The national government’s outstanding debt increased P267 billion, or 4.5 percent, to reach a record P6.208 trillion as of end-February from a year ago, as the weak peso bloated the value of foreign obligations.
Data from the Bureau of Treasury showed government debt increased from P5.94 trillion registered in February 2016. It was also 1.5 percent higher than the January 2017 figure of P6.115 trillion.
Data showed of the total debt, 36 percent was sourced from foreign creditors and 64 percent was sourced domestically.
Domestic debt climbed P135 billion, or 3.5 percent, to P3.985 trillion in February from a year ago, while foreign debt increased P132 billion, or 6.3 percent, to P3.985 trillion.
Domestic debt rose 0.8 percent, or P31.93 billion, month-on-month to P3.985 trillion, in February. “The increment was primarily due to the net issuance of government securities amounting to P31.68 billion and the effect of peso depreciation on the value of onshore dollar bonds amounting to P0.25 billion,” the Treasury said.
The peso depreciation against the US dollar increased the peso value of foreign debt by P21.64 billion to P2.223 trillion alongside net availments worth P39.31 billion.
These more than offset the impact of third currency depreciation against the US dollar amounting to P0.22 billion.
Total NG guaranteed obligations amounted to P521.83 billion, which increased by 0.5 percent or P2.72 billion relative to the end-January 2017 level.
The Treasury said the increment on national government guarantees was due to the effect of currency fluctuations and net availment on external guarantees amounting to P3.48 billion and P0.21 billion, respectively.
These far outpaced the net repayment on domestic guarantees amounting to P0.97 billion. From end-December 2016 level, NG guarantees has increased by 1.6 percent or P8.15 billion.
