Gov’t IOUs reach P3.79T at end-May

The total amount of outstanding government-issued debt paper slightly rose to P3.79 trillion at end-May, the latest Bureau of the Treasury data showed.

The combined value of outstanding treasury bills and bonds as of May was higher than the P3.77 trillion recorded a month ago.

The bulk of outstanding debt paper was comprised of treasury bonds, with a face value amounting to P3.52 trillion, up from P3.49 trillion at end-April.

Outstanding treasury bills, meanwhile, amounted to P281.4 million, also up from end-April’s P278.5 billion.

In May, the Treasury sold P17.8 billion out of the P20-billion T-bills offered as a “cautious” market before the May 9 elections raised the yield for the benchmark 91-day securities.

The Treasury sold all P25 billion in T-bonds offered that month.

Of the outstanding T-bonds, three-year IOUs amounted to P50.8 billion; five-year debt paper, P251.4 billion; seven-year treasury bonds, P544.1 billion; and 10-year T-bonds, P362.6 billion.

For the outstanding 10-year agrarian reform bonds, the amount stood at P7 billion; 20-year IOUs, P298.3 billion; and 25-year debt paper, P236 billion.

Of the $6.582-million Philippine Par Bond redenominated into 28.5 years, P97.1 million remained outstanding.

The Treasury also reported P725.7 billion in outstanding retail treasury bonds; P965.8 billion in benchmark bonds; P50 billion in 25-year CB-BoL T-bonds; and P23.4-billion onshore dollar T-bond.

As for the T-bills, P86.8 billion was from the auction of 91-day IOUs; P90.5 billion from 182-day debt paper; and P104.1 billion from 364-day treasury bills.

The government planned to borrow P135 billion domestically in the third quarter this year, similar to the volumes programmed in the first two quarters, National Treasurer Roberto B. Tan said early this week.

Tan said the Treasury still has to seek incoming Finance Secretary Carlos G. Dominguez’s approval of the borrowing program for the initial quarter of the Duterte administration.