National government debt rose by 0.5 percent to P5.309 trillion as of April 2013, according to the Bureau of Treasury (BTr) on Friday.
Data from BTr said that government debt as of April was P27 billion higher from the end-March level.
Of the total debt, the bureau noted that P1.870 trillion, or 35 percent was sourced from foreign creditors, and P3.439 trillion, or 65 percent is owed to domestic creditors
“The 35-percent to 65-percent external to domestic debt ratio results from the government’s strategy of utilizing domestic financing to lessen reliance on foreign debt and tap ample domestic market liquidity,” it stated.
Meanwhile, domestic debt rose by P32.8 billion month-on-month.
The bureau said that the rise is because of the P32.6-billion net issuance of government securities, and the P200-million net effect on Multicurrency Retail Treasury Bonds of the United States dollar and euro appreciation against the peso.
External debt, on the other hand, decreased by P5.5 billion from the previous month’s level, mainly because of foreign exchange rate adjustments.
The BTr added that net depreciation of third currencies against the US dollar reduced the peso value of the government foreign debt by P11.1 billion.
“The decrease was partially offset by the depreciation of the peso and net availment which amounted to P4.6 billion and P0.6 billion in additional debt,” it stated.
The bureau added that a P500-million adjustment was also included, because of the late receipt of availment from foreign creditors.
It also said that the total guaranteed debt of the government moved down to P475 billion from the end-March 2013 level of P480 billion.
“The decrease was due to the combined effects of the P0.8-billion net repayment as well as third currency net depreciation against the US dollar which reduced the value of guaranteed foreign debt by P5.2billion,” it noted.
BTr further said that the local currency depreciation against the US dollar tempered the decline by P800 million along with a P300-million adjustment, because of the late receipt of availment.
Domestic guaranteed debt, however, was unchanged for the period.
Mayvelin U. Caraballlo