The National Government’s (NG) total outstanding debt reached P13.02 trillion as of end-August, the Bureau of Treasury said Friday.

The P133.64 billion or one percent increment from the end-July level was attributed to the net issuances of domestic securities as well as currency adjustments.

At the current level, NG debt has increased by P1.29 trillion or 11 percent since end-December 2021, of which 68.7 percent was domestic borrowings while 31.3 percent was sourced externally.

NG domestic debt amounted to P8.94 trillion, which is P111.21 billion or 1.3 percent higher compared to the end-July level.

For August, the increase in domestic debt resulted from the net issuance of government securities amounting to P109.43 billion and the P1.78 billion impact of local currency depreciation against the US dollar.

Since the beginning of the year, domestic debt portfolio has increased by P772.98 billion or 9.5 percent due to continued reliance on domestic borrowing to lessen the impact of currency fluctuations.

NG external debt amounted to P4.08 trillion, which is P22.43 billion or 0.6 percent higher than the end-July level.

For August, the increment in the level of external debt was due to the impact of local currency depreciation against the US dollar amounting to

P62.24 billion.

This offsets the P26.59 billion effect of third-currency depreciation

against the US dollar and net repayment amounting to P13.22 billion.

Year-to-date, National Government external debt increased by P520.03 billion or 14.6 percent from end-December 2021 primarily due to local- and third-currency fluctuations that increase the peso value of foreign denominated obligations.

Total National Government guaranteed obligations decreased by P15.24 billion or 3.7 percent month-over-month to P392.76 billion as of end-August 2022.

For August, the decrease in guaranteed debt was primarily due to the net repayment of both domestic and external guarantees amounting to P4.43 billion and P10.81 billion, respectively.

Meanwhile, the impact of net appreciation on third currency dominated guarantees further trimmed P3.65 billion, offsetting the P3.40 billion effect of local currency depreciation.

From the end-December 2021 level, total NG guaranteed debt has decreased by P31.16 billion or 7.4 percent. Bureau of Treasury