Philippines’ debt stock rose to P4.79T as of Aug.

The government’s debt stock rose to P4.794 trillion as of August, up by P47.4 billion, or 1 percent, from the July level due to a weaker peso and a net issuance of domestic securities.

With the latest population estimate pegged at 95.6 million, the amount of total outstanding debt would mean that each citizen has a share of P50,141.

Data on total outstanding debt from the Bureau of the Treasury showed that 58 percent, or P2.757 trillion, was borrowed from domestic lenders.

Local debt increased by P21.2 billion, or 0.8 percent, from P2.736 trillion posted in July.

The increase was attributed to the government having issued more local debt papers compared with new ones that were redeemed.

On the other hand, 42 percent, or P2.037 trillion, of total outstanding debt was booked in foreign currencies, such as the US dollar as well as the euro and yen.

Aside from loans extended by multilateral lenders and official aid from foreign governments, the Philippines also borrows abroad through the issuance of bonds denominated in these currencies.

Also, foreign borrowings increased by P26.2 billion, or 1.3 percent, from the P2.01 trillion owed to overseas lenders in July.

The increase in foreign debt was due mainly to the depreciation of the peso against the US dollar, which added P15 billion to the debt stock.

Also, the government posted P4 billion in net payments made in August.

Further, the appreciation of the yen and the euro against the dollar helped push up total obligations with an additional P8 billion.

In August, government debt papers pegged in dollars amounted to an equivalent of P1.208 trillion while yen and euro loans stood at P83.1 billion and P30.7 billion, respectively.

The government’s total contingent debt—composed mainly of sovereign guarantees—went down by P11.9 billion to P574.8 billion.

The decrease was attributed to net repayments, the depreciation of the peso against the dollar as well as the appreciation of the yen and euro against the dollar.