This was a nearly P1 trillion jump from the year ago.
According to the Bureau of the Treasury, the amount marked an increase of “P290.44 billion or 3.4% from the end-April level due to the increased reliance on government securities issuance and external loan availments to fund COVID-19 response amid a sharp drop in revenue collections,”
Of the total, 68% or P6 trillion comprised of domestic loans, up by P777 billion.
Foreign debt, meanwhile, also grew by P120 billion to hit P2.9 trillion as the governmennt tapped borrowings from the Asian Development Bank and the World Bank.
Other sources were development agencies backed by China and France.
