The government’s debt jumped 10.4 percent year-on-year to surpass P15 trillion for the first time in February 2024, the Bureau of the Treasury (BTr) said Wednesday.
Data showed the total outstanding debt also increased 2.63 percent from the previous month’s P14.79 trilion.
The BTr attributed the increase in debt stock to the government’s domestic debt issuances, although this was partially tempered by the effect of the stronger peso on foreign debt valuation.
It said of the total debt stock, 30.32 percent was external debt and 69.68 percent, domestic debt.
Domestic debt reached P10.58 trillion as of end-February, or 4.08 percent higher than the end-January 2024 level following the net issuance of government securities.
Domestic debt gross issuance totaled P708.74 billion, including the P584.86-billion five-year retail treasury bond issuance.
Meanwhile, principal payments amounted to P293.57 billion, resulting in a net issuance of P415.17 billion.
The peso appreciation trimmed P0.66 billion from domestic debt through downward revaluation of foreign currency denominated domestic debt.
Meanwhile, external debt reached P4.60 trillion, down by 0.56 percent from the end-January 2024 level. The decrease was attributed to favorable foreign exchange movements by both local- and third-currencies against the US dollar amounting to P18.79 billion and P9.96 billion, respectively.
These more than offset the P2.75-billion net availment of foreign loans.
Government-guaranteed obligations decreased by 1.07 percent from its end- January 2024 level to P344.93 billion as of end-February 2024.
The lower level of NG guarantees was due to the net repayment of external guarantees amounting to P3.23 billion and the favorable foreign exchange movements by both local- and third- currencies against the dollar amounting to P0.69 billion and P1.10 billion, respectively.
The net adjustment in domestic guarantees further offset P1.29 billion from the outstanding balance as of end-February 2024.