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Manila Bulletin devider Business devider Gov't debt rises to P14.48 trillion in October

Gov't debt rises to P14.48 trillion in October

Published Dec 5, 2023 03:39 am

At A Glance

  • The national government's debt stock as of September stood at P14.48 trillion, with 68.38 percent from domestic borrowings and 31.62 percent from external sources.
  • Domestic debt increased by P167.98 billion or 1.73% in October, primarily due to net issuance of government securities.
  • Foreign debt increased by P44.15 billion or 0.97%, attributed to the availment of higher foreign loans which amounted to P33.52 billion.
  • Total NG guaranteed obligations decreased by P1.22 billion or 0.34% in October to reach P361 billion, with net repayments of domestic guarantees contributing to the decline.
  • Year-to-date, domestic debt increased by P693.95 billion or 7.54%, while external debt increased by P367.99 billion or 8.74%.
  • Year-to-date, government guaranteed obligations decreased by P38.5 billion or 9.53%.

Government debt swelled in October even as the peso's depreciation against the US dollar provided some relief, data from the Bureau of the Treasury showed.

The government's outstanding debt as of end-November stood at P14.48 trillion, an increase of P212.13 billion compared to the September figure of P14.269 trillion. Domestic borrowings accounting for 68.38 percent of the total and external sources contributing 31.62 percent.

“National government’s debt stock increased by P212.13 billion or 1.49% month-over-month, reflecting the net issuance and availment of domestic and external loans, as well as the revaluation effect of peso depreciation against the US dollar,” the Treasury said in a statement.

In October, the domestic debt level reached P9.90 trillion, up P167.98 billion or 1.73 percent compared to the previous month due to the net issuance of government securities.

Domestic debt issuance during the month amounted to P213.42 billion, while principal payments totaled P45.68 billion, resulting in a net repayment of P167.75 billion.

The impact of local currency depreciation against the US dollar on debt stock valuation was minimal, amounting to only P0.23 billion.

For the first 10 months, domestic debt has increased by P693.95 billion or 7.54 percent.

Meanwhile, foreign debt of P4.58 trillion increased by P44.15 billion or 0.97 percent compared to the previous month, driven by the availment of higher foreign loans which amounted to P33.52 billion.

Additionally, peso depreciation against the US dollar contributed an increase of P11.84 billion.

As of the end of October 2023, the total obligations guaranteed by the national government fell by P1.22 billion or 0.34 percent compared to the previous month, amounting to P361 billion.

The Treasury said the decline was attributed to net repayments of domestic guarantees, with domestic repayments totaling P1.35 billion.

Furthermore, the value of guarantees denominated in third currencies decreased by P0.31 billion due to currency adjustments, which offset the additional debt of P0.44 billion caused by peso depreciation against the US dollar.

In terms of the year-to-date performance, government guaranteed obligations have decreased by P38.5 billion or 9.53 percent from their level at the end of December last year.
 

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government debt Bureau of the Treasury
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