MANILA – Philippine debt reached P7.92 trillion in May, 15.8 percent higher compared to the same month last year, the Bureau of Treasury said Wednesday.
The country’s foreign debt stood at P2.658 trillion while domestic debt was at P5.256 trillion.
Of the country’s total debt stock, 33.6 percent was owed to foreign lenders while 66.4 percent was borrowed domestically.
Since the start of the year, the country’s total debt has increased by P623.03 billion.
Since May last year, P1.082 trillion has been added to the country’s debt.
The government had said that it would raise borrowings to finance the Duterte administration’s P8-trillion “Build, Build, Build” program. (ABS-CBN News)
