Gov't debt rises to P5.6 trillion in January

Posted at 03/18/2014 12:34 PM

MANILA, Philippines - The national government's debt stock jumped 5 percent in January, on the back of increased domestic and foreign borrowings, Bureau of Treasury data showed.

The national government's outstanding debt stood at P5.594 trillion in January, P209.34 billion more than the P5.334 trillion in the same month in 2013.

Month-on-month, the debt increased 1.5 percent from P5.681 trillion in December.

Around 65 percent of the total government debt was from domestic creditors, while the rest came from foreign lenders.

The BTR said the government's debt in the domestic market went up 6 percent in January to P3.62 trillion from P3.411 trillion a year ago. However, this was 3% lower than the December figure, due to a net redemption by the government of P114 billion.

At the same time, the government’s foreign debt reached P1.973 trillion in January, 2.6 percent higher than year-ago figure P1.923 trillion. This was attributed to currency adjustments and net repayment by the government of P13.5 billion.

As of January, data showed the total national government guaranteed debt reached P479 billion, 1.6% higher than the end-2013 level. This was mainly due to currency adjustments, which was slightly offset by a net repayment of P1 billion.

Domestic government guaranteed obligations remained unchanged over the period.