English
Philippines: Government debt hits record P6.9 trillion in March 2018
MANILA, Philippines — The national government’s outstanding debt rose to a record high P6.88 trillion in end-March from P58.23 billion in February due to currency fluctuation and net issuance of government securities, the Bureau of Treasury reported yesterday.
Of the amount, P2.41 trillion or more than 31 percent was borrowed from foreign sources, while P4.46 trillion or 64.92 percent came from domestic sources.
The government’s domestic debt inched up by 0.81 percent to P4.46 trillion due to the net issuance of government securities amounting to P35.82 billion and peso depreciation.
On the other hand, the government’s external debt climbed 0.93 percent to P2.41 trillion due to the combined effect of peso depreciation and the upward adjustment in third currency-denominated debt amounting to P8.26 billion and P1.72 billion, respectively.
Additionally, net issuance for the month amounted to P12.34 billion including the successful inaugural issuance of $233 million in panda bonds.
Total national government guaranteed obligations decreased by 0.37 percent to P501.82 billion in March due to net repayments on both domestic and foreign guarantees amounting to P1.33 billion and P2.28 billion, respectively.
These outpaced the foreign exchange revaluation of foreign guarantees (local and third currencies) amounting to P1.03 billion and P0.72 billion, respectively.
Source: https://www.philstar.com/business/2018/05/02/1811241/government-debt-hits-record-p69-trillion-march-2018#YhURZ701wvrOQyQ8.99