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Nov 3, 2018 @ 13:33

Weaker peso drives up foreign debt by P30B

 

Debts held by the national government rose to P7.16 trillion as of end-September 2018, P55.92 billion higher than the previous month’s level.

Around two-thirds of the loans are owed to domestic sources worth P4.59 trillion.

“For the month, the increase in domestic debt was due to the net issuance of government securities amounting to P14.54 billion and the depreciation of the peso that increased the value of onshore dollar bonds by P0.31 billion,” the Bureau of the Treasury said.

The peso depreciated to an average of P54.102 versus the dollar in September, versus P53.475 at end-August.

Meanwhile, external debt also climbed by 1.6 percent to hit P2.57 trllion. Of this, P29.68 billion is due to the peso depreciation, plus P22.52 billion worth of new foreign borrowings.

Guaranteed payments also totaled P3.67 billion during the period, down 0.8 percent month-on-month.

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