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Home  >>   Daily News  >>   Philippines  News  >>   Finance  >>   Philippine government debt up
NEWS UPDATES 9 October 2010

Philippine government debt up

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The Philippines' domestic debt inched up during the Aquino administration's first month, while foreign obligations eased because of a stronger peso.

Data from the Bureau of the Treasury showed the Philippine debt in the first seven months of the year hitting P4.605 trillion, or 0.5 percent higher than the sovereign's liabilities in the first six months.

Of the total, 43 percent is owed to foreign creditors, while 57 percent is due domestic creditors.

Domestic debt inched up by 1.2 percent from the end-June level amid the net issuance of government securities, while foreign obligations eased 0.4 percent over the same period because of the P28 billion appreciation of the peso against the US dollar amid the P20 billion appreciation of third currencies against the greenback.

Some 12.6 percent of the country's liabilities are short-term. Another 17.4 percent is medium term, while 70 percent is long term.

Treasury data also showed the government's contingent debt, comprising mainly of guarantees it issued on behalf of debts incurred by its agencies and state-run firms, dipping to P576 billion from the end-June level of P609 billion.

The decrease was seen in the foreign component brought about by the combined effects of the P21-billion net repayments, and P7 billion appreciation of the peso against the US dollar, among others.


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