Gov’t IOUs hit P4.78T

The total value of outstanding government-issued debt paper rose to P4.78 trillion at end-2018 from P4.44 trillion in 2017 as the government borrowed more to finance priority programs and projects, including infrastructure under the ambitious “Build, Build, Build” program.

The combined outstanding treasury bills and bonds at the end of last year also rose from P4.71 trillion in November, the latest Bureau of the Treasury data showed.

The amount of outstanding treasury bonds jumped to P4.28 trillion as of end-2018 from P4.13 trillion the previous year.

Outstanding treasury bills also climbed to P494.3 billion from end-2017’s P314.4 billion.

For the outstanding T-bills, P101 billion was from the auction of 91-day IOUs; P166.9 billion from 182-day debt paper; and P226.4 billion from 364-day treasury bills.

As for the outstanding T-bonds, three-year IOUs have a face amount of P94.9 billion; five-year debt paper, P261.5 billion; seven-year treasury bonds, P584.3 billion; and 10-year T-bonds, P438.2 billion.

Among 10-year agrarian reform bonds, the outstanding amount was P8.9 billion; 20-year IOUs, P336.6 billion; and 25-year debt paper, P235.9 billion.

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

Outstanding retail treasury bonds (RTBs) amounted to P1.3 trillion.

Also outstanding were P909.3 billion in benchmark bonds; P50-billion 25-year CB-BoL T-bonds; and P26.3 billion in onshore dollar T-bond.