The national government’s outstanding debt jumped 3.6 percent in January versus the previous year as both domestic and external loans rose during the period, the Bureau of the Treasury’s (BTr) latest data showed.
The outstanding debt in January amounted to P7.76 trillion compared with P7.5 trillion in the same month a year ago.
The level of debt as of January also reflects a 0.4 percent increase from the end-December level of P7.73 trillion, which the BTr said was predominantly due to net availment of foreign financing.
The BTr said of the total debt stock, 34 percent were sourced externally while 66 percent are domestic debt.
Domestic debt amounted to P5.12 trillion, 4.4 percent up year-on-year but 0.1 percent down from the end-December level.
“For January, the reduction in domestic debt was mainly due to the net redemption of government securities amounting to P3.86 billion which more than offset the P0.03 billion effect of peso depreciation on onshore dollar bonds,” the BTr said.
External debt stood at P2.64 trillion, 2.1 percent up from the end-January 2019 level, and 1.4 percent higher versus the previous month.
“The increase in external debt was caused by the net availment of foreign loans amounting to P33.51 billion and the P2.72 billion effect of local currency depreciation on dollar-denominated debt. On the other hand, third-currency revaluation trimmed P0.34 billion,” the BTr said.
