National government debt piles to ₱7.104 trillion in August

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Metro Manila (CNN Philippines, September 29) — National government debt as of the end of August 2018 stands at ₱7.104 trillion.

In a statement, the Bureau of Treasury announced that the government borrowed an additional ₱60.27 billion in August, 0.86 percent more than the amount it borrowed for the same month last year.

Broken down, funds borrowed from local sources amounted to ₱4.572 trillion and funds from foreign sources amounted to ₱2.530 trillion.

National government debt did not escape unscathed from the volatile exchange rate.

“Currency fluctuations on both dollar and third-currency denominated debt added ₱14.48 billion and ₱1.10 billion, respectively,” the Bureau of Treasury said.

Peso depreciation also affected debt payments.

“Total of guaranteed obligations increased by ₱1.07 billion, or 0.2% month-on-month to ₱484.97 billion in August. The increase was due to currency fluctuations on both dollar and third-currency denominated guarantees amounting to ₱1.75 billion and ₱0.89 billion, respectively,” it added.

National government debt was at ₱6.603 trillion by the end of 2016, when President Rodrigo Duterte assumed office. It was at ₱5.267 trillion in 2010, when former President Benigno Aquino III was elected, and at ₱4.645 trillion when former President Gloria Macapagal Arroyo was elected for a second term in 2004.