The government’s debt stock rose to P4.898 trillion as of October 2011, up by P27.5 billion, or 0.6 percent, from the September level largely due to 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 P51,238.
Data on total outstanding debt from the Bureau of the Treasury showed that 58 percent, or P2.835 trillion, was borrowed from domestic lenders.
Local debt increased by P54.6 billion, or 2 percent, from the P2.78 trillion posted in September.
The increase was attributed to the government having issued more local debt paper compared to the volume that was redeemed.
On the other hand, 42 percent, or P2.06 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.
Foreign borrowings decreased by P27 billion, or 1.3 percent, from the P2.09 trillion owed to overseas lenders in September.
The increase in foreign debt was due mainly to the appreciation of the peso against the US dollar, which added P38.3 billion to the debt stock.
Also, government payments in September stood at P300 million more than the inflow of new debts.
On the other hand, the appreciation of the yen and the euro against the US dollar drove total obligations upward, adding P11.6 billion to the stock.
In October, government debt paper pegged in dollars amounted to an equivalent of P1.004 trillion, while yen and euro loans stood at P84.6 billion and P30.4 billion, respectively.
The government’s total contingent debt—composed mainly of sovereign guarantees—went down by P5.6 billion, or one percent, to P577.8 billion.
The increase was attributed mainly to net repayments as well as the appreciation of the peso, yen and euro against the dollar.