By Iris C. Gonzales (The Philippine Star) Updated May 23, 2012 12:00 AM
MANILA, Philippines - The government’s debt stock
surpassed the P5-trillion level in March, according to the latest data
from the Bureau of the Treasury (BTr).
The national government’s debt rose to P5.088 trillion in March, 8.15 percent higher than the P4.705 trillion debt stock as of end-March 2011.
At this level, theoretically, each of the roughly 94 million Filipinos is indebted by P54,127.
The debt stock as of March 2012 was P176.23 billion or 3.59 percent higher than the end-February level of P4.912 trillion.
Of the total debt, P2.073 trillion or 40.75 percent is owed to foreign creditors while P3,015 trillion or 59.25 percent was secured from local lenders.
Domestic debt showed an increase of P188.03 billion from the recorded end-February 2012 level as the government issued more bonds that it redeemed.
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Similarly, foreign debt dropped by P11.80 billion from the previous month’s level
Officials attributed this to the depreciation of the yen and euro against the dollar which shaved off P12.78 billion from the debt stock.
On the other hand, the contingent debt of the national government, dropped to P549.50 billion from end-February level of P554.66 billion.
The contingent debt of the national government is composed mainly of guarantees issued by the government.
Officials attributed the P5.16 billion decrease in contingent debt to the combined effects of the P1.03-billion net repayments and to the depreciation of the yen and the euro against the dollar, which cut contingent debt by P5.15 billion.
The Aquino administration hopes to slash the budget deficit as a ratio of gross domestic product (GDP) to two percent in 2013 from the projected 2.6 percent this year.
This year, the deficit is projected to hit roughly P286 billion or 2.6 percent of GDP.
The national government’s debt rose to P5.088 trillion in March, 8.15 percent higher than the P4.705 trillion debt stock as of end-March 2011.
At this level, theoretically, each of the roughly 94 million Filipinos is indebted by P54,127.
The debt stock as of March 2012 was P176.23 billion or 3.59 percent higher than the end-February level of P4.912 trillion.
Of the total debt, P2.073 trillion or 40.75 percent is owed to foreign creditors while P3,015 trillion or 59.25 percent was secured from local lenders.
Domestic debt showed an increase of P188.03 billion from the recorded end-February 2012 level as the government issued more bonds that it redeemed.
Invest Cebu Medical Tourism, click here
Similarly, foreign debt dropped by P11.80 billion from the previous month’s level
Officials attributed this to the depreciation of the yen and euro against the dollar which shaved off P12.78 billion from the debt stock.
On the other hand, the contingent debt of the national government, dropped to P549.50 billion from end-February level of P554.66 billion.
The contingent debt of the national government is composed mainly of guarantees issued by the government.
Officials attributed the P5.16 billion decrease in contingent debt to the combined effects of the P1.03-billion net repayments and to the depreciation of the yen and the euro against the dollar, which cut contingent debt by P5.15 billion.
The Aquino administration hopes to slash the budget deficit as a ratio of gross domestic product (GDP) to two percent in 2013 from the projected 2.6 percent this year.
This year, the deficit is projected to hit roughly P286 billion or 2.6 percent of GDP.
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