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Manila Bulletin devider Business devider Government debt crosses P15-trillion mark in April

Government debt crosses P15-trillion mark in April

Published May 30, 2024 05:25 am

The government's debt hit a record P15 trillion in April this year, driven by borrowings and the peso's weakening against the US dollar.

Data released by the Bureau of the Treasury showed that the national government's outstanding debt surged by eight percent to P15.017 trillion as of April from P13.911 trillion in the previous year.

The total debt stock also posted a 0.61 percent increase compared to the previous month’s P19.925 trillion.

According to the Treasury, the escalation was primarily fueled by higher government borrowing and the impact of the peso's devaluation on foreign-currency-denominated debt.

The peso's average exchange rate against the US dollar stood at 57.583 in April, a substantial decline from 55.497 in the same month last year and 56.26 in March.

Most of the debt stock came from domestic borrowings, constituting 68.64 percent of the total, with the remaining 31.36 percent sourced externally.

At end-April, domestic debt reached P10.308 trillion, nine percent higher than P9.548 trillion the previous year and a slight 0.3 percent uptick from P10.277 trillion in the prior month.

The rise in domestic debt for the month can be attributed to the net issuance of government securities amounting to P27.23 billion and a P3.78 billion impact from the peso’s depreciation on foreign-currency-denominated domestic debt.

Since the start of the year, domestic debt has seen a three percent uptrend.

Meanwhile, foreign debt rose six percent to P4.708 trillion from P4.453 trillion a year ago, and a 1.3 percent increase compared to P4.648 trillion in March.

During the month, the government paid P32.91 billion towards foreign loans.

However, the Treasury noted that the significant peso depreciation resulted in a substantial upward adjustment of P109.31 billion in the local valuation of US dollar-denominated debt. 

But this adjustment was partially offset by a P15.91 billion downward correction due to fluctuations in third-currency debt.

From the end of December 2023, external debt has increased by 2.40 percent.

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Government debt of the Philippines Bureau of the Treasury
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