PHL debt at P12.09 trillion as of end-February 2022

The National Government’s (NG) total outstanding debt was registered at P12.09 trillion as of end-February 2022.

For the month, P63.83 billion, or 0.5% of the total debt portfolio, was added due to currency fluctuations and net financing from both local and external sources. Of the total debt stock, 30.4% was sourced externally while 69.6% were domestic borrowings.

Domestic debt amounted to P8.41 trillion, which was P45.42 billion or 0.5% higher compared to the end-January 2022 level primarily due to net issuance of domestic government securities amounting to P44.89 billion. From the end-December 2021 level, outstanding domestic debt has increased by P242.79 billion or 3.0%.

External debt of P3.68 trillion was P18.41 billion or 0.5% higher from the previous month. For February, the increment in external debt was due to the impact of peso depreciation¹ against the USD amounting to P17.91 billion and the net availment of external obligations amounting to P3.25 billion.

These more than offset the P2.74 billion reduction caused by adjustments in other foreign currencies.

Total NG guaranteed obligations decreased by P6.31 billion or 1.5% month-overmonth to P416.20 billion as of end-February 2022.

The lower level of guaranteed debt was due to the net repayment of both domestic and external guarantees amounting to P4.07 billion and P3.12 billion, respectively.

Third-currency exchange rate fluctuation further lowered the peso value of external guarantees by P0.25 billion, offsetting the P1.12 billion effect of local currency depreciation against the USD.

¹The peso depreciated against the USD from P51.135 as of end-Jan 2022 to P51.385 as of end-Feb 2022.