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June 22, 2024

NG debt up 16% to record P12.8T in April

The debt stock of the Philippine government went up by 16.1 percent to a new record of P12.76 trillion in end April this year from P10.99 trillion in end April last year.

The national government’s domestic debt increased by 14.4 percent to P8.93 trillion from P7.81 trillion, while external obligations went up by 20.4 percent to P3.83 trillion from P3.18 trillion.

Of the total debt stock, 70 percent were sourced from domestic creditors and 30 percent from foreign sources.

The debt of the national government increased by 0.7 percent from P12.68 trillion in March due to the net issuance of government securities to both local and external lenders and the depreciation of the peso against the US dollar.

The domestic debt inched up by 0.8 percent from P8.87 trillion in March primarily due to the net availment of domestic financing amounting to P66.30 billion.

Likewise, the government’s external debt also increased by 0.4 percent from P3.81 trillion in March due to the net availment of foreign loans amounting to P28.56 billion and the effect of peso depreciation against the greenback amounting to P31.50 billion.

This was tempered by adjustments in third currencies amounting to P43.86 billion.

The Department of Finance (DOF) expects the debt stock of the national government rising by 14.4 percent to hit a record high of P13.42 trillion this year from P11.73 trillion last year.