The country’s total outstanding debt increased in November 2024 due to higher financing and a weak peso denomination, the Bureau of Treasury said on Tuesday, January 7.
Data from the BTr showed that the Philippines’ debt portfolio reached a new high of P16.09 trillion in November 2024, higher year-on-year by 10.9 percent (P1.582 trillion) from P14.508 trillion in November 2023.
The latest debt portfolio is also higher by 0.4 percent (P70.70 billion) than P16.020 trillion last October 2024. Year to date, the country’s debt has risen by P1.474 trillion or 10.1 percent.
The agency attributed the increase in financial obligations to the peso’s depreciation against the US dollar, which weakened from P55.451 in November 2023 and P58.198 in October 2024 to P58.602 in November 2024.
More than half or 67.87 percent of the country’s debt came from domestic sources, while the remaining 32.13 percent came from external or foreign sources.
Domestic debt
As of the end of November 2024, domestic debt reached P10.921 trillion, marking a 9.0 percent or P897.25 billion from P10.024 trillion last November 2023.
Domestic debt increased slightly month-on-month by 0.3 percent or P31.82 billion from P10.024 trillion last October 2024.
BTr attributed this rise to the net issuance of domestic securities and the impact of peso depreciation on US dollar-denominated domestic debt.
Year-to-date, the national government’s domestic debt has increased by 9 percent or P903.73 billion.
Foreign debt
Meanwhile, the country’s external debt stood at P5.17 trillion, marking a 15.3 percent or P684.99 billion increase from P4.484 trillion in November 2023.
The latest figure also slightly increased by 0.8% or P38.88 billion from P5.130 trillion in October 2024.
BTr attributed the increase to a higher valuation of the US Dollar versus the Philippine peso and higher net foreign loan availments.
Since the beginning of the year, external debt has grown by 12.4 percent or P570.97 billion compared to December 2023. (TCSP)
