The Philippine government’s outstanding debt stood at 8.6 trillion pesos (roughly 171 billion U.S. dollars) as of end-April 2020, a 122.89 billion pesos (roughly 2.44 billion U.S. dollars) or 1.5 percent increase from the end-march level primarily due to domestic securities issuance and external loan availments, the Philippine Bureau of Treasury said on Tuesday.
To date, the bureau said the government’s debt grew by 11.2 percent for the first four months of the year driven by the 5.1 percent increase in external debt and the 14.4 percent increments to domestic liabilities.
Of the total outstanding debt stock, the bureau said 33 percent were sourced externally while 67 recent were domestic debt.
The national government domestic debt amounted to 5.864 trillion pesos (roughly 117.7 billion U.S. dollars), or 50.65 billion pesos (1 billion U.S. dollars) or 0.9 percent higher compared to the end-March 2020 level, the bureau added.
The bureau said the end-March figure was subsequently adjusted to reflect the 300 billion pesos (roughly 5.97 billion U.S. dollars) short-term borrowing through the repurchase agreement with Bangko Sentral ng Pilipinas (BSP), the country’s central bank.
The bureau said in April, a total of 50.82 billion pesos (roughly 1 billion U.S. dollars) worth of government securities had been issued while peso appreciation cut only 170 million pesos (roughly 3.38 million U.S. dollars) from the value of dollar bonds issued the same month.
The Philippines‘ external debt of 2.736 trillion pesos (roughly 54.446 billion U.S. dollars) was 72.24 billion pesos (roughly 1.44 billion U.S. dollars) or 2.7 percent higher from the previous month, the bureau added.
Debt-to-gross domestic product (GDP) ratio was 39.6 percent in 2019, the lowest since 1986, the bureau said.