The national government started 2017 with a P6.11 trillion debt in January, up 3.6 percent from a year earlier, with the dollar portion boosted by a weak peso, the Bureau of the Treasury (BTr) said.
Month-on-month, the liabilities in January were higher by P25.11 billion or 0.4 percent from end-December 2016. Domestic net issuance and the impact of third currency appreciation on foreign debt, helped raised government debt, the bureau said.
The BTr said foreign borrowings stood at P2.16 trillion as of end-January, up 4.1 percent from a year earlier and by 0.3 percent or P6.05 billion as of end-December.
“For January, external debt escalation was principally due to the impact of third currency appreciation against the US dollar amounting to P14.04 billion, outpacing net repayment and peso appreciation worth P7.46 billion and P0.52 billion, respectively,” the bureau said.
Foreign debt at P49.75:$1
The external debt was priced at P49.75 to a dollar from P47.68 a year earlier and P49.76 as of end-December.
The national government’s domestic debt rose by 3.4 percent year-on-year to P3.95 trillion and was up 0.5 percent from end-December.
“For January, net issuance of government securities was worth P19 billion while the stronger peso reduced the value of onshore dollar bonds by a mere P.01 billion,” the Treasury said.
Debt guaranteed by the national government decreased by 3.4 percent to P519.11 billion from P537.28 billion a year earlier. Month-on-month, government-guaranteed debt increased by P5.43 billion or 1.1 percent
“The increment is mainly the effect of third currency fluctuations on external guarantees amounting to P5.68 billion,” the BTr said.