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PHL debts expand to
P4.99 trillion: BoT

MANILA – Outstanding liabilities of the Philippine government rose by 5.3 percent year-on-year in January this year after it reached P4.99 trillion from the P4.74 trillion same period in 2011, the Bureau of the Treasury reported.

Compared to the previous month's level, the government's debt increased by 0.9 percent from the P4.95 trillion last December.

The bulk, or 57.62 percent, of the total liabilities was sourced from on-shore creditors while the remainder of 42.38 percent came from off-shore fund sources.

BTr data show that total domestic debts amounted to P2.88 trillion as of the first month this year while total foreign liabilities reached P2.12 trillion.

The domestic debt expanded by 7.6 percent from last year's P2.67 trillion and by 0.1 percent from the P2.87 trillion last December.

The BTr attributed the month-on-month increase to factors such as the P11 billion net issuance of government securities, P36 million depreciation of the US dollar and the Euro against the peso on Multicurrency retail treasury bonds and the P6.64 billion adjustment due to reclassification of NG's outstanding financial commitments to International Organization from loans payable to accounts payable contribution to IO.

Foreign debts went up by 2.4 percent against last year's P2.07 trillion and by 1.8 percent from last December's P2.08 trillion.

The BTr attributed the month-on-month rise in foreign liabilities to the P64.28 billion net availment, P13.79 billion net appreciation of third currencies against the US dollar and P0.21 billion adjustment due to late receipt of notices of availment.

“This, however, was partially offset by the P40.19 billion appreciation of the local currency against the US dollar,” it said.

Meanwhile, the government's contingent debt, which composed mainly of guarantees it issued, went up to P569 billion from the end-January 2011's P549.7 billion but declined compared to last December's P573.37 billion.

The month-on-month drop in the contingent debt was attributed to the P8.04 billion appreciation of the local currency against the US dollar and P1.17 billion net repayment, “which was partially offset by the P4.84 billion net appreciation of third currencies against the US dollar.”*PNA

 

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