The total national government debt at the end of January reach P14.79 trillion, up P173.91 billion from the level at the end December 2023, nudged higher by an increase in domestic borrowings for budget support.
Data from the National Treasury showed that 68.71 percent of total national government debt was sourced from the domestic market and the balance was from external sources.
Gross issuance of domestic debt for the month reached P211.11 billion, while principal payments totaled P69.67 billion, resulting in a net issuance of P141.44 billion. Meanwhile, the valuation effect of local currency depreciation1 against the US dollar on foreign currency-denominated domestic debt added P2.81 billion to the January total.
Total NG external debt of P4.63 trillion has increased by P29.66 billion from the end-December 2023 level due mainly to the P81.73 billion increased as a result of the stronger US dollar. The peso’s gain on third currencies, however, reduced the net increase in foreign debt to P52.07 billion.
The peso depreciated against the USD from P55.418 as of end-December 2023 to P56.403 as of end-January 2024.
External loan availment, including those from the World Bank and the Asian Development Bank, in January contributed P61.86 billion increase in NG foreign debt. Total repayment of external loans amounted to P85.41 billion, resulting in a total net repayment of P23.55 billion for January.
NG guaranteed obligations have decreased by P0.78 billion from end-December level to P348.66 billion.
