Date:
June 2003
Government Debt Burden Increases
Based
on year-on-year data, government debt increased
by 15.8% and stood at P2.897 trillion in March
2003 as compared to P2.501 trillion in march
2002. The increase was largely attributable
to increased government borrowings needed
to fund the deficit. Domestic debt increased
by 15.6% to 1.475 trillion while foreign debt
rose by 16.10% due to a number of factors
including an increase in offshore borrowings
by state-owned agencies, higher re-lending
to government -owned and controlled corporations
as well as an increase in the foreign denominated
securities held by government.
Some 59.9% of total debt is in the form of
long-term liabilities (>3 years). Medium
term liabilities (1,2 years) account for 24.9%
and short-term (<1 year) liabilities account
for a further 15.2 percent. Total contingent
liabilities of government increased by 26.6
percent from a year ago due to an increase
in guarantees provided by government on loans
contracted by the public sector.
The
Increasing Debt Burden
|
|
|
Mar-03
|
Mar-02
|
% Change
|
|
Domestic
|
1.475
|
1.277
|
15.51%
|
|
Foreign
|
1.421
|
1.224
|
16.10%
|
|
Of
which
|
|
|
|
|
USD
|
0.823
|
|
|
|
Yen
|
0.456
|
|
|
|
Other
|
0.142
|
|
|
|
Total
|
2.896
|
2.501
|
15.80%
|
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