THE National Government’s (NG) total outstanding debt reached P12.79 trillion at the end of the first half of 2022. NG’s debt portfolio climbed by P296.06 billion or 2.4% in June due to the net issuances of domestic and external loans as well as currency adjustments.
Of the total debt stock, 31.5% was sourced externally while 68.5% were domestic borrowings. NG domestic debt amounted to P8.77 trillion, which is P101.66 billion or 1.2% higher compared to the end-May 2022 level.
For the month, the increase in domestic debt was due to the net issuance of P96.30 billion in government securities and the P5.36 billion impact of local currency depreciation1 against the US dollar. From the end-December 2021 level, outstanding domestic debt has increased by P596.70 billion or 7.3%. NG external debt amounted to P4.02 trillion, which is P194.40 billion or 5.1% higher month-over-month (MoM).
For June 2022, the increment in external debt was attributed to the impact of local currency depreciation against the USD amounting to P186.94 billion and the net availment of external financing amounting to P43.18 billion; offsetting the P35.72 billion effect of net depreciation against the US dollar on third-currency denominated obligations.
Broken down by composition, commercial loans accounted for 55.4% of total external debt while multilateral and bilateral loans were at 34.2% and 10.5%, respectively. NG external debt increased by P466.58 billion or 7.3% from the end-December 2021 level.
