The outstanding debt of the national government jumped by P163 billion or 1.8 percent to hit a record P9.054 trillion as of end-June from the previous month, the Bureau of the Treasury said Wednesday.
It said the debt portfolio also surged P1.322 trillion, or 17.1 percent, in just six months from the end-December 2019 level.
Data showed 32 percent of the total outstanding debt stock was secured externally while 68 percent represented domestic sources.
Domestic debt amounted to P6.190 trillion, up P156 billion or 2.6 percent from the end-May level following the issuance of domestic government securities. Domestic borrowing for the year amounted to P1.675 trillion as of end-June.
The Treasury said of the total new issuances, P676.85 billion were in Treasury bills, P387.86 billion in Treasury bonds and P310.77 billion in retail Treasury bonds.
“This also includes the P300-billion short-term borrowing from the Bangko Sentral ng Piliipinas through a repurchase agreement. On the other hand, gross maturities reached P612.63 billion. To date, domestic debt has increased by P1.062 trillion or 20.7 percent since the beginning of the year,” the Treasury said.
External debt also increased by P7.32 billion in June to P2.864 trillion from the previous month.
“For June, net availment of external loans amounted to P48.81 billion, tempered by the P41.50-billion net effect of currency adjustments due to, mainly local currency appreciation. National government external financing registered an inflow of P413.46 billion for Jan-June 2020 vis-à-vis debt repayment of P113.46 billion,” the Treasury said.
Project loan availment totaled P11.09 billion ($0.22 billion) while program loans amounted to P216.30 billion ($4.34 billion) including P53.51 billion ($1.07 billion) in concessional loans from multilateral creditors in funding geared toward fighting COVID-19.
Offshore bond issuances reached P186.06 billion ($3.74 billion). From the start of the year, NG external debt increased by P260.33 billion or 10 percent.
Total government guaranteed obligations decreased by P5.87 billion or 1.3 percent month-over-month to P460.01 billion in June.
“The lower level of guarantees was due to the net redemption of local guarantees amounting to P3.05 billion and currency adjustments which reduced the value of external guarantees by P3.79 billion,” the agency said.