Philippine debt hit new record high of P13.6T in Nov 2022

The country’s total outstanding debt hit a new record high of P13.644 trillion at the end of November 2022, but the month-on-month increase has been slowing down due to the stronger peso. | RonWDomingoINQ /PDI

“For November, the net issuance of government securities added P75.76 billion while peso appreciation trimmed P3.03 billion from the [domestic] debt stock,” the bureau said.Local borrowings increased by 0.78 percent or by P72.7 billion in November and by P1.26 trillion in the January-November period.Foreign debt market

Based on the latest update on the fiscal program that was announced in December, the national government expects to incur a budget deficit of P1.47 trillion in 2023, down from the planned P1.5-trillion deficit in 2022.Meanwhile, foreign debt decreased by 1.6 percent or P69.6 billion “due to the P106.98-billion impact of the local currency appreciation and the P13.38-billion net repayment,” the BTr said.

This was so compared to October when the government raised $2 billion in global bonds, at a time when the peso hit its historical weakest position of 59:$1. “For the coming months, the national government outstanding debt could still post new record highs in peso terms amid plans to issue new US dollar-denominated bonds, as well as US dollar-denominated retail bonds in the first quarter of 2023 worth about $3 billion, on top of the scheduled issuances of peso-denominated government securities and possible new retail Treasury bond issuance,” Ricafort said.

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