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Manila Bulletin devider Business devider PH debt nearing P12-trillion mark

PH debt nearing P12-trillion mark

Published Oct 29, 2021 03:36 pm

The Philippine government debt rose in September nearing the P12-trillion mark due to higher borrowings from local and foreign creditors as well as depreciation of the peso, the Bureau of the Treasury reported.

The total outstanding debt stock of the national government reached P11.92 trillion as of September this year, up by 2.4 percent from P11.64 trillion in August and 27 percent from P9.37 trillion in the same month last year.

Of the total debt stock, 70.4 percent were held by domestic creditors, while remaining 29.6 percent were sourced from foreign banks.

According to the Treasury, the month-on-month increase was “due to net issuance of both domestic and external debt and peso depreciation against the US dollar.”

Domestic debt in September amounted to P8.39 trillion, two percent higher from the end-August level of P8.22 trillion.

Since the start of the year, local debt registered an increment of P1.69 trillion. Year-on-year, the amount increased 30 percent from P6.44 trillion.

Meanwhile, the external debt of P3.53 trillion at end-September was three percent higher from the previous month’s P3.42 trillion. Year-on-year, it jumped 20 percent from P2.93 trillion.

“For September, the increment in external debt was due to the net availment of foreign loans amounting to P43.99 billion and the effect of local currency depreciation against the US Dollar amounting to P76.82 billion,” the Treasury said.

“This more than offset the impact of third-currency fluctuations against the US dollar amounting to P13.73 billion,” the bureau added.

In September, the peso averaged at 50.88 against the US dollar, weaker compared with 49.76 in August and 48.42 in the same month in 2020.

From the start of 2021, foreign debt has risen by P428.98 billion or 14 percent.

The contingent debt—mainly guarantees the government issued—dipped by 0.1 percent or P650 million to P432.86 billion.

Net repayments on both domestic and external guarantees amounted to P2.56 billion in September.

However, local-currency depreciation against the US dollar increased the value of external guarantees by P4.47 billion, offsetting repayments and third-currency depreciation which trimmed P1.27 billion.

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government borrowings government debt debt stock Bureau of the Treasury
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