The national government’s (NG) total outstanding debt has reached P12.79 trillion at the end of the first half of 2022, Bureau of Treasury (BTr) data showed on Friday.
“NG’s debt portfolio climbed by P296.06 billion or 2.4 percent in June because of the net issuances of domestic and external loans as well as currency adjustments,” the BTr said. “Of the total debt stock, 31.5 percent was sourced externally while 68.5 percent were domestic borrowings.”
The Treasury said that NG domestic debt amounted to P8.77 trillion, which is P101.66 billion or 1.2 percent higher compared to the end-May 2022 level.
“For the month, the increase in domestic debt was because of the net issuance of P96.30 billion in government securities and the P5.36 billion impact of local currency depreciation against the dollar,” the bureau added.
From December 2021 levels, outstanding domestic debt has increased by P596.70 billion or 7.3 percent. NG external debt amounted to P4.02 trillion, which is P194.40 billion or 5.1 percent higher month-over-month.
“For June 2022, the increment in external debt was attributed to the impact of local currency depreciation against the dollar amounting to P186.94 billion and the net availment of external financing amounting to P43.18 billion, offsetting the P35.72 billion effect of net depreciation against the dollar on third-currency denominated obligations,” the BTr added.
Broken down by composition, commercial loans accounted for 55.4 percent of total external debt while multilateral and bilateral loans were at 34.2 percent and 10.5 percent, respectively.
NG external debt also increased by P466.58 billion or 7.3 percent from the end-December 2021 level.
Total NG guaranteed obligations increased by P14.21 billion or 3.6 percent month-over-month to P413.93 billion as of end-June 2022.
“For June 2022, the increase in guaranteed debt was attributed to the net availment of domestic guarantees amounting to P9.34 billion and the impact of local currency depreciation against the dollar amounting to P10.44 billion,” the BTr said.
These offset the effect of third-currency fluctuations amounting to P4.60 billion and net repayments on external guarantees amounting to P0.97 billion.