Gov’t debt hits P16.09 trillion as of November 2024
MANILA, Philippines — The Bureau of the Treasury (BTr) announced that government debt reached P16.09 trillion as of the end of November 2024.
In a statement on Tuesday, January 7, the BoT said the national government’s debt portfolio increased by 0.4% or P70.70 billion from October 2024. Debt as of October 2024 was recorded at P16.02 trillion.
“The NG (national government’s) total outstanding debt reached P16.09 trillion as of end-November 2024,” the BoT said.
The bureau attributed this to net financing and the depreciation of the peso, particularly in relation to foreign-currency-denominated debt. The BoT said the peso depreciated against the US dollar, from P58.198 at the end of October to P58.602 at the end of November.
The majority of the debt was locally incurred.
“Of the total debt stock, 67.87% is composed of domestic securities, while 32.13% consists of external obligations,” the BoT said.
Domestic debt reached P10.92 trillion at the end of November 2024, which was 0.3% or P31.82 billion higher than at the end of October 2024.
The BoT attributed the increase to the P30.67 billion net issuance of domestic securities, as well as a P1.15 billion impact from the peso depreciation against the US dollar, which comprises the majority of the Philippines' domestic debt.
“NG domestic debt has risen by 9.0% or P903.73 billion from the end-December 2023 level,” the BoT said.
The country’s external debt is now at P5.17 trillion. This is an 0.8% increase compared to the end of October 2024, which is equivalent to P35.61 billion.
“The significant depreciation of the peso led to a P35.61 billion escalation in the local valuation of US dollar-denominated debt while net foreign loan availments added P8.33 billion,” the Bot said.
However, the bureau noted there were favorable third-currency movements relative to the US dollar that helped offset some of the debt by P5.06 billion.
Compared to end-December 2023, external debt has increased by 12.4% or P570.97 billion.
Meanwhile, the government’s guaranteed obligations amounted to P422.04 billion as of end-November 2024, a 2.5% or P10.28 billion increase from end-October of the same year.
“This resulted from P8.95 billion in new domestic guarantees, as well as P1.85 billion in upward adjustments brought about by unfavorable foreign currency movement,” the BoT said.
The government was able to repay P.052 billion of external guarantees.
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