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Manila Bulletin devider Business devider Government debt rises to P16 trillion at end-November on borrowing, weaker peso

Government debt rises to P16 trillion at end-November on borrowing, weaker peso

Published Jan 7, 2025 06:45 am

Peso depreciation against the US dollar, alongside net financing activities, further pushed the national government’s debt, which had recently breached the P16-trillion mark.

Data from the Bureau of the Treasury (BTr), revealed that the government’s total outstanding debt stood at P16.09 trillion as of end-November 2024, a 0.4 percent or P70.70 billion from the end-October 2024.

According to the Treasury, the increase can be attributed to net financing and the depreciation of the peso, raising the value of US dollar-denominated debt. It weakened against the greenback from P58.2 at end-October 2024 to P58.60 at end-November 2024.

Of the total debt stock, 67.87 percent is composed of domestic securities, while 32.13 percent consists of external obligations. 

At end-November, domestic debt amounted to P10.92 trillion, a 0.3 percent or P31.82 billion higher than the end-October 2024 level. 

This increase was due to the P30.67 billion net issuance of domestic securities and the P1.15 billion impact of the peso depreciation on US dollar-denominated domestic debt.

Domestically, the government’s debt increased by nine percent or P903.73 billion compared to its end-December 2023 level.

Meanwhile, foreign debt climbed by 0.8 percent P5.17 trillion increase from the end-October 2024 level. 

The sharp depreciation of peso increased the local value of US dollar-denominated debt by P35.61 billion, while net foreign loan borrowings added P8.33 billion. 

However, favorable movements of other currencies against the US dollar reduced external debt by P5.06 billion. 

Since the start of the year, external debt has grown by 12.4% or P570.97 billion compared to end-December 2023 level.

The impact of peso depreciation against the US dollar has increased foreign debt by P193 billion. However, this has been tempered by the P40.10 billion effect of favorable third-currency movements relative to the US dollar.

Since the start of the year, external debt has risen by 11.6 percent or P532.08 billion compared to the end-December 2023 level.

The government’s guaranteed obligations reached P422.04 billion as of end-November 2024, rising by 2.5 percent or P10.28 billion from October. 

The increase was driven by P8.95 billion in new domestic guarantees and P1.85 billion from unfavorable foreign currency adjustments, partially offset by P0.52 billion in external guarantee repayments. 

Since end-December 2023, guaranteed obligations have risen by 20.8 percent or P72.59 billion.

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