Inquirer News Service
THE NATIONAL government will borrow P531.6 billion next year from local and foreign creditors to finance spending requirements and pay maturing debts that cannot be covered by revenues, Finance Secretary Margarito Teves said.
Next year's borrowings will be 58 percent (P310.2 billion) domestic and 42 percent (P221.4 billion) foreign, he said.
The Department of Finance has adopted a policy of borrowing more locally to lessen foreign exchange risks.
The Bureau of Treasury meanwhile said the national government's outstanding debt reached P3.89 trillion at end-June, of which P1.86 trillion was to foreign creditors.
With a national population of 85.2 million, the debt amounts to P45,699 per person.
Domestic debts were down P1.6 billion or 1.3 percent from end-May, following net redemptions of government securities.
Foreign debts increased by 29.82 billion pesos, the Treasury said. It said the depreciation of the peso against the US dollar resulted in an increase of P55 billion in the foreign debt, but net repayments and the appreciation of other foreign currencies against the US dollar reduced the foreign debt by P8 billion and P17 billion, respectively.
The debt figure does not include contingent liabilities, composed mainly of government guarantees, which rose to P612 billion in June from P604 billion in May, mainly as a result of the peso's depreciation.
The peso fell to 56.05 to the dollar at end-June from 54.40 to the dollar at end-May. With INQ7.net
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