Nat’l debt hits record P14.1 trillion

By Julito G. Rada

THE country’s outstanding debt hit a record P14.10 trillion as of end-May 2023 from P13.91 trillion as of endApril mainly due to the weaker peso against the greenback and the borrowings incurred by the government to fund its budget deficit, the Bureau of the Treasury said Tuesday.

“The level of debt grew by P185.40 billion or 1.3 percent from the previous month due to the net issuance of domestic and external debt and the depreciation of the local currency against the US dollar,” the Treasury said in a statement.

Earlier, Finance Secretary Benjamin Diokno said the government would not borrow as much as it did