Treasury reports Philippine debt increases to P14.79 trillion by end of January

The Philippines’ outstanding debt reached a new high of P14.79 trillion at the end of January 2024, driven by the issuance of domestic securities and the impact of peso depreciation, according to the Bureau of Treasury (BTr). The latest report from the treasury revealed that the debt stock rose by P173.91 billion, with 31.29% coming from external debts and 68.71% from domestic borrowings. This January figure was 1.19% higher than the P14.61 trillion recorded in December 2023.

The increase in debt was primarily attributed to a P81.73 billion upward revaluation caused by the depreciation of the local currency against the U.S. Dollar, as stated by the BTr. Domestic debt stood at P10.16 trillion at the end of January, marking a 1.44% increase from the previous month’s P10.2 trillion. The rise in domestic debt was linked to the net issuance of government securities, with a total issuance of P211.11 billion and principal payments of P69.67 billion, resulting in a net issuance of P141.44 billion.

Meanwhile, external debt totaled P4.63 trillion, a 0.65% increase from the end of December. The increase in external obligations was also due to the P81.73 billion upward revaluation caused by the local currency depreciation against the USD. Total repayment of external loans in January amounted to P85.41 billion (USD1.51 billion), leading to a net repayment of P23.55 billion for the month, according to the Treasury.

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