MANILA, Philippines— The country’s outstanding loan soared to ₱10.99 trillion in April as the government borrowed more from domestic and foreign banks and other sources to fund pandemic response measures, the Bureau of the Treasury reported Thursday.
The latest tally is ₱217.49 billion higher than the ₱10.77 trillion in March, bringing April’s figure to a fresh high. It is also a 27.8% jump from the ₱8.6 trillion logged in the same month last year.
Debts sourced locally stood at ₱7.81 trillion as of April, ₱67.78 billion more than March’s tally “primarily due to the net issuance of government securities” according to the Treasury. Local loans comprised 71.1% of total loans for the period.
Foreign borrowings, meanwhile, hit ₱3.17 trillion — a ₱149.7 billion increase from the month prior. The bureau said this is mainly because of ₱146.16 billion loans incurred externally in April, which included ₱146.16 billion raised from the issuance of global bonds.
“Further adjustments include the impact of third-currency appreciation against the US dollar which added ₱10.91 billion while local-currency appreciation trimmed ₱24.21 billion,” said the bureau.
The government’s payment guarantees likewise fell to ₱434.74 billion in April, representing a ₱1.07 billion drop from March with net redemptions of local obligations of ₱750 million and ₱8 million in foreign obligations.
“Local-currency exchange rate fluctuations further lowered the peso value of external guaranteed debt by ₱1.57 billion while third currency appreciation added ₱1.33 billion to the peso value of guarantees,” said the Treasury.