The National Government (NG)'s total outstanding debt stood at P14.10 trillion as of end-May, the Bureau of Treasury said Tuesday,

The level of debt grew by P185.4 billion or 1.3 percent from the previous month due to the net issuance of domestic and external debt and the depreciation of the local currency against the US dollar.

Of the total debt stock, 32 percent was sourced externally while 68.0% were

domestic borrowings.

NG domestic debt amounted to P9.59 trillion, P130.67 billion or 1.4 percent higher compared to the end-April level.

For the month, the increment to domestic debt was primarily accounted for by the net issuance of government securities amounting to P129.11 billion.

Moreover, the impact of peso depreciation against the US dollar padded the value of onshore foreign currency-denominated securities by P1.56 billion.

Year-to-date, domestic debt has increased by P380.13 billion or 4.1 percent.

NG’s external debt amounted to P4.51 trillion, P54.73 billion or 1.2 percent higher from the previous month.

External debt was mainly driven by the net availment of external loans

amounting to P10.05 billion and the impact of local-currency depreciation against the US dollar amounting to P59.70 billion.

On the other hand, third-currency adjustments against the US dollar tempered the value of foreign currency debt by P15.02 billion.

NG external debt has increased by P297.56 billion or 7.1 percent from the end-December 2022 level.

Total NG guaranteed obligations decreased by P0.98 billion or 0.3 percent month-over-month to P379.71 billion as of end-May .

The decline in guaranteed debt was attributed to the net repayment of external guarantees amounting to P6.70 billion and third-currency adjustments amounting to P0.91 billion.

These were mostly offset by the net issuance of domestic guarantees amounting to P4.16 and the impact of local currency depreciation relative to the US dollar amounting to P2.47 billion.

From the end-December 2022 level, NG guaranteed debt has decreased by P19.33 billion or 4.8 percent. Bureau of Treasury