PH debt in May climbs 7.8% to P5.147-T
MANILA, Philippines - Each of the 94 million Filipinos now theoretically owe local and foreign creditors P54,755.
This is because the total debt of the national government has climbed to P5.147 trillion as of end-May, latest data from the Bureau of the Treasury showed. This figure is 7.76 % (P370.51 billion) than the year-ago level of P4.776 trillion.
Both domestic and foreign debt climbed during the period as the government continued to borrow to finance spending.
According to the Treasury, domestic debt rose by 3.40% or P69.35 billion to P2.109 trillion from P2.040 trillion a year ago as the government issued more debt papers during the period.
On the other hand, foreign debt rose to P2.109 trillion from P2.040 trillion.
Debt owed to foreign creditors includes P843 billion in direct loans, which were availed by government agencies and government-owned and controlled corporations, data from the Treasury showed.
Bulk of the foreign loans, however, was in the form of foreign-denominated bonds.
US dollar bonds amounted to P1.085 trillion from P1.014 trillion a year ago while Japanese bonds amounted to P55.04 billion.
The government also issued euro bonds to the tune of P26.91 billion and peso-denominated global bonds amounting to P98.88 billion.
Guaranteed debt
But the total guaranteed debt of the national government, or debt incurred by state agencies and corporations but guaranteed by the government, declined compared to year-ago levels.
The total guaranteed debt of the national government amounted to P558.83 billion as of end-May 2012, down P10.47 billion or 1.84% from the end-May 2011 level of P569.30 billion.
This government’s guaranteed domestic debt rose to P155.56 billion from P138.65 billion while the guaranteed foreign debt declined to P403.27 billion from P430.65 billion, data from the Treasury also showed.
Deficit target
The Aquino administration hopes to slash the budget deficit as a ratio of gross domestic product (GDP) to 2% in 2013 from the projected 2.6% this year.
This year, the deficit is projected to hit roughly P279 billion or 2.6% of GDP from the actual P197.8 billion recorded in 2011. - Rappler.com
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