Each Filipino owes P56,744 in January 2013

MANILA, Philippines – Filipinos owe the country’s local and foreign creditors as much as P56,744 each as of January 2013, according to the Bureau of Treasury on Thursday, March 28.

The agency explained that the national government’s outstanding debt increased by 6.8%, or P341 billion, to P5.334 trillion at end-January 2013 — from P4.993 trillion in January 2012. This, divided by 94 million Filipinos, translates to P56,744. 

Of the amount, the country’s domestic debt amounted to P3.411 trillion, up P534 billion or 18.5% from P2.877 trillion. These came in the form of government securities such as Treasury bills and bonds issued by the Treasury.

The country’s foreign debt, meanwhile, dropped to P1.923 trillion, down by P193 billion or 9.1% from P2.116 trillion recorded a year ago. (READ: PH debt reaches P5.4-T in 2012) 

The Treasury bureau said the bulk of the government’s external debt came in the form of debt securities such as US dollar bonds of P987 billion, Japanese bonds of P45 billion, Euro bonds of P28 billion and peso-denominated global bonds amounting to P130 billion.

Compared to the previous month’s level, the January 2013 government debt was lower by 1.9% or P103 billion.

Total guaranteed debt also dropped to P487 billion 14.4% as of end-January 2013 from P569 billion a year ago. The debt stock is projected to climb to P5.91 trillion this year.

But the Aquino administration is stepping up efforts to manage the government’s debt. It hopes to slash the budget deficit to P241 billion this year from the emerging deficit of P235.3 billion in 2012. – Rappler.com