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Gov’t debt rose to record P14.5t as of end-October

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The government’s outstanding debt ballooned to a record P14.48 trillion as of end-October from P14.27 trillion in the previous month, the Bureau of the Treasury said Tuesday.

“[The] NG’s [national government’s] debt stock increased by P212.13 billion, or 1.49 percent, 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.

It said of the total debt stock, 31.62 percent came from external sources, while 68.38 percent represented domestic borrowings.

Domestic debt hit P9.90 trillion as of end-October, up by P167.98 billion, or 1.73 percent, from the previous month due to the net issuance of government securities.

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

“The effect of local currency depreciation against the US dollar on the debt stock valuation was minimal at only P0.23 billion. Year-to-date, domestic debt registered an increment of P693.95 billion or 7.54 percent,” it said.

The government’s external debt of P4.58 trillion increased P44.15 billion, or 0.97 percent, from the previous month.

“Favorable movement of third currencies tempered the increase by P1.21 billion. NG external debt has increased by P367.99 billion or 8.74 percent from the end-December 2022 level,” the Treasury said.

Total national government guaranteed obligations decreased by P1.22 billion, or 0.34 percent, month-over-month to P361.00 billion as of end-October 2023. The decline in the level of guaranteed debt was attributed to the net repayment of domestic guarantees amounting to P1.35 billion.

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