NG debt now at P9.16T

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    THE national government’s outstanding debt in July posted a double-digit growth from its year ago level, data released by the Bureau of the Treasury (BTr) showed.

    The BTr said in a statement Wednesday night the national government’s debt stood at P9.16 trillion as of end-July 2020.

    The total debt stock for the month increased by 17.4 percent from end same period in 2019.

    It also rose by 1.2 percent from its end-June 2020 level primarily due to the net issuance and availment of both domestic and external financing.

    Of the total outstanding debt stock, 31.7 percent were sourced externally while 68.3 percent are domestic debt.

    The national domestic debt amounted to P6.26 trillion, 19.2 percent up from its year ago level.

    It is also 1.1 percent higher compared to the end-June level due to the net issuance of domestic government securities.

    Meanwhile, external debt of P2.91 trillion was 13.9 percent up from July last year, and 1.5 percent higher from the previous month.

    For July, the BTr said net availment of external loans amounted to P63.77 billion adding to the P18.75 billion effect of appreciation on third-currency denominated external loans. This more than offset the P38.88 billion net effect of local currency appreciation.

    Government had to borrow more this year to fund its coronavirus disease 2019 response, and as revenues fell short particularly during the stricter lockdown periods amid limited economic activity.

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