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Manila Bulletin devider Business devider Gov't debt stock down to P14.2 T in September

Gov't debt stock down to P14.2 T in September

Published Oct 31, 2023 06:51 am

At A Glance

  • The national government's debt stock as of September stood at P14.269 trillion, with 68.2 percent from domestic borrowings and 31.8 percent from external sources.<br>Domestic debt decreased by P56.8 billion or 0.6% in September, primarily due to net redemption of government securities.<br>Foreign debt decreased by P24.1 billion or 0.5%, attributed to favorable third currency fluctuations and net repayment of foreign loans.<br>Total NG guaranteed obligations decreased by P4.4 billion or 1.2% in September to reach P362.22 billion, with net repayments of domestic and external guarantees contributing to the decline.<br>Year-to-date, domestic debt increased by P526.0 billion or 5.7%, while external debt increased by P323.8 billion or 7.7%.<br>Year-to-date, government guaranteed obligations decreased by P36.8 billion or 9.2%.

The national government's debt stock had decreased in September compared to the previous month due to repayments made to both local and foreign creditors, the Bureau of the Treasury reported on Tuesday, Oct. 31.

The government's outstanding debt as of September stood at P14.269 trillion, a decline of P80.9 billion compared to the August figure of P14.349 trillion. Domestic borrowings accounting for 68.2 percent of the total and external sources contributing 31.8 percent.

“The amount underscores a decline of P80.9 billion or 0.6 percent from the previous month’s level primarily due to net repayments of both domestic and external obligations for the month,” the Treasury said in a statement.

In September, the domestic debt level reached P9.73 trillion, down P56.8 billion or 0.6 percent compared to the previous month due to the net redemption of government securities.

Domestic debt issuance during the month amounted to P121.1 billion, while redemption totaled P177.9 billion, resulting in a net repayment of P56.8 billion.

The impact of local currency depreciation against the US dollar on debt stock valuation was minimal, amounting to only P10 million.

For the first nine-months, domestic debt has increased by P526.0 billion or 5.7 percent.

Meanwhile, the foreign debt of P4.53 trillion decreased by P24.1 billion or 0.5 percent compared to the previous month, driven by favorable fluctuations in third currencies and net repayment of foreign loans.

The outstanding external debt registered an overall reduction of P8 billion due to net foreign loan repayments and P16.9 billion resulting from the depreciation of third currencies against the US dollar.

Additionally, peso depreciation against the US dollar contributed an increase of P0.7 billion.

As of the end of September 2023, the total obligations guaranteed by the national government fell by P4.4 billion or 1.2 percent compared to the previous month, amounting to P362.22 billion.

The Treasury said the decline was attributed to net repayments of both domestic and external guarantees, with domestic repayments totaling P1.6 billion and external repayments amounting to P1.4 billion.

Furthermore, the value of guarantees denominated in third currencies decreased by P1.3 billion due to currency adjustments, which offset the additional debt of P30 million caused by peso depreciation against the US dollar.

In terms of the year-to-date performance, government guaranteed obligations have decreased by P36.8 billion or 9.2 percent from their level at the end of December last year.

Related Tags

government borrowings government debt Bureau of the Treasury
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