Strong peso trims value of National Government debt in June

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Metro Manila (CNN Philippines, July 26) — The National Government's debt was lower in June due to rise in the peso conversion rate against currencies of the Philippines' top sources of borrowings, as well as the repayment of some of the obligations.

The Bureau of Treasury recorded a national government debt of ₱7.87 trillion as of the end of the second quarter this year, 0.6 percent lower than the ₱7.92 trillion recorded in May.

Domestic debt by the end of June was at ₱5.3 trillion, higher by ₱38.45 billion from last month's figures. This was because the government issued more securities amounting to ₱38.94 billion.

Meanwhile, external debt was at ₱2.57 trillion, lower by ₱85.35 billion from last month. The stronger peso, the Treasury said, led to a reduction of P50.46 billion from the value of foreign debt.

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.