Philippines' national debt surged to $275.4 billion in 2024, up 9.8% from the year before.

The Philippines' national debt climbed to 16.05 trillion pesos ($275.4 billion) by the end of 2024, marking a 9.8% increase from the previous year. This rise mainly resulted from higher government borrowing and the strengthening of the US dollar. Domestic securities accounted for 68.1% of the total debt, while external obligations made up 31.9%. The debt-to-GDP ratio stood at 60.7%, slightly above projections due to lower economic growth.

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