The total outstanding debt of the national government increased 4 percent to P5.952 trillion in the first 11 months of 2015 from P5.716 trillion year-on-year on increased foreign borrowings, data from the Bureau of Treasury showed late Tuesday.
The debt was almost unchanged month-on-month from P5.957 trillion in end-October.
Domestic debt at the end of November amounted to P3.896 trillion, or P2.41 billion lower than the previous month’s level but 2.8 percent higher than P3.789 trillion on year.
“The reduction in domestic obligations was due to the net redemption of government securities amounting to P2.51 billion. This was slightly tempered by the P0.10 billion upward adjustment in the peso value of foreign currency domestic debt due to currency depreciation,” the trreasury said.
The domestic debt portfolio has increased 2 percent or P75.10 billion since the start of 2015.
The foreign debt fell 0.1 percent or P2.69 billion to P2.056 trillion from the end-October level and rose 6.58 percent from P1.93 trillion in the same period in 2014.
“While the depreciation of the local currency against the US dollar raised the peso value of debt by P8.78 billion, the external debt portfolio still went down due to the combined effect of net repayments and the depreciation of third-currencies against the US dollar amounting to P5.17 billion and P6.34 billion, respectively,” the treasury said.
The total debt increased 7.4 percent or P142.27 billion from the end-December 2014 level.
Guaranteed obligations decreased 0.2 percent to P440 billion from the end-October level.
The treasury attributed the decline to the net depreciation of third currencies against the US dollar, which reduced the peso value of the debt by P1.65 billion, and net repayments on domestic guarantees of P400 million to the National Food Authority on its credit lines with Land Bank of the Philippines and Development Bank of the Philippines in October and November.
“This more than offset the depreciation of the local currency against the US dollar which raised peso value of guaranteed debt by P1.29 billion and net availment of external guarantees to P40 million,” the Treasury said.
The guaranteed debt increased 3.3 percent or P14.06 billion from its end-December 2014 level.
Latest treasury data showed government debt payments grew 5.9 percent to P479 billion in the January-to-October 2015 on higher amortization payments.
The treasury said the debt payments accounted for 15 percent of the total government expenditures in the 10-month period.