THE country’s outstanding debt stood at P13.42 trillion at the end of 2022, the Bureau of Treasury (BOT) said Thursday, February 2, 2023.

The BOT said there was a P225.31-billion or 1.7 percent decrease in the national government’s (NG) debt as of December 2022 compared to the month prior at P13.644 trillion.

The 2022 full-year debt, however, was at 14.4 percent or P1.69-trillion higher than the P11.73-trillion debt stock at the end of 2021.

“With the release of the full-year GDP (gross domestic product), the debt-to-GDP ratio was registered at 60.9 percent for end-2022, improving from 63.7 percent as of end-[quarter 3] 2022 and lower than the 61.8 percent target presented in the medium-term fiscal framework,” the BOT said.

“This reflects the consistent drive to bolster debt sustainability through prudent cash and debt management backed by resurgent economic growth,” it added.

Of the total outstanding debt, P9.21 trillion were domestic debt while P4.21 trillion were sourced externally.

It said the domestic debt went down by P219.58 billion or 2.3 percent compared to the end of November 2022, while external debt decreased by 5.73 billion or .1 percent compared to the same period.

The BOT said the lower domestic debt was due to the net redemption of government securities while the local currency appreciation against dollar also trimmed P1.63 billion from the peso value of foreign currency denominated domestic debt.

The lower external debt was the effect of currency adjustments in foreign currency debt.

“The offset of the net impact of third-currency fluctuations against the US dollar amounting to P34.07 billion net availment of foreign loans,” the BOT said.

“However, the NG external debt has increased by P652.34 billion or P18.3 percent since the beginning of the year. NG external debt comprised 31.38 percent of the total debt portfolio,” it added. (SunStar Philippines)