PH gov’t debt swelled to P14.48T in Oct

MANILA  -The government’s outstanding debt climbed to P14.48 trillion in October after the peso’s depreciation bloated the value of external liabilities.

Obligations rose by P121.13 billion or 1.49 percent month-on-month, the Bureau of the Treasury reported on Tuesday. Compared with a year ago, debts went up by a bigger 6.16 percent.

Since the beginning of the year, debts have piled up by 7.91 percent.

Figures showed local borrowings, which accounted for 68.38 percent of the total debt stock, inched up 1.73 percent to P9.90 trillion after the government borrowed P167.75 billion more than it had repaid to domestic creditors during the month.

Year-to-date, domestic debts fattened by P693.95 billion or 7.54 percent.

READ: Gov’t sets P100-B local borrowing program for December

Meanwhile, foreign liabilities rose by 0.97 percent to P4.58 trillion due to net availment of P33.52 billion in fresh foreign loans.

The Treasury also said the value of external obligations ballooned by P11.84 billion because of the peso’s weakness against the US dollar, although “favorable movement” of third currencies like the Euro and Japanese Yen tempered the increase by P1.21 billion.So far this year, offshore debts have increased by P367.99 billion or 8.74 percent. —Ian Nicolas P. Cigaral INQ