PH debt hits P14.10T as of end-May 2023, says Bureau of the Treasury
MANILA, Philippines — The national government’s outstanding debt reached P14.10 trillion as of May 31, 2023, higher by P185.40 billion from the previous month, the Bureau of the Treasury (BTr) has disclosed.
It also said that of the total, 32 percent is external debt while 68 percent is domestic debt, and that the Philippine peso’s depreciation against the US Dollar is a factor in the increase in the total money owed by the government.
“The national government’s total outstanding debt stood at P14.10 trillion as of end-May 2023. The level of debt grew by P185.40 billion or 1.3 percent from the previous month,” the BTr explained in a statement Tuesday.
Domestic debt hit P9.59 billion in May, which was P130.67 billion or 1.4 percent higher than in April.
External debt amounted to P4.51 trillion in the same month, which was P54.73 billion or 1.2 percent higher than the previous month.
“External debt was mainly driven by the net availment of external loans amounting to P10.05 billion and the impact of local-currency depreciation against the US dollar amounting to P59.70 billion,” the BTr explained.
Guaranteed obligations, however, fell by P0.98 billion or 0.3 percent, the BTr added.
“The decline in guaranteed debt was attributed to the net repayment of external guarantees amounting to P6.70 billion and third-currency adjustments amounting to P0.91 billion,” it pointed out.