National government debt up 7% in September

Posted at 11/14/2012 12:01 PM

MANILA, Philippines - The national government's outstanding debt went up in September from year-ago levels amid higher borrowings from the domestic market, data from the Bureau of Treasury showed.

Government debt amounted to P5.213 trillion as of September, increasing by 7% from P4.87 trillion last year.

Data showed 61% of the total debt is owed to domestic creditors, while the remaining 39% is owed to foreign creditors.

Obligations to domestic creditors summed up to P3.184 trillion, 15% more than the P2.78 trillion recorded a year ago, while those sourced from foreign entities went down by 30% to P2.028 trillion from P2.89 trillion.

The decrease in foreign debt was owed to the appreciation of the peso against the dollar, while the growth in domestic debt was blamed to the net issuance of government securities.