National government debt recorded at P14.51 trillion as of end-November 2023

The National Government’s (NG) total outstanding debt at the end of November 2023 amounted to P14.51 trillion. 

The debt stock increased by P27.92 billion or 0.19% month-over-month, primarily due to the net issuance of domestic securities.  Of the total debt stock, 30.91% are from external sources while 69.09% are from domestic borrowings.

For domestic debt, the end-November 2023 level of P10.02 trillion is P122.07 billion or 1.23% higher compared with the prior month due to the net issuance of government securities.

New domestic debt issued during the month totaled P171.09¹ billion while principal redemption amounted to P45.14 billion, underlying a net issuance of P125.95 billion. The increase was partially offset by the P3.87 billion effect of peso appreciation² on foreign currency-denominated domestic securities.

Year-to-date (YTD), domestic debt registered an increment of P816.02 billion or 8.86%.

External debt of P4.48 trillion is P94.15 billion or 2.06% lower than the previous month.

For November, the lower level of external debt was due to the net repayment of foreign loans amounting to P1.08 billion and favorable foreign exchange movements, wherein the P109.37 billion reduction attributed to peso appreciation against the US dollar far exceeded the upward adjustment linked to third-currency appreciation of P16.30 billion.

NG external debt has increased by P273.84 billion or 6.50% from the end-December 2022 level.

Total NG guaranteed obligations decreased by P7.86 billion or 2.18% Month-over-Month to P353.14 billion as of end-November 2023. The decline in the level of guaranteed debt was attributed to the net repayment of both domestic and external guarantees amounting to P1.21 billion and P3.50 billion, respectively.

In addition, peso appreciation against the US dollar further trimmed P4.07 billion.

These more than offset the P0.92 billion effect of third currency appreciation on similarly denominated guarantees.

YTD NG guaranteed obligations have decreased by P45.91 billion or 11.50% from its end-December 2022 level.

______________

[1]Includes CBBOL transactions.

²The peso depreciated against the USD from P56.660 as of end-September 2023 to P56.808 as of end-October 2023.