The Philippines' outstanding debt loomed to a new record high of Php 13.64 trillion by end-October 2022, the Bureau of Treasury (BTr) reported Wednesday, Dec. 7.
In its latest data release, the BTr said the end-of-October debt grew by Php 123.92 billion or 0.92 percent from the Php 13.52 trillion recorded in end-September 2022.
The debt stock further swelled due to the “net availment of both local and external loans,” the Treasury said.
From the end-December 2021, it said that the country’s outstanding obligation increased by Php 1.91 trillion or 16.31 percent.
Of the total debt stock, 68.58 percent were domestic borrowings while 31.42 percent were source externally.
BTr said domestic borrowings amounted to a total of Php 9.36 trillion, this is Php 54.58 billion or 0.59 percent higher than the debt recorded in the previous month.
"For October, the increment to domestic debt was primarily due to the net issuance of government securities amounting to P55.83 billion while local currency appreciation1 against the US dollar trimmed P1.25 billion," the Treasury said.
For external debt, the BTr said the government owed Php 4.28 trillion, this is Php 69.34 billion or 1.64 percent above the end-September level.
It noted that the increased in external debt was attributed to the "net availment of foreign financing."
"This was partly offset by the favorable net impact of both local- and third-currency fluctuations against the USD amounting to P43.07 billion and P6.30 billion, respectively," BTr added.
