Debt incurred by the Philippine government to domestic
and overseas creditors declined by 11.5 percent to P26.77 billion in
May from a year earlier, reflecting a slow down in foreign borrowings,
Bureau of the Treasury data released Thursday showed.
Total debt owed in the first five months of the year declined by 46
percent to P204.08 billion from P377.85 billion in January to May of
2012. Domestic borrowings in the five months to May reached P195.11 billion, up 31 percent from P282.6 billion year-on-year.
Foreign debt incurred by the national government totaled
P7.97 billion from P95.24 billion in the same comparable period. The external borrowings included P1.16 billion in projects loans and P691 million in program loans.
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