Government's outstanding debt hits P5.147 trillion

Posted at 07/13/12 3:33 PM

MANILA, Philippines - The national government's outstanding debt jumped 7.76% to P5.147 trillion in May, due to higher borrowings from the domestic market.

Data from the Bureau of Treasury showed the government's debt grew by 7.76% compared to P4.776 trillion in the same month last year.

Of the total outstanding debt, 59.02% is to domestic lenders, while 40.98% is to foreign creditors.

Domestic debt grew by 11% to P3.037 trillion because of the net issuance of government securities and net appreciation of the US dollar and euro against the peso on multi-currency retail bonds.

Foreign debt went up by 3.4% to P2.109 trillion, compared to P2.04 trillion from a year ago. This was attributed to the late receipt of notices of availment. However, this was partially offset by the P3 billion net repayment and P0.04 billion net depreciation of third currencies against the US dollar.

The national government's total guaranteed debt stood at P558.83 billion as of end-May, up P9.86 billion from P548.97 billion as of end-April.

The P12.88 billion increase in foreign guaranteed obligations was attributed to the combined effects of the P10.60 billion depreciation of the local currency against the US dollar, P2.45 billion net appreciation of third currencies against the US dollar and P0.17 billion net repayment.

At the same time, there was a P3.02 billion drop in domestic guaranteed obligations because of the P3 billion redemption of National Power Corporation 7-year fixed rate coupon bond and P0.02 billion net repayment of PHILEXIM’s domestic borrowings during the same period last year.