The National Government’s (NG) total outstanding debt stood at P13.52 trillion as of end-September.

For the month, NG’s total debt increased by P495.54 billion or 3.8 percent primarily due to peso depreciation against the US dollar and the net issuance of government securities to support the budget.

Of the total debt stock, 31.2 percent was sourced externally while 68.8 percent were domestic borrowings. At the current level, NG debt has increased by P1.79 trillion or 15.2 percent since end-December 2021.

NG domestic debt amounted to P9.30 trillion, which is P357.27 billion or 4 percent higher compared to the end-August level.

For September, the increase in domestic debt resulted from the net issuance of government securities amounting to P352.09 billion and the P5.18 billion impact of local currency depreciation against the US dollar.

Since the beginning of the year, the domestic debt portfolio has increased by P1.13 trillion or 13.8 percent due to continued preference for domestic financing to mitigate the effects of currency fluctuations.

NG external debt amounted to P4.22 trillion, which was P138.27 billion or 3.4 percent higher than the end-August level.

The increment in the level of external debt was due to the P179.69 billion impact of local currency depreciation against the US dollar.

This was partially offset by the P30.62 billion effect of third-currency depreciation against the US dollar and net repayment amounting to P10.80 billion.

Year-to-date, NG external debt increased by P658.30 billion or 18.5 percent primarily due to local- and third-currency fluctuations that increase the peso value of foreign denominated obligations.

Total NG guaranteed obligations increased by P4.46 billion or 1.1 percent month-over-month to P397.22 billion as of end-September 2022.

For September, the increment in guaranteed debt was primarily due to the impact of local currency depreciation amounting to P9.27 billion, offsetting the net repayment amounting to P1.43 billion and P3.48 net depreciation effect on third currency denominated guarantees.

However, from the end-December 2021 level, total NG guaranteed debt has decreased by P26.70 billion or 6.3 percent. Bureau of Treasury