National debt balloons to P12.76 trillion as of end-April 2022

The Philippine National Government’s (NG) total outstanding debt was registered at P12.76 trillion as of end-April 2022.

For April, the NG’s total debt increased by P83.40 billion, or 0.7% due to the net issuance of government securities to both local and external lenders and the depreciation of the local currency against the USD.

Of the total debt stock, 30.0% was sourced externally while 70.0% were domestic borrowings.

NG domestic debt amounted to P8.93 trillion, which is P67.20 billion or 0.8% higher compared to the end-March 2022 level primarily due to the net availment of domestic financing amounting to P66.30 billion.

From the end-December 2021 level, outstanding domestic debt has increased by P765.44 billion or 9.4%.

External debt of P3.83 trillion was P16.20 billion or 0.4% higher from the previous month.

For the period, the increment to external debt was due to the net availment of external loans amounting to P28.56 billion and the effect of Peso depreciation1 against the USD amounting to P31.50 billion. This was tempered by adjustments in third currencies amounting to P43.86 billion.

NG external debt has increased by P269.20 billion or 7.6% from the end-December 2021 level.

Total NG guaranteed obligations increased by P2.39 billion or 0.6% month-over-month to P413.43 billion as of end-April 2022.

The increment in the level of guaranteed debt was due to the net availment of both domestic and external guarantees amounting to P6.16 billion and P0.12 billion, respectively.

Local currency depreciation against the USD added P1.84 to the total while offsetting the effect of third-currency exchange rate fluctuation amounting to P5.73 billion.

1The peso depreciated against the USD from P51.906 as of end-Mar 2022 to P52.335 as of end-April 2022.