The national government’s (NG) outstanding debt stood at P5.68 trillion as of end-November 2013 on the account of higher domestic borrowings for the month, data from the Bureau of Treasury (BTr) showed.
The bureau said that the outstanding debt in September was 0.5 percent, or P27 billion higher compared to the end-October 2013 level of P5.65 trillion.
Of the total government debt, P1.93 trillion, or 34 percent was from foreign creditors, while P3.74 trillion, or 66 percent was sourced from domestic sources.
The Treasury bureau noted that a net issuance of P17 billion in government securities and the depreciation of the peso against the US dollar—which raised the peso value multicurrency Retail Treasury Bonds by P400 million—supported the 0.5-percent rise in domestic debt.
Meanwhile, the BTr said that the peso value of foreign debt went up by P29 billion on the account of currency adjustments, overturning the P19.9-billion reduction caused by third currency depreciation and net repayments.
“Since the start of the year, total NG debt has increased by 4.4 percent, or P238 billion, on the back of domestic borrowings,” it added.
The BTr also said that domestic obligations grew by 8 percent, or P276 billion, “driven by issuances which took advantage of domestic liquidity to deepen the domestic capital market.”
Furthermore, as part of its program to reduce foreign exchange risk, foreign debt has gone down 1.9 percent, or P38.2 billion less than its level at the beginning of the year.
On the other hand, BTr data showed that the national government guaranteed debt amounted to P471 billion as of November 2013, 2.7 percent, or P13 billion lower month-on-month.
Of the total, 27.9 percent, or P131 billion are domestic guarantees; while 72.1 percent, or P340 billion are external guaranteed obligations.
“For November, NG guaranteed foreign obligations fell as a function of currency adjustments while redemptions and repayments diminished domestic guaranteed debt by P12.2 billion,” the bureau stated.