Government debt down to P5.61T

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The Bureau of Treasury (BTr) on Tuesday reported that the national government debt went down to P5.61 trillion as of end-September 2013.

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The bureau said that outstanding debt in September was 0.6 percent or P33 billion lower from the end-August 2013 level. Of the total government debt, P1.93 trillion or 34.4 percent was from foreign creditors while P3.67 trillion or 65.6 percent was sourced from domestic sources.

The BTr noted that the combined effect of net repayments for the period, and the appreciation of third currencies and the peso against the US dollar caused the external debt to decreased by 3.1 percent or P63 billion.

Meanwhile, domestic debt rose by 0.8 percent or P30 billion. The bureau explained that the higher domestic debt was mainly because of the P31 billion net issuance incurred during the month, tempered by the effect of the depreciation of the euro and the US dollar against the local currency amounting to P1 billion. Year-to-date, government domestic debt rose by 6 percent, continuing its uptrend from the previous months.

On a year-to-date assessment, the BTr showed that total national government debt rose by 3.17 percent or P173 billion. Domestic debt increased by 6 percent, or P209 billion, while foreign debt fell by 1.9 percent, or P37 billion.

“This is in-line with government’s strategy towards local financing to take advantage of ample domestic liquidity and further lessen its exposure to foreign exchange risks,” it stated.

On the other hand, the bureau reported that government’s total guaranteed debt fell to P487 billion as of September 2013, 2.6 percent or P13 billion lower month-on-month.

“The appreciation of the local currency against the US dollar and net repayments decreased the peso value of external guaranteed debt by P11 billion and P2 billion, respectively. Meanwhile, domestic guaranteed debt remained unchanged for the period,” it said.

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