The Philippine government’s total outstanding debt amounted to P13.75 trillion as of end-February 2023.
Total outstanding debt increased by P54.26 billion or 0.4% primarily due to the net issuance of domestic securities. Of the total debt stock, 31.3% was sourced externally while 68.7% were domestic borrowings.
Domestic debt amounted to P9.44 trillion, P57.22 billion or 0.6% higher compared to the end-January 2023 level due to the net availment of domestic financing amounting to P55.88 billion and the P1.34 billion effect of local currency depreciation against the US dollar on onshore foreign denominated securities.
From the end-December 2022 level, domestic debt has increased by P233.78 billion or 2.5%
External debt totaled P4.31 trillion, P2.96 billion or 0.1% lower from the previous month due to the P21.15 billion net repayment of foreign loans and P32.32 billion impact of third-currency adjustments against the US dollar.
These outweighed the effect of local currency depreciation against the US dollar, which amounted to P50.51 billion. Compared to the end of December 2022, the country’s external debt has increased by P100.12 billion or 2.4%.
Total guaranteed obligations decreased by 1.7% or P6.64 billion month-over-month to P387.19 billion as of the end of February 2023. The reduction was due to the net repayment of both domestic and external guarantees amounting to P2.56 billion and P3.21 billion, respectively.
The effect of net depreciation against the US dollar on third-currency denominated guarantees further trimmed P3.09 billion, more than offsetting the net depreciation effect of the local currency amounting to P2.22 billion.
Since the end of December 2022, NG’s guaranteed debt has decreased by 3.0% or P11.86 billion.
