The national government’s outstanding debt climbed 10.6 percent year-on-year to exceed the P16-trillion mark for the first time in October 2024, the Bureau of the Treasury said Tuesday.
Data showed that government debt reached P16.02 trillion as of end-October, a 0.8 percent increase from the end-September 2024 level.
The increase was driven by the valuation impact of peso depreciation against the US dollar from 56.017 at end-September 2024 to 58.198 at end-October 2024, the BTr said.
It said of the total debt stock, 67.98 percent is composed of domestic securities, while 32.02 percent consists of external obligations.
The end-October domestic debt amounted to P10.89 trillion, a 0.4 percent lower than the end-September 2024 level.
“The decline was primarily due by the P52.65 billion net redemption of government securities, partially offset by the P6.23 billion escalation in peso conversion of US dollar-denominated1 domestic debt brought about by the weakened peso,” BTr said.
National government domestic debt rose 8.7 percent or P871.91 billion from the end-December 2023 level.
External debt stood at P5.13 trillion, a 3.5-percent increase from the end-September 2024 level.
The increase was driven by net foreign loan availments totaling P20.47 billion, as well as foreign exchange movements, which added P152.90 billion to external debt.
The impact of peso depreciation against the US dollar increased external debt by P193 billion, but this was tempered by the P40.10 billion effect of favorable third-currency movements relative to the US dollar.
External debt also rose 11.6 percent from the end-December 2023 level.
Meanwhile, national government-guaranteed obligations totaled P411.76 billion as of end-October 2024, reflecting a 10.4-percent increase from its end-September 2024 level.
This resulted from P35.85 billion in net availments of domestic guarantees and the P6.15 billion effect of peso depreciation against the US dollar, although partially attenuated by the P3.10 billion downward revaluation in external guarantees linked to third-currencies movements.
Since end-December 2023, NG guaranteed obligations has risen by 17.8 percent or P62.32 billion.
