Philippines outstanding debt records P15.89t in Sept. ’24

The Philippine government’s total outstanding debt stood at a manageable P15.89 trillion as of end-September 2024, with the majority – of 68.81 per cent – sourced from the domestic market, Bureau of the Treasury (BTr) said on Wednesday.

The slight 2.2 per cent rise from August was primarily due to “net availment of new domestic and external debt.” However, the government’s focus on local fundraising has limited external risk exposure to 31.19 per cent of the total debt portfolio.

Domestic debt reached P10.94 trillion, a 1.3 per cent increase from August, primarily driven by net issuances of new government securities, which was slightly offset by a P460 million decrease in the value of US dollar-denominated securities amid the appreciation of the Philippine peso

Meanwhile, external debt rose 4.2 per cent to P4.96 trillion due to net foreign borrowings, including a $2.5 billion bond issuance.

The government’s guaranteed obligations increased 2.4 per cent to P372.86 trillion, mainly due to new guarantees for the Power Sector Assets and Liabilities Management Corp. (PSALM) and the National Food Authority (NFA).

Attribution: Bureau of the Treasury statement

Subediting: Y.Yasser