The national government’s outstanding debt has breached the P14 trillion level as of end-May 2023, the Bureau of the Treasury (BTr) said.
In a statement, the BTr said the government’s outstanding debt as of May totaled to P14.1 trillion.
The debt level rose 12.8 percent year-on-year.
It also recorded a 1.3- percent increase from the previous month’s level which the BTr said was due to the net issuance of domestic and external debt and the depreciation of the local currency against the US dollar.
Domestic debt amounted to P9.59 trillion, 1.4 percent higher compared to the end-April 2023 level.
“For the month, the increment to domestic debt was primarily accounted for by the net issuance of government securities amounting to P129.11 billion,” the BTr said.
“The impact of peso depreciation against the US dollar padded the value of onshore foreign currency-denominated securities by P1.56 billion,” it added.
External debt amounted to P4.51 trillion, 1.2 percent higher from the previous month.
The BTr said external debt was mainly driven by the net availment of external loans amounting to P10.05 billion and the impact of local-currency depreciation against the US dollar amounting to P59.70 billion.
Third-currency adjustments against the US dollar tempered the value of foreign currency debt by P15.02 billion.
