• PH July govt debt rises 4.1% to P5.68T

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    The national government’s outstanding debt stood at P5.683 trillion in July, rising 4.1 percent or P222 billion from a year earlier on the back of increased domestic borrowings, data from the Bureau of Treasury showed on Tuesday.

    On a monthly basis, the debt figure grew 0.6 percent or P32 billion from P5.650 trillion recorded in June.

    As of July, domestic obligations by the government have expanded by 7.4 percent year-on-year while its external obligations dropped by 1.8 percent.

    Domestic debt accounted for P3.757 trillion of the total, growing by 0.7 percent from the end-June level “due to a net issuance,” the bureau said.

    External borrowings for the month reached P1.925 trillion, or 0.4 percent higher than the previous month’s level as net availment was tempered by the changes in foreign exchange rates, it said.

    The country’s foreign borrowings during the month consisted of US dollar bonds and notes, Japanese yen bonds, euro bonds and peso global bonds—using a foreign exchange rate of P44.40 to a dollar.

    On the other hand, total national government-guaranteed debt amounted to P457 billion, down by 7.1 percent or P35 billion year-on-year. Compared with June’s level, the government’s guaranteed debt fell by P5 billion or 1.2 percent.

    “This is primarily due to the reduction of external guaranteed obligations—a product of net repayments and currency adjustments. Domestic guaranteed obligations, on the other hand, remain unchanged for the period,” the bureau added.

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    1. Our bungling and stupid public officials starting with the president are putting our country in the footsteps of some poor Latin countries saddled with mounting debts mainly due to patronage politics. Nobody can deny that our yearly budgets are always replete with monies or specifically pork barrel funds primarily intended for political patronage to sustain the selfish motives of these greedy, powerful and wealthy politicians in our country. If we cannot change our political system in this long benighted country then we are in for a long long struggle to enter into the kingdom of first world nations.