National Gov't Debt Stock Hits P12.09 Trillion

The National Government’s (NG) total outstanding debt was registered at P12.09 trillion as of end-February 2022.

Photo Insert: The debt that the Philippines owes to all lenders under President Rodrigo Duterte has hit P12.09 trillion.

According to the Bureau of Treasury, which is in charge of funding the government's financial requirements, the debt stock added for the month of February amounted to P63.83 billion, or 0.5% of the total debt portfolio, some of which were due to currency fluctuations and net financing from both local and external sources.

Of the total debt stock, 30.4% was sourced externally while 69.6% were domestic borrowings. NG domestic debt amounted to P8.41 trillion, which was P45.42 billion or 0.5% higher compared to the end-January 2022 level primarily due to the net issuance of domestic government securities amounting to P44.89 billion.

From the end-December 2021 level, outstanding domestic debt has increased by P242.79 billion or 3.0%. NG external debt of P3.68 trillion was P18.41 billion or 0.5% higher from the previous month.

For February, the increment in external debt was due to the impact of peso depreciation against the USD amounting to P17.91 billion and the net availment of external obligations amounting to P3.25 billion.

These more than offset the P2.74 billion reduction caused by adjustments in other foreign currencies. Total NG guaranteed obligations decreased by P6.31 billion or 1.5% month-over-month to P416.20 billion as of end-February 2022.

The lower level of guaranteed debt was due to the net repayment of both domestic and external guarantees amounting to P4.07 billion and P3.12 billion, respectively.

Third-currency exchange rate fluctuation further lowered the peso value of external guarantees by P0.25 billion, offsetting the P1.12 billion effect of local currency depreciation against the USD.

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