Palace: PH’s P11.07-trillion debt seems huge, but can be paid

MANILA, Philippines — The figure may appear huge but the Philippines’ P11.07-trillion debt is “mid-range” compared to other lower-middle-income countries hence there would be “no problem” in paying it, Malacañang said Tuesday.

Recent data from the Bureau of the Treasury showed the Philippines’ debt hitting a new high at P11.07 trillion end-May compared to P10.99 trillion in April.

“Alam po ninyo, very conservative po ang ating economic team headed by [Finance] Secretary Dominguez. Iyong ating naiulat pong external debt ngayon, iyan po ay nasa mid-range kung ikukumpara natin sa mga ekonomiya na kasinlakas natin, kagaya ng iba’t ibang ekonomiya po ng Latin America – lower-middle-income countries,” presidential spokesperson Harry Roque said in a press briefing.

(You know what, our economic team headed by Secretary Dominguez is very conservative. Our reported external debt now is mid-range compared to economies that are the same as ours, like in Latin America and other lower-middle-income countries.)

“So malaki pong tingnan iyan, but we are in the mid-range at wala naman pong problema iyan pagdating doon sa ating kakayahan na magbayad as they fall due,” he added.

(It looks huge but we are in the mid-range and there is no problem when it comes to our capacity to pay for it as they fall due.)

Earlier, the Department of Finance said the country’s debt remains bearable due to low-interest rates and a strong peso.

JE