbed by 12.7%, or ₱1.04 trillion, while external loans increased by 18.3%, or ₱652.34 billion. While the outstanding obligations last year were 14.4% higher than the 11.73 trillion in 2021.
While debt levels increased, the country's debt-to-gross domestic product (DTP) ratio decreased from 63.7% at the end of September 2022 to 60.9% at the end of 2022.
According to the Treasury, strengthening of the Philippine peso against the US dollar in the second half of 2022 helped reduce the debt rise.
The BTr claimed that "this reflects the consistent drive to bolster debt sustainability through prudent cash and debt management backed by resurgent economic growth."
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