Up in May from year earlier; down by P8 billion from April
The national government’s outstanding debt hit P5.632 trillion in May, up 5 percent or P269 billion from a year earlier, as both domestic and foreign borrowings increased.
But on a monthly basis, the debt figure was down by 0.1 percent or P8 billion from the P5.640 trillion recorded in April.
Data from the Bureau of Treasury showed that as of May, domestic obligations had risen by 7.1 percent year-on-year while external obligations increased by 1.3 percent.
The treasury bureau did not provide an explanation for the year-on-year increase in both the domestic and external debts.
Bulk is local debt
Domestic obligations accounted for P3.705 trillion, or 66 percent of the total debt stock in May, while external borrowings took up P1.926 trillion or 34 percent.
Compared to the April levels, domestic debt increased by 0.5 percent or P20 billion due to net issuance and foreign exchange movements while foreign debt declined by 1.4 percent.
The drop in foreign debt in May from April was due to net repayments and the strengthening of the local currency against the US dollar, “which lowered the peso value of debt,” the treasury bureau said.
Foreign borrowings during the month used a foreign exchange rate of P43.90 to the US dollar.
Year-to-date net repayments
As of end-May, total national government guaranteed debt amounted to P464 billion, down 0.8 percent or P4 billion from end-April, the treasury bureau said.
“This is primarily due to the reduction in external guaranteed obligations from net repayments and currency adjustments,” it said.
Domestic guaranteed obligations also declined slightly due to repayments during the period. Year-on-year, total guaranteed obligations fell by 3.1 percent or P15 billion, the treasury bureau added.