The national government’s outstanding debt has reached P10.3 trillion as of end-January, data released by the Bureau of the Treasury (BTr) showed.
According to the BTr’s statement yesterday, the national government’s debt increased by 5.4 percent from the end-December level of P9.8 trillion, predominantly due to the reavailment of the P540 billion short-term loan facility from the Bangko Sentral ng Pilipinas (BSP).
It also rose by 33 percent from the year ago level of P7.76 trillion as the government tapped various sources to fund its coronavirus disease 2019 response.
Of the total debt stock, 29 percent was sourced externally while 71 percent is domestic borrowings.
The national government’s domestic debt amounted to P7.3 trillion, 9.4 percent higher compared to the end-December 2020 level of P6.7 trillion, which the BTr said was primarily due to net availment of domestic financing amounting to P630.84 billion, including the P540 billion provisional advances availed by the national government from the BSP for budgetary support.
It also jumped 43 percent from the end-January 2020 level of P5.1 trillion.
Meanwhile, the external debt of P3 trillion was 3.2 percent lower from the previous month’s level of P3.1 trillion.
“The lower external debt figure was caused by the net repayment of foreign loans amounting to P93.49 billion and the P8.47 billion effect of third currency depreciation against the dollar. These more than offset the P3.55 billion effect of local currency depreciation on dollar denominated loans for the period,” the BTr said.
External financing however rose 13.7 percent from the end-January 2020 level of P2.6 trillion.