MANILA

Philippine debt rises to P7.16T

THE Philippine government's debt increased to P7.159 trillion as of end-September 2018, according to the Bureau of the Treasury (BTr).

In a statement on Friday, October 26, the bureau said the national government's debt increased by P55.92 billion or 0.8 percent to P7,159.77 billion, or P7.159 trillion, compared to the end-August 2018 level.

Foreign debt comprised 35.92 percent of the amount. The balance of 64.08 percent represents domestic debt.

Domestic debt increased month-on-month by 0.3 percent or P14.85 billion to P4,587.77 billion, or P4.587 trillion. But since the beginning of the year, domestic debt has increased by P146.51 billion, or 3.3 percent.

"For the month, the increase in domestic debt was due to the net issuance of government securities amounting to P14.54 billion and the depreciation of the peso that increased the value of onshore dollare bonds by P0.31 billion," the BTr said.

External debt, meanwhile, went up by P41.07 billion or 1.6 percent to P2.572 trillion compared to end-August 2018 level.

Compared to the end-December 2017 level, the Philippines' external debt has increased by 16.3 percent, or P360.83 billion.

The increase was traced to "net availments of foreign loans amounting to P22.52 billion and the P29.68-billion impact of local currency depreciation against the US dollar."

"This was slightly offset by the net depreciation of third-currency denominated debt amounting to P11.13 billion," the bureau added.

The peso depreciated to P54.102 against the US dollar as of end-September compared to P53.475 as of end-August.

The BTr said total guaranteed obligations decreased to P481.3 billion, or by P3.67 billion or 0.8 percent.

But compared to the end-December 2017 level, guarantees increased by P3.67 billion or 0.7 percent. (SunStar Philippines with PR)


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