Philippine outstanding debt slightly up at P13.64 trillion in November

ABS-CBN News

Posted at Jan 03 2023 11:31 AM

New 1000-peso bill. ABS-CBN News. Fernando G. Sepe Jr., ABS-CBN News
New 1000-peso bill. ABS-CBN News. Fernando G. Sepe Jr., ABS-CBN News

MANILA - The national government's total outstanding debt reached P13.64 trillion as of the end of November, slightly higher than the previous month, the Bureau of Treasury said on Tuesday.

The minute 0.02 percent increase from October was due to the impact of the Philippine peso's appreciation against the US dollar on foreign currency loans, the BTr said. 

Compared to December 2021, the total national government debt rose by P1.92 trillion or 16.33 percent, it added.

Domestic debt in November amounted to P9.43 trillion, which is P72.73 billion or 0/78 percent higher compared to October, data showed.

Meanwhile, external debt amounted to P4.22 trillion, P69.58 billion or 1.62 percent lower than October's level 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 at P50.78 billion, data showed.

External debt comprised 30.90 percent of the total debt portfolio, the BTr said. Compared to December 2021 level, external debt rose 18.49 percent to P658.07 billion, it added.

Outstanding national government debt reached P13.64 trillion as of the end of November: BTr ABSCBNNews
Outstanding national government debt reached P13.64 trillion as of the end of November: BTr. ABSCBNNews

The administration of President Ferdinand "Bongbong" Marcos Jr expects to bring down the current debt-to-GDP ratio of 63.7 percent as of the end of September to 51.1 percent by 2028.

Prior to the pandemic, a debt-to-GDP ratio of 60 percent is considered high.

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