By Junex Doronio
MANILA — In a similar vein to viewing a glass of water as half-full, the Philippines’ total domestic debt stood at P10.28 trillion in March, marking a decrease of P299.21 billion or 2.83 percent compared to February.
“The decline resulted from the P299.45 billion net redemption of government securities offsetting the P0.24 billion effect of peso depreciation on foreign currency domestic debt,” the Bureau of Treasury (BTr) explained.
It was gathered that since the start of 2024, domestic debt has increased by P259.56 billion or 2.59 percent.
The country’s external debt has notably increased by P49.89 billion or 1.09 percent.
“The peso depreciated against the (US dollar) from P56.174 as of end-February 2024 to P56.260 as of end-March 2024,” the BTr further justified.
Maharlika NuMedia learned that the country’s total foreign debt of P4.65 trillion was P46.23 billion or 1 percent higher than the end of February 2024 level.
“The increase resulted from the net availment of foreign loans amounting to P44.01 billion, as well as local currency depreciation which added to the valuation of US dollar-denominated debt by P7.05 billion,” the BTr noted.
(el Amigo/MNM)
By Junex Doronio
MANILA — Seemingly sinking in the quicksand of indebtedness, the Philippines’ sovereign debt ballooned to a new record high of P14.51 trillion as of the end of November 2023 as the government increased its local borrowings.
In January last year, economists already noted that with the country’s outstanding debt of P13.7 trillion, every Filipino, including the newly born, owes at least P118,000.
Now, one can only imagine how much every Filipino is now saddled with debts, not of his or her choosing.
According to the data released by the Bureau of the Treasury (BOTr) on Wednesday (January 3), it showed that the national government’s running debt balance as of end-November last year stood at P14.51 trillion, up 0.19% from P14.48 trillion seen as of end-October 2023.
The BOTr said the month-on-month increment in the government debt stock was “primarily due to the net issuance of domestic securities.”
To recall, economist Winnie Monsod last year expressed apprehension over the Philippines’ debt-to-GDP ratio at 64-65 percent.
“Hindi nakakabahala pero ‘yung rule of thumb is the debt of the country should not be more than 60 percent. ‘Yun bang for safety, it should not be more than 60 percent. When it is more than 60 percent, medyo tumitingin-tingin na tayo,” she said.
(El Amigo/MNM)