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March 01, 2024

Gov’t debt up 17.7% to a record high P12.7T in end March

The national government’s outstanding debt went up by 17.7 percent to a new all-time high of P12.68 trillion in end March this year from P10.77 trillion in end March last year on higher borrowings to fund COVID-19 response measures.

The government’s domestic debt increased by 14.5 percent from P7.74 trillion in end March last year after P457.80 billion was raised via a retail treasury bond (RTB) issuance and debt exchange transaction.

On the other hand, external debt jumped by 25.8 percent from P3.03 trillion in end March last year due to the net availment of external financing amounting to P122.69 billion including the P117.33 billion triple tranche five-year, 10.5-year and 25-year global bonds.

The Bureau of the Treasury (BTr) also explained that the depreciation of the peso against the US dollar added P37.31 billion but was tempered by adjustments in third currencies that trimmed P29.17 billion.

Year-to-date, the national government debt has increased by 8.5 percent or P698.24 billion from P11.73 trillion in end 2021 on the back of higher local and foreign borrowings to beef up the COVID-19 war chest.

Domestic debt grew by 8.5 percent from end 2021 level of P8.17 trillion, while foreign obligations went up by 7.1 percent from P3.56 trillion.



Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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