Gov’t debt rises by 2% in October
The government’s debt stock reached P5.36 trillion in October, rising by P146.3 billion, or 2.8 percent, from the September level, largely due to a net issuance of domestic securities as well as the sustained strength of the peso.
Also, the amount of outstanding obligations as of the end of October was 9.4 percent, or P461 billion, higher than the level posted in the same month of 2011.
And if the burden were to be spread among the 96 million Filipinos in the country today, based on the National Statistical Coordination Board’s account, each person would have been saddled with a debt burden of P55,827.
Data on total outstanding debt from the Bureau of Treasury showed that 63 percent, or P3.37 trillion, was borrowed from domestic lenders.
Local debt increased by P188.3 billion, or 5.9 percent, from the P3.18 trillion posted in September.
The increase came about after the government issued more local debt notes compared to the volume that was repaid.
Also, 37 percent, or P1.99 trillion, of total outstanding debt was booked in foreign currencies such as the US dollar, euro and yen.
Foreign borrowings decreased by P42 billion, or 2.1 percent, from the P2.03 trillion owed to overseas lenders in September.
In October, government debt paper pegged in dollars amounted to an equivalent of P1.03 trillion.
Total debt guaranteed by the government went down by P11.9 billion, or 2.2 percent, to P528.5 billion. The decrease was attributed largely to the depreciation of the dollar and net repayments.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94