WASHINGTON — The world’s poorest countries now owe $62 billion in annual debt service to official bilateral creditors, an increase of 35% over the past year, World Bank President David Malpass said on Thursday, warning that the increased burden is increasing the risk of defaults. Mr. Malpass told the Reuters NEXT conference in New York […]
Tag: debt
NG debt hits record P13.52 trillion amid weak peso
THE NATIONAL GOVERNMENT’S (NG) outstanding debt hit a record P13.52 trillion as of end-September, mainly due to the weakness of the peso and higher domestic borrowings, the Bureau of the Treasury (BTr) said on Thursday. In a statement, the BTr said outstanding debt jumped 3.8% or P495.54 billion as of end-September from the then-record-high P13.02 […]
NG debt breaches P13 trillion as of end-August
The National Government’s (NG) outstanding debt rose to a record-high P13.02 trillion at the end of August, beating the previous high of P12.89 trillion in July, due to additional domestic borrowings and a weak peso. Preliminary data from the Bureau of the Treasury (BTr) showed outstanding debt increased by 1%, or P133.64 billion in real […]
Poorer nations face rising debt servicing costs in 2024 — report
LONDON — Some of the nations most vulnerable to climate change face a sharp rise in debt service payments in the coming two years, hampering their ability to invest in climate proofing and shoring up their economies, a research report found. The Vulnerable Group of Twenty (V20) — a group of 55 economies exposed to […]
PH FDI net inflows in June drop by more than half to $471 million
THE Philippines recorded $471 million in net inflows of foreign direct investments (FDI) in June, the Bangko Sentral ng Pilipinas reported on Monday.June’s FDI net inflows went down 51.5 percent from the $971 million net inflows posted in June 2021, the central bank said in a statement.“In June 2022, FDI net inflows declined following the […]
Tycoon Uy’s empire open to sale of crown jewels to pay debt
Philippine tycoon Dennis A. Uy’s conglomerate is open to parting ways with its crown jewels as part of an asset-sale plan to pay down debt after it aggressively expanded from oil to casinos. Discussions are underway and are ripe to close in coming months, according to the president of holding company Udenna Corp., who joined […]
DoF says debt service bill only 11.6% of 2023 budget
FINANCE Secretary Benjamin E. Diokno said the debt service bill accounts for 11.6% of the proposed 2023 budget, rejecting a report that the payments amount to nearly 30% of government spending. “Only 11.6% or P611 billion of the P5.268 trillion proposed 2023 national budget is allocated for debt burden. The amount includes P582.3 billion for […]
NG debt rises to record P12.79 trillion
The National Government’s (NG) outstanding debt rose to a record-high P12.79 trillion at the end of June, beating the previous high of P12.76 trillion in April. Preliminary data from the Bureau of the Treasury (BTr) showed outstanding debt inched up by 2.4% from end-May’s P12.49 trillion “due to the net issuances of domestic and external […]
BDO shares take a hit after Udenna unit debt default mess
INVESTORS remained upbeat on BDO Unibank, Inc. last week after it issued a debt default notice on an Udenna Corp. subsidiary. Data from the Philippine Stock Exchange showed P1.962-billion worth of 16.819 million BDO shares were traded from July 25 to 29, making it the most actively traded issue last week. Shares in BDO finished […]
BSP upgrades debt management system
THE BANGKO SENTRAL ng Pilipinas (BSP) has enhanced its external debt monitoring and analysis by shifting to the latest version of the Debt Management and Financial Analysis System (DMFAS). “The DMFAS 6 has strengthened security to ensure data integrity and confidentiality and an enhanced user experience and navigation. It also offers enhanced analytical and managerial […]
PH total debt slightly declines to P12.50 trillion in May
THE Philippine government’s total outstanding debt settled at P12.50 trillion as of the end of May, 2.1 percent lower compared to the previous month, the Bureau of Treasury (BTr) reported Friday.BTr said the decrease was due to the repayment of provisional advances from the central bank.Out of the total debt stock, 30.7 percent was sourced […]
Diokno does not favor tax hikes to tackle debt
Philippine central bank governor Benjamin E. Diokno, who takes on a new role as finance secretary next month, said on Friday he does not favor raising taxes even as the incoming government is set to inherit a huge pile of debt. Mr. Diokno, who is President-elect Ferdinand “Bongbong” R. Marcos, Jr.’s choice to lead the […]
Gov’t debt hits record P12.03T
The National Government’s outstanding debt hit a record P12.03 trillion at the end of January after it got another zero-interest loan from the central bank and borrowed locally, according to data from the Treasury bureau. The end-January debt level rose by 16.5% from a year earlier and by 2.6% from December. About 70% of the […]
Century Properties board clears P6-B debt program
Century Properties Group, Inc. has approved a P6-billion debt securities program, of which half of the amount will make up the first tranche including an oversubscription option. The property developer and manager told the stock exchange on Friday that the initial tranche of its debt program would be a a five-year fixed rate of retail […]
External debt at end of Sept. up 4.7% quarter on quarter
EXTERNAL DEBT held by the Philippines rose 4.7% from a quarter earlier at the end of September, with the government continuing to borrow to fund its pandemic mitigation measures. According to preliminary data released by the Bangko Sentral ng Pilipinas (BSP) late Friday, external debt was $105.929 billion at the end of the third quarter, […]
Fitch cites potential credit rating cut
By Jenina P. Ibañez, Senior Reporter Rising public debt could lead to a credit rating downgrade for the Philippines in the next few years, Fitch Ratings said. The rating company would consider the country’s public debt-to-gross domestic product (GDP) ratio in the medium term, especially as finances in the Asia Pacific improve, it said in a note on Friday. […]
NG debt hits P11.9 trillion as of end-September
By Jenina P. Ibañez, Reporter The national government’s outstanding debt rose to P11.9 trillion as of the end of September as the peso depreciated against the US dollar, preliminary data from the Bureau of the Treasury (BTr) showed. The end-September debt level was 27.2% higher than last year’s figure, and was 2.41% higher than […]
Peso strengthens as dollar takes hit from US debt ceiling impasse
THE PESO appreciated on Monday as the debate on the proposed US debt ceiling dragged on, affecting the dollar. The local unit closed at P50.70 per dollar on Monday, gaining nine centavos from its P50.79 on Friday, based on the Bankers Association of the Philippines’ data. The peso opened Monday’s session at P50.74 versus the […]
National Gov’t debt hits P11.6 trillion at end of August
THE National Government’s outstanding debt rose to P11.64 trillion at the end of August, with the new lockdown compelling the government to borrow more from the debt market, the Bureau of the Treasury (BTr) said Thursday. According to preliminary BTr data, the end-August debt level was up 0.28% from a month earlier. It was up […]
July government debt hits record P11.6T as state taps local and dollar bond markets
THE NATIONAL Government’s outstanding debt grew further to P11.61 trillion as of the end of July following a dollar bond issue and further tapping of domestic lenders, the Bureau of the Treasury (BTr) reported Tuesday. Preliminary data from the BTr indicate that overall debt rose 4% month on month compared with the level booked at […]