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Philippine national debt conti
MANILA, Oct. 20 (Xinhuanet) -- The Philippine government's national outstanding debt reached 3.93 trillion pesos (71.45 billion US dollars) in July, up 1.1 percent from 3.89 trillion (70.72 billion US dollars) in June, the Bureau of Treasury said Thursday.
According the data of the bureau, as of July, domestic debt rose 2.2 percent to 2.081 trillion pesos from 2.035 trillion pesosin June.
On the other hand, foreign debt declined 0.3 percent to 1.851 trillion pesos from 1.856 trillion pesos in June.
Fifty-seven percent of the foreign debt was raised through issuance of foreign-denominated securities and the rest through borrowing from such multilateral and bilateral institutions as the World Bank, the Asian Development Bank, and the Japan Bank for International Cooperation, the bureau said.
The government expects to address the ballooning debt through the implementation of newly-approved expanded value added tax, which is estimated to bring the country an extra 2 billion-3 billion pesos (36 million to 54 million US dollars) in monthly revenues this year. Enditem.