{"id":8159,"date":"2025-02-04T22:45:47","date_gmt":"2025-02-04T21:45:47","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=8159"},"modified":"2025-02-04T22:45:47","modified_gmt":"2025-02-04T21:45:47","slug":"record-high-national-government-debt-surpasses-p16-05-trillion","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/02\/04\/record-high-national-government-debt-surpasses-p16-05-trillion\/","title":{"rendered":"Record High: National Government Debt Surpasses P16.05 Trillion"},"content":{"rendered":"<p><\/p>\n<p class=\"p3\"><span class=\"s2\">THE NATIONAL Government\u2019s (NG) total debt reached P16.05 trillion at the conclusion of 2024 due to higher debt issuances and a robust dollar, as reported by the Bureau of the Treasury (BTr) on Tuesday.<\/span><\/p>\n<p class=\"p4\">Information from the Treasury indicated that the total debt increased by 9.8% or P1.44 trillion from P14.62 trillion at the conclusion of 2023.<\/p>\n<p class=\"p4\">On a month-to-month basis, the debt decreased by 0.2% from the unprecedented P16.09 trillion at the end of November.<\/p>\n<p><a title=\"NG Debt Reaches \u20b116.05t in 2024; Debt-to-GDP Ratio Grows to 60.7%\" href=\"https:\/\/www.flickr.com\/photos\/142608056@N02\/54306570038\/in\/dateposted\/\" data-flickr-embed=\"true\"><\/a><\/p>\n<p class=\"p4\"><span class=\"s3\">\u201cThe year-end debt amount was closely aligned with the<span class=\"Apple-converted-space\">\u00a0 <\/span>2025 Budget of Expenditures and Sources of Financing estimates of P16.06 trillion, reflecting an insignificant variance of merely 0.03%,\u201d stated the BTr.<\/span><\/p>\n<p class=\"p4\">The outstanding debt as a percentage of gross domestic product (GDP) rose to 60.7% at the end of 2024, compared to 60.1% during the previous year, according to the Treasury.<\/p>\n<p class=\"p4\"><span class=\"s4\">This figure remains slightly above the 60% threshold deemed manageable by multilateral financial institutions for developing nations.<\/span><\/p>\n<p class=\"p4\">It also marginally exceeded the government\u2019s target of a 60.6% debt-to-GDP ratio for 2024, primarily due to the \u201clower-than-anticipated full-year real GDP growth rate of 5.6%,\u201d the BTr noted.<\/p>\n<p class=\"p4\">\u201cNonetheless, the slight deviation from the planned debt demonstrates the NG\u2019s efficient cash and debt management approaches, including its anticipatory handling of the volume and timing of its external debt issuances amid an unpredictable exchange rate landscape,\u201d it added.<\/p>\n<p class=\"p4\">The Treasury attributed the annual rise in the debt stock to the \u201cP1.31-trillion net issuance of debt instruments in accordance with the government\u2019s deficit strategy, along with the P208.73-billion valuation effect from the strengthening of the US dollar.\u201d<\/p>\n<p class=\"p4\"><span class=\"s5\">The Philippine peso concluded 2024 at P57.845 against the dollar, declining by P2.475 or 4.28% from its end-2023 value of P55.37.<\/span><\/p>\n<p class=\"p4\">Data from the BTr revealed that a significant portion, or 68.1%, of the overall debt stock originated from domestic sources, while 31.9% was derived from external sources.<\/p>\n<p class=\"p4\">Domestic debt increased by 9.1% to P10.93 trillion at the end of December compared to P10.02 trillion at the end of 2023. This was primarily comprised of government securities.<\/p>\n<p class=\"p4\"><span class=\"s2\">\u201cThe net issuance of domestic securities added P905.31 billion to the annual increase, while depreciation of the local currency boosted the peso valuation of outstanding foreign currency-denominated domestic securities by P7.18 billion,\u201d the Treasury noted.<\/span><\/p>\n<p class=\"p4\"><span class=\"s2\">On a month-to-month basis, domestic borrowings rose by 0.1% from P10.92 trillion in November.<\/span><\/p>\n<p class=\"p4\"><span class=\"s2\">Conversely, foreign borrowings surged by 11.4% to P5.12 trillion at the end of 2024 from P4.6 trillion at the conclusion of 2023.<\/span><\/p>\n<p class=\"p4\"><span class=\"s2\">\u201cThe annual increase was primarily driven by P401.74 billion in net external debt availments, while the depreciation of the peso against the US dollar elevated external debt valuation by P201.55 billion,\u201d the BTr stated.<\/span><\/p>\n<p class=\"p4\"><span class=\"s2\">\u201cAdjustments for third currencies provided an P80.74 billion downward valuation offset.\u201d<\/span><\/p>\n<p class=\"p4\"><span class=\"s2\">External debt comprised P2.68 trillion in global bonds and P2.44 trillion in loans.<\/span><\/p>\n<p class=\"p4\"><span class=\"s2\">Last year, the government secured $4.5 billion from the international market, issuing US dollar-denominated global bonds that raised $2 billion in May and $2.5 billion in August.<\/span><\/p>\n<p class=\"p4\">On a monthly basis, external debt declined by 0.9% from P5.17 trillion in November \u201cas fluctuations in local and third currencies diminished the peso valuation of foreign currency-denominated debt by P66.6 billion and P30.68 billion, respectively, while net availments contributed an additional P48.87 billion.\u201d<\/p>\n<p class=\"p4\"><span class=\"s2\">At the close of December, the NG\u2019s total guaranteed obligations decreased by 0.8% to P346.66 billion from P349.44 billion in the previous year.<\/span><\/p>\n<p class=\"p4\"><span class=\"s2\">On a month-to-month comparison, guaranteed debt plummeted by 17.9% from P422.04 billion at the end of November.<\/span><\/p>\n<p class=\"p4\"><span class=\"s2\">\u201cThe month-to-month variation in the NG&#8217;s outstanding debt is consistent with the more robust peso exchange rate against the US dollar in December 2024, which appreciated by 0.775 or 1.3% month on month to conclude at P57.485 (from P58.62 in November 2024),\u201d commented Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.<\/span><\/p>\n<p class=\"p4\"><span class=\"s2\">\u201cThe stronger peso effectively lowered the peso equivalent of the outstanding NG foreign debt when converted to pesos,\u201d he added.<\/span><\/p>\n<p class=\"p4\"><span class=\"s2\">Mr. Ricafort suggested that the outstanding debt \u201ccould rise to new record levels\u201d following the NG\u2019s $3.3-billion global bond issuance last month.<\/span><\/p>\n<p class=\"p4\">The Philippines garnered $3.3 billion from the issuance of dollar and euro-denominated sustainability bonds in January.<\/p>\n<p class=\"p4\"><span class=\"s2\">The NG\u2019s debt stock is anticipated to reach P17.35 trillion by the end of 2025.<\/span><\/p>\n<p class=\"p4\"><span class=\"s2\">The National Government intends to borrow P2.55 trillion this year \u2014 P2.04 trillion from the domestic market and P507.41 billion from external sources.<\/span><\/p>\n<p class=\"p4\"><span class=\"s2\">The government aims to reduce the debt-to-GDP ratio to 60.4% this year, 60.2% in 2026, and 56.3% in 2028. \u2014 <b>A.R.A. Inosante<\/b><\/span><\/p>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bworldonline.com\/top-stories\/2025\/02\/05\/651173\/outstanding-ng-debt-hits-p16-05t\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>THE NATIONAL Government\u2019s (NG) total debt reached P16.05 trillion at the conclusion of 2024 due to higher debt issuances and a robust dollar, as reported by the Bureau of the Treasury (BTr) on Tuesday. Information from the Treasury indicated that the total debt increased by 9.8% or P1.44 trillion from P14.62 trillion at the conclusion<\/p>\n","protected":false},"author":3,"featured_media":8160,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[1147],"class_list":["post-8159","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy-and-markets","tag-return-a-list-of-comma-separated-tags-from-this-title-outstanding-ng-debt-hits-p16-05t"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Record High: National Government Debt Surpasses P16.05 Trillion - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/02\/04\/record-high-national-government-debt-surpasses-p16-05-trillion\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Record High: National Government Debt Surpasses P16.05 Trillion - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"THE NATIONAL Government\u2019s (NG) total debt reached P16.05 trillion at the conclusion of 2024 due to higher debt issuances and a robust dollar, as reported by the Bureau of the Treasury (BTr) on Tuesday. 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