Treasury: Philippine gov’t debt stayed at record P13.64T level as of end-November

The Philippine government’s debt stock remained at a record level of over P13.64 trillion as of end-November last year, albeit slightly higher month-on-month, but tempered by the peso’s appreciation, data from the Bureau of the Treasury (BTr) on Tuesday showed.

The end-November outstanding debt stood at P13.644 trillion, up 0.02% or P3.15 billion from the end-October level of P13.641 trillion.

The Treasury said the slight increase in the debt portfolio was “primarily due to the effect of local currency appreciation against the US dollar on foreign currency loans.”

The Philippine peso appreciated against the US dollar from P58.047:$1 as of end-October to P56.598:$1 as of end-November.

Broken down, the total debt stock was composed of P9.43 trillion in domestic debt and P4.216 trillion in foreign borrowings.

Local debt increased by 0.78% from P9.355 trillion as of end-October.

“For November, the net issuance of government securities added P75.76 billion while peso appreciation trimmed P3.03 billion from the debt stock,” the BTr said.

Domestic borrowings comprised 69.10% of the total debt portfolio.

Meanwhile, external debt declined by 1.62% from P4.3 trillion as of end-October “due to the P106.98 billion impact of local currency appreciation and P13.38 billion net repayment.”

“This was tempered by the net impact of third-currency fluctuations against the US dollar amounting to P50.78 billion,” it said.

Foreign borrowings comprised 30.90% of the total debt stock. — RSJ, GMA Integrated News