Ratio improved 7 percentage points from 44.3% figure posted in 2009

As of June 2014, the General Government Debt stood at P4.5 trillion or 4.4% year-on-year up from June 2013 of P4.3 trillion. The General Government Debt to GDP ratio improved further to 37.3% as of the same period. This is a full 7 percentage point improvement from before the administration took office in 2009, when the general government debt to GDP ratio stood at 44.3%.

The National government (NG) debt is P5.7 trillion, slightly higher by 0.4% than Q1 2014, driven by domestic net issuance and the impact of peso depreciation against the US dollar.

Of the total debt, P1,919.1 billion or 34.0% is sourced from foreign creditors and P3,731.8 billion or 66.0% is sourced from the domestic market. The emerging total debt which is P5,650.9 billion, or 46.9% of GDP, went up from P5,628.4 billion, or 47.8% of GDP as March 2014.

Also contributing to the increase is the 0.5% higher local government units debt than the March 2014 level. The combined investment in government securities of the GSIS and SSS rose from P453.8 billion to P 485.7 billion Y.O.Y level.

General government debt includes outstanding debt of the NG, the CB-BOL, SSIs and LGUs, less intra-sector holdings of government securities including those held by the BSF.