The Philippine government incurred more debt last August amounting to P11.642-trillion.

The Bureau of the Treasury reported on Thursday, Sept. 30, that the national government’s outstanding debt soared 21 percent or P2.027-trillion from P9.615-trillion in August 2020.

According to the Treasury, 70.6 percent of the debt obligations were held by local banks, while the remaining 29.4 percent were owed to foreign creditors.

Month-on-month, the government’s debt stock increased 0.28 percent from P11.61-trillion in July.

The P32.05-billion additional debt incurred between July and August was due to higher borrowings from the domestic market, the Treasury said.

Source: Manila Bulletin (