The national government debt in February rose 4.5 perecnt to P6.2 trillion from a year earlier on higher domestic obligations, which the Bureau of the Treasury (BTr) traced to net issuance and peso depreciation.
Domestic debt increased by 3.5 percent year-on-year to P3.98 trillion and was up 0.8 percent from January, BTr data showed Wednesday.
“The increment was primarily due to the net issuance of government securities amounting to P31.68 billion and the effect of peso depreciation on the value of onshore dollar bonds amounting to P0.25 billion,” it said.
The BTr said the peso depreciated from P49.75 as of end-January to P50.25 as of end-February.
Meanwhile, foreign borrowings stood at P2.22 trillion as of end-February, up 6.3 percent from a year earlier and up 2.8 percent from end-January.
“For the month, peso depreciation against the US dollar increased the peso value of external debt by P21.64 billion, alongside net availments worth P39.31 billion,” the bureau said.
These more than offset the impact of third currency depreciation against the US dollar, amounting to P220 million, it said.
The external debt was priced at P50.25 to a dollar from P47.56 a year earlier and P49.75 as of end-January.
Debt guaranteed by the national government rose by 14.8 percent to P521.81 billion from P454.54 billion a year earlier. Month-on-month, government-guaranteed debt increased by P2.71 billion or 0.5 percent
“The increment is mainly the effect of third currency fluctuations on external guarantees amounting to P5.68 billion,” the BTr said.
The increment on national government guarantees was due to the effect of currency fluctuations and net availment on external guarantees amounting to P3.48 billion and P210 million, respectively.
These far outpaced the net repayment on domestic guarantees amounting to P970 million, it said.