The Philippine government’s outstanding debt rose slightly in March compared with the same period last year as foreign obligations increased while domestic debt fell, Bureau of the Treasury (BTr) data showed.
Data obtained at BTr website showed government’s total debt in March amounted to P5.899 trillion, 1.93 percent higher than the P5.787 trillion in March 2015.
March total government debt was 0.7 percent lower month-on-month from February 2016’s P5.940 trillion, and 2.56 percent higher for the year to date than the comparative period in 2015.
The government’s outstanding debt during March was composed of 65.1 percent local borrowing and 34.8 percent foreign external debt.
The state’s domestic debt—or debt in local currency from Filipino residents, firms and organizations—in March totaled P3.841 trillion, 0.34 percent less than the P3.827 trillion in March 2015, and 0.23 percent lower than the P3.850 trillion in February.
In terms of external debt or borrowings from foreign accounts abroad, the government has amassed P2.057 trillion debt, which is a 6.47 percent jump from P1.932 trillion in the same month in 2015 and 1.56 percent higher from P2.090 trillion in February 2016.
Borrowings guaranteed by the national government in March went up by 6.52 percent to P442 billion from P415 billion in the same month last year. This, however, decreased by 2.57 percent compared to the P454 billion in February.