The national government’s outstanding debt rose 1.3 percent from a year earlier, reaching P5.713 trillion in August on the back of increased domestic borrowings, data from the Bureau of Treasury showed on Wednesday.
The August debt level was P71 billion higher than the P5.642 trillion figure a year earlier.
Compared with the previous month’s level, the debt figure in August was higher by 0.5 percent or P30 billion from P5.683 trillion recorded in July.
Domestic obligations by the government increased by 3.6 percent year-on-year while its external obligations eased by 3 percent.
Domestic debt accounted for P3.778 trillion of the total, rising by 0.6 percent from the end-July level “due to net issuance,” the bureau said.
External borrowings for the month reached P1.935 trillion, or 0.5 percent higher than the previous month’s level, behind net availment and peso depreciation against the dollar, which increased the peso value of foreign currency debt, it added.
The BTR data explained that the country’s foreign borrowings during the month consisted of US dollar bonds and notes, Japanese yen bonds, euro bonds and peso global bonds—using a foreign exchange rate of P44.75 to a dollar.
Although overall outstanding debt increased, total national government-guaranteed debt was unchanged from the previous month’s level of P457 billion, easing by 8.5 percent or P43 billion year-on-year. Compared with July’s level, the government’s guaranteed debt dropped by P339 million or 0.1 percent.