PHL debt at P7.8 trillion

The Bureau of Treasury on Tuesday revealed that the Philippines’ debt stood at P7.8 trillion at the end of July, 10.8 percent higher than the same month last year.

In a statement, the Treasury bureau said that the country’s debt was also seven percent higher than at the end of 2018.

According to the bureau, the national debt on a monthly basis, was lower by P64.58 billion or 0.8 percent in July than in June as the peso strengthened against the dollar and the government paid domestic obligations.

About two-thirds of the total debt stock was owed to domestic lenders, with the remaining third sourced from foreign creditors.

The government has said that it would increase borrowings to finance its ambitious infrastructure push.