The National Government’s (NG) total outstanding debt stood at P11.97 trillion as of end-October 2021, according to the Bureau of the Treasury on Dec 1, 2021.
For the month, the NG’s total debt slightly increased by P54.48 billion or 0.46% primarily due to the net issuance of domestic securities. Of the total debt stock, 29.3% was sourced externally while 70.7% were domestic borrowings.
NG domestic debt amounted to P8.47 trillion, which is P80.65 billion or 0.96% higher compared to the end-September 2021 level as a result of the net issuance of government securities. Since the start of 2021, domestic debt has increased by P1.77 trillion or 26.49%.
NG external debt of P3.50 trillion was P26.17 billion or 0.74% lower from the previous month. For October, the lower figure for external debt was attributed to the impact of local’ and foreign currency exchange rate adjustments amounting to P22.68 billion and P8.45 billion respectively. This more than offset the net availment of external obligations amounting to P4.96 billion. Year-to-date, the incremental external debt amounted P402.81 billion or 12.99 % from the start of the year.
Total NG guaranteed obligations decreased by P6.40 billion or 1.48% month-over-month to P426.46 billion in October. The lower level of guaranteed debt was due to the net redemption of domestic and external guarantees amounting to P1.24 billion and P0.08 billion, respectively.
Currency adjustment on both local- and third-currency-denominated guarantees also trimmed P1.28 billion and P2.25 billion, respectively. However, the reclassification of the syndicated term loan of PSALM from domestic to external guarantee had a net adjustment effect of P1.55 billion to domestic guarantees.
