As of May 31, 2023, the national government’s outstanding debt reached P14.10 trillion higher by P185.40 billion from the previous month.
It also said that of the total, 32 percent is external debt while 68 percent is domestic debt. Also, a factor is the Philippine peso’s depreciation against the US Dollar in the total money owed by the government.
The debt will have a “negative impact” on Filipino taxpayers as the government “may need to increase taxes to cover the increase in borrowing or more expensive financing, or it could also lead to a decrease in support of local programs to pay for the interest on these loans.
SOURCES:
