National Government Cuts Debt by Php139.79 Billion as of August 2024

National government (NG) debt shrank to Php15.55 trillion by the end of August 2024, representing a 0.9% or Php139.79-billion decrease from Php15.69 trillion in July 2024, according to the Bureau of the Treasury (BTr).

In a press release in early October 2024, the BTr explained that the decline resulted from the strengthening of the Philippine peso to Php56.179 for every one US dollar by the end of August 2024, compared with Php58.488 for every one US dollar as of end-July 2024. This consequently cushioned the NG’s domestic and external financial obligation by Php6.59 billion and Php194.90 billion, respectively.

The treasury also attributed the reduced debt to the NG’s settlement of Php4.17-billion external debt.

As of 31 August 2024, the NG’s domestic obligation totaled Php10.79 trillion or 69.40% of the Php15.55-trillion outstanding debt. The other portion, external debt, amounted to Php4.76 trillion, representing 30.60% of the August-2024 overall financial liability.