End-August govt debt rises to P5.64T

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National government (NG) debt stood at P5.64 trillion as of end-August 2013, rising 8.9 percent from the recorded figure a year ago, the Bureau of Treasury (BTr) said.

August 2013 government debt was P461 billion higher compared to the P5.18 trillion posted last year. Month-on-month, the August government debt was 3.3 percent or P182 billion higher from the end-July 2013 level of P5.46 trillion.

Of the total government debt, P1.96 trillion, or 35.4 percent was from foreign creditors, while P3.65 trillion, or 64.6 percent was sourced from domestic sources.

The BTr noted that domestic debt also rose by 4.2 percent, or P148 billion from the recorded end-July level, because of the net issuance of P147 billion in Retail Treasury Bonds, which aims to “mobilize savings and take advantage of the domestic market’s immense liquidity.”


External debt also showed an increase of 1.7 percent, or P34 billion over the same period, because of currency adjustments.

The bureau said that year-on-year comparisons show that national government obligations increased by 8.9 percent, or P461 billion.

Domestic government obligations increased by 16.3 percent, or P512 billion, while external national government obligations decreased by 2.5 percent, or P51 billion. “This is in line with government’s bias toward domestic financing to lessen its exposure to foreign exchange risks,” it stated.

Guaranteed debt, on the other hand, amounted to P500 billion as of August 2013, 1.6 percent, or P8 billion higher month-on-month.

Of the total, 28.7 percent, or P144 billion are domestic guaranteed debts, while 71.3 percent, or P356 billion are external guaranteed obligations.

“Similar to external debt, NG guaranteed obligations increased as a function of currency adjustments,” the bureau said.

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