Philippine gov’t debt soars to P13.8 trillion
By Jeanne Michael Penaranda
MANILA – The national government’s total outstanding debt has reached P13.75 trillion as of end-February 2023, according to the Bureau of the Treasury (BTr).
In a statement, the treasury bureau said that for the month, the NG’s total outstanding debt increased 0.4 percent primarily due to the net issuance of domestic securities.
Year-on-year, the debt level rose by 13.7 percent, the treasury bureau added.
Of the total debt stock, 31.3 percent was sourced externally while 68.7 percent were domestic borrowings.
The national government’s domestic debt amounted to P9.44 trillion, 0.6 percent higher compared to the end-January 2023 level which the BTr said was due to the net availment of domestic financing amounting to P55.88 billion and the P1.34 billion effect of local currency depreciation against the US dollar on onshore foreign denominated securities.
From the year ago level, the local debt rose 12.2 percent.
Meanwhile, the external debt amounted to P4.31 trillion, 0.1 percent lower from the previous month due to the P21.15 billion net repayment of foreign loans and P32.32 billion impact of third-currency adjustments against the US dollar, the BTr said.
These outweighed the effect of local currency depreciation against the US dollar, which amounted to P50.51 billion.
Compared to the end of February 2022, the country’s external debt has increased by 17.1 percent.