Each Filipino owes P56,468 in April

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Debt stock of the government at end-April reaches P5.039 trillion, P27.3 billion more from March

INCREASING DEBT. The Philippines oustanding debt increased 6.8% to P5.334 trillion in January 2013. Photo by AFP

MANILA, Philippines – Each Filipino theoretically owes P56,468 to creditors as of April, of which 35% is due to foreigners and 65% to locals.

This as the debt stock of the government at end-April reached P5.039 trillion, the Bureau of the Treasury reported on Friday, June 14.

The additional P27.3 billion debt from March was due to more Treasury bills and bonds issued during the period, data from Treasury showed.

Below is the breakdown:

  • Domestic debt: P3.439 trillion, up P32.8 billion from March due to the P32.6 billion net issuance of government securities 
  • Foreign debt: P1,870 billion, down P5.5 billion from March

Foreign debt was comprised of

  • US dollar bonds: P967 billion
  • Japanese Yen bonds: P42 billion
  • Euro bonds: P26.95 billion
  • peso-denominated bonds: P129.68 billion


Exchange rate impact

The appreciation of the US dollar and euro appreciation against the peso added P0.2 billion to the Multicurrency Retail Treasury Bonds.

On the other hand, P5.5 billion was shaved off from external debts due to the foreign rate adjustments.

The net depreciation of third currencies against the US dollar reduced the peso value of the foreign debt by P11.1 billion, but this was offset by the P4.6 billion impact of the depreciation of the peso.

Meantime, the national government guaranteed debt declined to P475 billion from P480 billion in March. The 3rd currency appreciation against the US dollar reduced the peso value of the guaranteed foreign debt by P5.2 billion.

The guaranteed debt is composed mainly of guarantees issued by the national government on the borrowings of state agencies and government financial institutions. – Rappler.com

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