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Manila Bulletin devider Business devider Government debt nearing P15 trillion threshold in January

Government debt nearing P15 trillion threshold in January

Published Mar 1, 2024 08:34 am

The national government's debt is edging closer to the P15 trillion mark, fueled by increased borrowing to cover the budget deficit, data from the Bureau of the Treasury showed.

In January 2024, the government's total debt rose by eight percent to P14.79 trillion from P13.698 trillion in the same month of the previous year.

On a month-on-month basis, the amount increased by 1.2 percent from P14.616 trillion in December 2023.

The Treasury attributed the growth in debt to increased domestic borrowing and the devaluation of the peso against foreign currencies.

As of the end of January, the government's domestic debt reached P10.162 trillion, higher by eight percent compared to P9.385 trillion in the previous year.

Additionally, domestic obligations at end-January rose by 1.4 percent from P10.017 trillion in the previous month.

“Gross issuance of domestic debt for the month reached P211.11 billion, while principal payments totaled P69.67 billion, resulting in a net issuance of P141.44 billion,” the Treasury said.

“Meanwhile, the valuation effect of local currency depreciation against the US dollar on foreign currency-denominated domestic debt added P2.81 billion to the January total,” it added.

The peso averaged 56.403 against the US dollar in the first month of 2024, weaker compared to 54.571 in the same month last year.

Likewise, foreign obligations registered a seven percent growth to P4.628 trillion from P4.313 billion. This amount also surpassed the P4.598 trillion recorded last December.

“The increase was attributed to the P81.73 billion upward revaluation caused by local currency depreciation against the USD. However, this was partially offset by favorable movements in third currencies (P28.52 billion), reducing the net increase by P52.07 billion,” the bureau said.

“Additionally, external loan availment contributed P61.86 billion for the month,” it added.

In 2023, the Marcos administration incurred a P1.512 trillion in budget deficit.

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government borrowings government debt Bureau of the Treasury
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