Domestic debt pushes higher for November

The amount of external debt was P4.22 trillion, which was P69.58 billion or 1.62 percent less than it was at the end of October 2022

Domestic borrowings reached P97.87 billion more in November 2022 as the government placed preference on domestic financing rather than foreign debts, data from the Bureau of the Treasury showed.

The Marcos government borrowed 266 percent more last November than it did a year ago, when it only borrowed P26.69 billion.

In particular, domestic financing increased by 457 percent from P16.6 billion a year ago to P75.91 billion.

The national government owed P13.644 trillion as of November 2022, which was 0.02 percent more than in October 2022 when it owed P13.641 trillion.

Government debt also increased by 14 percent from November 2021, when the total debt was P11.931 trillion.

End October debt 0.78% up

Domestic debt was P9.43 trillion, which was P72.73 billion or 0.78 percent more than it was at the end of October 2022.

The amount of external debt was P4.22 trillion, which was P69.58 billion or 1.62 percent less than it was at the end of October 2022. This was because of the net repayment worth P13.38 billion and the value of the local currency went up by P106.98 billion.

The Treasury said the government obtained P98.24 billion by selling IOUs with long due dates. This amount, though, was made up for by net payments of P22.33 billion for short-term debt papers.

In November, foreign borrowings went higher from P10.09 billion to P21.96 billion, which is more than double. All of this was made up of project loans from the country’s development partners.

The government borrowed money in November, bringing the total for the first 11 months to P2.104 trillion. This is 24 percent less than the same time in 2021, when the total was P2.775 trillion.

Local financing fell by 28 percent, from P2.246 trillion to P1.61 trillion. On the other hand, borrowing from outside the country fell by 6 percent, from P528.81 billion to P493.61 billion.

PHOTOGRAPH COURTESY OF DTI High-caliber assembly Trade and Industry Secretary Fred Pascual (fifth from right) presented the Philippines as a promising gateway for agricultural and agribusiness products during the Roundtable Meeting on Agribusiness. The meeting was led by President Ferdinand ‘Bongbong’ Marcos Jr. (seventh from left) and attended by Former President Gloria Macapagal-Arroyo (sixth from left), Speaker Ferdinand Martin Romualdez (eighth from left), Senator Imee Marcos (second from left), other members of the Cabinet and Chinese companies engaged in agribusiness.