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Arthur Fuentes

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<div dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">MANILA - After breaching P15 trillion in </span><a href="https://news.abs-cbn.com/business/2024/4/3/philippine-debt-rises-to-p15-18-trillion-in-february-2024-1649" target="_blank" rel="noopener noreferrer"></a><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap"><a href="https://news.abs-cbn.com/business/2024/4/3/philippine-debt-rises-to-p15-18-trillion-in-february-2024-1649" rel="noopener noreferrer" target="_blank">February</a></span><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">, </span><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">the Philippines’ sovereign debt decreased by P252.98 billion to P14.93 trillion as of the end of March, the Bureau of Treasury said on Thursday.  </span></div><div dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt"><br/></div><div dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">The country&#x27;s total debt in March was 1.67 percent lower compared to February </span><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">due to the net redemption or payment of domestic government securities.</span></div><div><br/></div><div><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">Of the total debt stock, 68.86 percent was domestic debt while 31.14 percent was foreign debt, Treasury said. </span></div><div dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt"><br/></div><div dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">Data however also showed that while domestic debt declined, foreign debt grew as the government borrowed more from foreign lenders and as the peso depreciated against the US dollar. </span></div><div><br/></div><div dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">The Philippines’ total domestic debt of P10.28 trillion in March is P299.21 billion or 2.83 percent lower compared with February. </span></div><div><br/></div><div dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">“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,” Treasury said. </span></div><div><br/></div><div dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">“The peso depreciated against the from P56.174 as of end-February 2024 to P56.260 as of end-March 2024,” the agency noted. </span></div><div><br/></div><div dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">Meanwhile, 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. </span></div><div><br/></div><div dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">“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,” Treasury said.  </span></div><div><br/></div><div dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">Since the start of the year, domestic debt has increased by P259.56 billion or 2.59 percent; external debt meanwhile has increased by P49.89 billion or 1.09 percent.</span></div>

<p>After breaching P15 trillion in <a href="https://news.abs-cbn.com/business/2024/4/3/philippine-debt-rises-to-p15-18-trillion-in-february-2024-1649" target="_blank">February</a>, the Philippines’ sovereign debt decreased by P252.98 billion to P14.93 trillion as of the end of March.</p>

After breaching P15 trillion in February , the Philippines’ sovereign debt decreased by P252.98 billion to P14.93 trillion as of the end of March.

Philippine debt slides to P14.93 trillion in March as govt pays obligations

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Philippine debt slides to P14.93 trillion in March as govt pays obligations

Arthur Fuentes,

ABS-CBN News

Published May 02, 2024 05:13 PM PHT

Read More:

sovereign debt

national debt

Philippine debt

domestic debt

foreign debt

economy

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