National government debt slightly higher in July

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Metro Manila (CNN Philippines, September 1) — Philippine government's debt was at ₱7.044 trillion in July.

According to a report from the Bureau of Treasury (BOT), the national debt was 0.4 percent higher than the previous month.

Broken down, debt from local sources was at ₱4.6 trillion, ₱21.45 billion higher than in June, owing to national government securities.

"The increase in the level of domestic debt was due to the net issuance of government securities amounting to ₱21.57 billion, slightly tempered by the stronger peso that diminished the value of onshore dollar bonds," the BOT said in a statement.

The treasury bureau noted that the peso appreciated in July, ending at ₱53.16 versus the dollar. This was higher than the ₱53.40:$1 exchange rate the previous month.

Meanwhile, debt from foreign sources was at ₱2.443 trillion, approximately ₱5.94 billion higher than in June. The BOT owed this slight increase to the volatility of the dollar and other currencies.

The national government debt in July was lower than in  December 2017, which was at ₱7.13 trillion.