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THE
indebted state of the national government (NG) eased by
half a percent to P3.765 trillion as at end-July this
year from last year’s P3.782 trillion, mostly because
the government paid down outstanding loans while also
benefiting from the impact of the strong peso.
According to the Department of Finance, the strong peso
allowed NG to shave the equivalent of P30 billion off
its foreign obligations.
NG
posted a 0.8-percent reduction in its foreign debts
despite the offsetting impact of a P1-billion net
availment and the P15-billion net depreciation of
so-called third currencies relative to the US dollar.
NG debt
fell by P18 billion during the period.
As a
result, total NG debt stood at P3.765 trillion, of which
P1.650 trillion or 44 percent was owed to foreign
creditors, and P2.115 trillion or 56 percent to domestic
creditors.
Domestic
debt fell by P4 billion or 0.2 percent to P2.115
trillion, as Finance Secretary Margarito Teves paid down
the maturing obligations.
The
foreign-debt component was reduced as well by P14
billion, or by 0.8 percent to P1.65 trillion.
The
contingent debt of the national government, composed
mainly of guarantees it issued, declined to P526
billion, lower by P1 billion from the end-June level of
P527 billion.
Contingent debts are not owed directly by the national
government, having been contracted by various government
agencies or entities, but have its full backing or
guarantee.
The
decrease was brought about by the P8-billion
appreciation of the peso against the US dollar that was
partially offset by the P7-billion net depreciation of
third currencies against the US dollar.
Domestic
debt owed directly by NG totaled P2.113 trillion, lower
by 1.7 percent of by P35.9 billion.
Some
P2.09 trillion were in the form of government securities
and P20.1 billion were availed of by agencies.
Assumed
loans for the period totaled only P2.3 billion.
Foreign
NG debt totaled P1.65 trillion, of which P659.8 billion
were owed directly, P576.7 billion were availed of by
various government agencies, P83.1 billion were relent
to government-owned or –controlled corporations, and
only P100 million represented assumed NG loans. |
