National debt up 6% to P5.1-T in June

MANILA, Philippines – National debt reached P5.1 trillion as of end-June, slightly up 6.4% against year-ago levels but P46.67 billion less from end-May 2012 level.

In a statement on Monday, August 13, the treasury group highlighted that Treasury group broke down the national debt as follows:

• P205 trillion or 40.2 % is owned to foreign creditors – The appreciation of the peso against the US dollar favored the Philippines’ repayment of its outstanding foreign debts, but this was offset by the appreciation of third currencies, as well as a “P0.30 billion adjustment due to the late receipt of notice of availment.”
• P3.05 trillion or 59.8% to domestic creditors – this increased by P12.25 billion from the previous month’s level due to the combined effects of the P12.80 billion net issuance of government securities and P0.55 billion depreciation of the US dollar and euro against the peso on Multicurrency retail trade bonds.

Meanwhile, debts guaranteed by the national government reached P544.91 billion, lower by P13.92 billion from end-May 2012 level of P558.83 billion.

This was due to the combined effects of the following: The P10.66 billion-worth peso appreciation agains the US dollar, P2.36 billion net repayment, P0.95 billion net depreciation of third currencies against the US dollar and P0.05 billion adjustment due to the late receipt of notice of availment. – Rappler.com