Despite the nearly two percent hike in foreign borrowings, the national government’s outstanding debt fell to ₱17.455 trillion in September, though officials warned that further reductions will depend heavily on the peso’s strength against the United States (US) dollar.
National Treasurer Sharon P. Almanza told Manila Bulletin on Thursday, Oct. 30, that trimming the national debt down to the ₱17.36 trillion end-2025 goal will “depend on the foreign exchange (forex).”
“As you know, the peso has depreciated, and we still have forex liabilities,” Almanz
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