No Slide Title...2018/01/31 · Fixed 5,336 93.04% 5,469 91.85% 5,556 91.23% 6,091 91.57% 6,133...

National Government Debt Monitored by BTrJanuary 2018

National Government Outstanding Debt In Billion PHP

National Government Debt Monitored by BTr | January 2018 2

Amount % to Total Amount % to Total Amount % to Total Amount % to Total Amount % to Total

Domestic 3,821 66.61% 3,885 65.24% 3,934 64.60% 4,441 66.76% 4,431* 65.88%

External 1,915 33.39% 2,070 34.76% 2,156 35.40% 2,211 33.24% 2,295 34.12%

Total 5,736 100.00% 5,955 100.00% 6,090 100.00% 6,652 100.00% 6,726 100.00%

USD/PHP

*of which:

- P36.9B (USD245.M @ P51.341/USD + P24.33B) was relent to PSALM

Dec-14 Dec-15 Dec-16 Dec-17 Jan-18

44.70 47.15 49.769 49.958 51.341

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000


Domestic External

65.88%

34.12%

as of Jan-18

Domestic External

National Government Outstanding DebtBy Interest TypeIn Billion PHP

3National Government Debt Monitored by BTr | January 2018


Fixed 5,336 93.04% 5,469 91.85% 5,556 91.23% 6,091 91.57% 6,133 91.18%

Floating 392 6.84% 478 8.03% 526 8.64% 553 8.31% 584 8.68%

Interest-Free 7 0.12% 7 0.12% 8 0.13% 8 0.12% 9 0.13%

Total 5,735 100.00% 5,954 100.00% 6,090 100.00% 6,652 100.00% 6,726 100.00%

Weighted Average Interest Rate

Total

External

Loans

Multilateral

Bilateral

Commercial

Debt Securities

Domestic

T-Bills

T-Bonds

USD/PHP 44.70 47.15 49.769 49.958 51.341


6.02%

1.46%

6.56%

1.86%

5.72%

5.69% 5.46%

1.50%

6.78%

1.86%

5.52% 5.32%

2.54%

6.00%

3.03%3.16%

6.30%

1.61%

5.24% 5.13%

5.31%

2.51%

6.00%

3.03%

1.54%

5.11%

2.01%

1.84%

2.03%

1.86%

4.86%

4.67% 4.54% 4.41% 4.38%

1.54%

1.64%

1.65%

1.62%

5.42% 5.19% 4.99% 4.89%

4.90%

National Government Outstanding DebtBy Interest Type (as of 31 January 2018)In Billion PHP


Floating8.68%

Interest-Free0.13%

Domestic71.31%

External28.69%

Fixed91.18%

National Government Outstanding DebtBy MaturityIn Billion PHP



Long Term 5,061 88.25% 5,290 88.85% 5,450 89.49% 5,540 83.28% 5,587 83.07%

Medium Term 392 6.84% 400 6.72% 352 5.78% 798 12.00% 812 12.07%

Short Term 282 4.92% 264 4.43% 288 4.73% 314 4.72% 327 4.86%

Total 5,735 100.00% 5,954 100.00% 6,090 100.00% 6,652 100.00% 6,726 100.00%

USD/PHP 49.769 49.958 51.341


44.70 47.15

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000


Long Term Medium Term Short Term

Medium Term

12.07%

Short Term4.86%

Domestic

58.92%

External41.08%

Long Term83.07%

as of Jan-18

National Government DebtAverage Maturity


Residual Maturity (Years)


External* 11.13 11.86 12.17 12.05 11.99

Loan 10.92 12.18 12.27 11.90 11.95

Multilateral 10.63 10.39 10.85 10.18 10.43

Bilateral 11.34 14.18 14.10 13.77 13.67

Commercial 3.01 2.86 2.70 2.26 2.17

Debt Securities 11.28 11.60 12.09 12.27 12.34

Domestic 9.20 9.16 8.73 7.75 7.70

Total 9.90 10.04 10.05 9.80 9.56

Original Maturity (Years)


External* 19.97 22.78 23.28 22.22 22.10

Loan 24.36 27.05 26.89 23.89 23.87

Multilateral 21.40 22.53 22.34 22.24 22.17

Bilateral 27.49 30.99 31.38 25.74 25.83

Commercial 9.91 12.86 13.78 13.78 13.78

Debt Securities 16.00 18.61 19.48 19.97 19.66

Domestic 12.58 12.96 12.92 12.01 12.00

Total 15.52 16.47 17.23 15.74 15.90

*Loan maturities are at respective maturity dates (generated directly from DMFAS)

7

National Government Outstanding DebtBy CurrencyIn Billion PHP

National Government Debt Monitored by BTr | January 2018


PHP 3,922 68.39% 3,990 67.01% 4,039 66.32% 4,546 68.34% 4,535 67.42%

Foreign Currencies 1,813 31.61% 1,964 32.99% 2,051 33.68% 2,106 31.66% 2,191 32.58%

USD 1,429 24.92% 1,579 26.52% 1,687 27.70% 1,739 26.14% 1,804 26.82%

JPY 283 4.93% 294 4.94% 301 4.94% 305 4.59% 322 4.79%

EUR 60 1.05% 54 0.91% 30 0.49% 32 0.48% 34 0.51%

Other Currencies 41 0.71% 37 0.62% 33 0.54% 30 0.45% 31 0.46%

Total 5,735 100.00% 5,954 100.00% 6,090 100.00% 6,652 100.00% 6,726 100.00%

USD/PHP 44.70 47.15 49.769 49.958 51.341


-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000


PHP USD JPY EUR Other Currencies

67.42%

26.82%

4.79%

0.51%0.46%

as of Jan-18

PHP USD JPY EUR Other Currencies

8

National Government Outstanding External DebtBy Creditor TypeIn Million USD Equivalent



Multilateral 8,627 20.14% 9,867 22.47% 10,182 23.50% 10,709 24.20% 11,052 24.72%

Bilateral 6,636 15.49% 6,396 14.57% 6,170 14.24% 6,238 14.09% 6,385 14.28%

Commercial 27,570 64.37% 27,643 62.96% 26,972 62.26% 27,314 61.71% 27,270 61.00%

Loans 22 0.05% 15 0.03% 11 0.03% 10 0.02% 10 0.02%

Securities* 27,548 64.31% 27,628 62.93% 26,961 62.23% 27,304 61.69% 27,260 60.97%

Total 42,833 100.00% 43,906 100.00% 43,324 100.00% 44,261 100.00% 44,707 100.00%

*of which

USD 23,208 84.25% 23,498 85.05% 23,504 87.18% 23,817 87.23% 23,818 87.37%

PHP 2,901 10.53% 2,750 9.95% 2,606 9.67% 2,596 9.51% 2,526 9.27%

JPY 830 3.01% 831 3.01% 851 3.16% 891 3.26% 916 3.36%

EUR 609 2.21% 549 1.99% - 0.00% - 0.00% - 0.00%


9

National Government Outstanding External DebtBy Creditor Type (as of 31 January 2018)In Million USD Equivalent


-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000


Multilateral Bilateral Commercial

Multilateral

24.72%

Bilateral 14.28%

USD

87.37%

PHP 9.27%

JPY 3.36%

Commercial 61.00%

10

National Government Outstanding External DebtBy Creditor (as of 31 January 2018)In Million USD Equivalent


Creditor Amount % of Total

Multilateral 11,052 24.72%

ADB 5,975 13.36%

IBRD 4,849 10.85%

IFAD 99 0.19%

IDA 86 0.22%

OPEC 32 0.07%

Other External Creditors 11 0.03%

Bilateral 6,385 14.28%

JICA (OECF) 4,825 10.79%

AFD 352 0.79%

BNP Paribas 186 0.42%

Eximbank of China 183 0.41%

Eximbank of Korea 182 0.32%

Eximbank of Japan (JBIC) 141 0.41%

PL480 130 0.29%

Bank Austria 118 0.26%


Commercial 27,270 61.00%

Debt Securities 27,260 60.97%


Total 44,707 100.00%

11

Outstanding Government Securities IssuedBy TenorIn Billion PHP



T-Bills 282 7.38% 267 6.87% 287 7.30% 314 7.07% 327 7.38%

91-day 89 2.33% 80 2.06% 89 2.26% 85 1.91% 91 2.05%

182-day 90 2.36% 96 2.47% 91 2.31% 105 2.36% 107 2.41%

364-day 103 2.70% 91 2.34% 107 2.72% 124 2.79% 129 2.91%

T-Bonds 3,538 92.62% 3,620 93.13% 3,647 92.70% 4,127 92.93% 4,104 92.62%

3-year 146 3.82% 146 3.76% 51 1.30% 227 5.11% 242 5.46%

4-year 9 0.24% - 0.00% - 0.00% - 0.00% - 0.00%

5-year 237 6.20% 254 6.53% 301 7.65% 571 12.86% 571 12.89%

7-year 671 17.57% 606 15.59% 631 16.04% 597 13.44% 597 13.47%

10-year 1,019 26.68% 1,060 27.27% 1,110 28.22% 1,157 26.05% 1,119 25.25%

15-year 99 2.59% 96 2.47% 96 2.44% 96 2.16% 96 2.17%

20-year 703 18.40% 687 17.67% 687 17.46% 708 15.94% 708 15.98%

25-year 654 17.12% 771 19.84% 771 19.60% 771 17.36% 771 17.40%

Total 3,820 100.00% 3,887 100.00% 3,934 100.00% 4,441 100.00% 4,431 100.00%


12

Outstanding Government Securities IssuedBy TenorIn Billion PHP


-

200

400

600

800

1,000

1,200

1,400

91-day

182-day

364-day

3-year

4-year

5-year

7-year

10-year

15-year

20-year

25-year

Dec-14

Dec-15

Dec-16

Dec-17

Jan-18

13

Outstanding Government Securities IssuedBy HolderIn Billion PHP



Banks 1,394 36.49% 1,408 36.25% 1,439 36.58% 1,819 40.96% 1,815 40.96%

TEIs 803 21.02% 847 21.81% 900 22.88% 998 22.47% 992 22.39%

Insurance Company 292 7.64% 317 8.16% 346 8.80% 362 8.15% 360 8.12%

Custodians 366 9.58% 326 8.39% 320 8.13% 305 6.87% 304 6.86%

Private Corporation 22 0.58% 41 1.06% 43 1.09% 63 1.42% 60 1.35%

GOCCs 27 0.71% 25 0.64% 20 0.51% 23 0.52% 23 0.52%

Investment House 11 0.29% 21 0.54% 35 0.89% 33 0.74% 35 0.79%

Depository 12 0.31% 17 0.44% 21 0.53% 9 0.20% 10 0.23%

Securities Broker - 0.00% 1 0.03% - 0.00% - 0.00% - 0.00%

LGUs - 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00%

Others* 893 23.38% 881 22.68% 810 20.59% 829 18.67% 832 18.78%

Total 3,820 100.00% 3,884 100.00% 3,934 100.00% 4,441 100.00% 4,431 100.00%

* includes BSF/SSF Holdings and BSP-managed funds.


14

Outstanding Government Securities IssuedBy Holder (as of 31 January 2018)In Billion PHP


40.96%

22.39%

8.12%

6.86%

21.67%

Banks TEIs Insurance Company Custodians Others

15

Government Securities IssuancesIn Billion PHP


Actual Program CY 2018

Jan-18 Feb-Dec 2018 (Actual + Prog)

T-Bills 1/ 291.07 36.47 460.00 496.47

91-day 122.12 18.00 188.00 206.00

182-day 94.28 10.62 157.00 167.62

364-day 74.67 7.85 115.00 122.85

T-Bonds 707.32 14.89 600.00 614.89

2 Year - - - -

3 Year 226.93 14.89 110.00 124.89

4 Year - - - -

5 Year 330.36 - 180.00 180.00

7 Year 55.10 - 105.00 105.00

10 Year 64.94 - 60.00 60.00

20 Year 30.00 - 20.00 20.00

25 Year - - 125.00 125.00

TOTAL (PHP) 998.39 51.36 1,060.00 1,111.36 1/ T-Bills - Gross

Particulars 2017

16

Government Securities IssuancesIn Billion PHP


0

50

100

150

200

250

300

350

2017 2018

17

National Government Outstanding Guaranteed Debt**In Billion


In PHP In USD

Dec-14 551.07 12.33

Dec-15 545.09 11.56

Dec-16 513.67 10.32

Dec-17 478.11 9.57

Jan-18 489.45 9.53*

* PHP218.12 Bill ion or 44.56% of the NG outstanding guaranteed debt as of 31 January 2018 represents PSALM's debt.**Includes NG direct guarantee and NG assumed GFI guarantee only. Excludes obligations arising from BOTs, IPPs and equivalent projects

PHP/USD - Dec-13 = 44.45, Dec 14 = 44.70, Dec-15 =

47.15, Dec-16 = 49.769, Jan-18 = 51.341

440.00

460.00

480.00

500.00

520.00

540.00

560.00


18

National Government Outstanding Guaranteed Debtas of 31 January 2018In Billion PHP


Amount % to Total

NG Direct Guarantee 484.92 99.07%

NG Guarantee Assumed 4.53 0.93%

Total 489.45 100.00%99.07%

0.93%

NG Direct Guarantee NG Guarantee Assumed

GOCC/GFI Amount % to Total

PSALM 218,116 44.56%

NFA 119,224 24.36%

DBP 59,336 12.12%

LBP 25,759 5.26%

BCDA 21,517 4.40%

NHMFC 11,377 2.32%

MWSS 6,435 1.31%

SBMA 5,732 1.17%

PNB 4,353 0.89%

LRTA 4,103 0.84%

PPA 3,791 0.77%

LWUA 2,915 0.60%

MIAA 2,228 0.46%

PNR 1,615 0.33%

SBGFC 1,202 0.25%

NPC 737 0.15%

PHILEXIM 492 0.10%

TIEZA (PTA) 248 0.05%

PEZA 117 0.02%

NDC 99 0.02%

PDA 59 0.01%

Total 489,455 100.00%

19

National Government Outstanding Guaranteed Debtas of 31 January 2018In Million PHP


20

National Government Outstanding Direct and Guaranteed DebtIn Billion PHP



Direct 5,861 91.41% 5,735 91.32% 5,954 92.06% 6,652 93.30% 6,726 93.22%

Guaranteed 551 8.59% 545 8.68% 514 7.94% 478 6.70% 489 6.78%

Total 6,412 100.00% 6,280 100.00% 6,468 100.00% 7,130 100.00% 7,215 100.00%


-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000


Direct Guaranteed

93.22%

6.78%

as of Jan-18

Direct Guaranteed

21

Maturity Profile of National Government DebtExternal and Domestic DebtIn Billion PHP


Year External Domestic Total

Jan-18 60 594 654

2019 139 351 490

2020 147 425 572

2021 188 305 493

2022 112 496 608

2023 68 263 331

2024 164 183 347

2025 138 156 294

2026 116 174 290

2027 62 115 177

2028 165 17 182

2029 64 0 64

2030 163 78 241

2031 145 273 418

2032 103 234 337

2033 42 89 131

2034 138 28 166

2035 38 225 263

2036 89 32 121

2037 100 247 347

2038 29 0 29

2039 24 0 24

2040 124 143 267

2041 119 0 119

2042 116 0 116

2043-2058 109 0 109

Total 2,762 4,430 7,192

Average Maturity

Residual 11.99 7.70 9.56

Original 22.10 12.00 15.90

* Includes:-NG Direct Loans Agencies Debt Securities Relent to GOCCs/GFIs-NG Assumed Loans Real Contingent

* Excludes:NG Guaranteed Loans Propose Loans

Assumptions used:FX rate used: BSP reference rate as of 01 February 2018; PHP51.341/USD

0

100

200

300

400

500

600

700

Jan

-18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

20

28

20

29

20

30

20

31

20

32

20

33

20

34

20

35

20

36

20

37

20

38

20

39

20

40

20

41

20

42

2043

-205

8

External Domestic

22

Maturity Profile of National Government DebtExternal Debt (by Creditor Type)In Billion PHP


Year Multilateral Bilateral Commercial Total

Jan-18 32 28 0 60

2019 32 29 78 139

2020 34 27 86 147

2021 36 25 127 188

2022 35 36 41 112

2023 35 23 10 68

2024 36 23 105 164

2025 38 24 76 138

2026 38 24 54 116

2027 39 23 0 62

2028 41 21 103 165

2029 44 20 0 64

2030 42 18 103 163

2031 37 18 90 145

2032 33 18 52 103

2033 26 16 0 42

2034 25 15 98 138

2035 23 15 0 38

2036 20 14 55 89

2037 18 14 68 100

2038 16 13 0 29

2039 12 12 0 24

2040 10 11 103 124

2041 6 10 103 119

2042 4 9 103 116

2043-2058 10 99 0 109

Total 722 585 1,455 2,762

Average Maturity

Residual 10.43 13.67 12.33 11.99

Original 22.17 25.83 19.65 22.10

* Includes:-NG Direct Loans Agencies Debt Securities Relent to GOCCs/GFIs-NG Assumed Loans Real Contingent

* Excludes:NG Guaranteed Loans Propose Loans


0

20

40

60

80

100

120

140

160

180

200

Jan

-18

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

20

43

-20

58

Multilateral Bilateral Commercial

23

Maturity Profile of National Government DebtDomestic DebtIn Billion PHP


Year BSF (GS) NG Total

Jan-18 53 541 594

2019 64 287 351

2020 18 407 425

2021 72 233 305

2022 36 460 496

2023 1 262 263

2024 16 167 183

2025 2 154 156

2026 36 138 174

2027 9 106 115

2028 0 17 17

2029 0 0 0

2030 10 68 78

2031 5 268 273

2032 62 172 234

2033 8 81 89

2034 3 25 28

2035 24 201 225

2036 3 29 32

2037 36 211 247

2038 0 0 0

2039 0 0 0

2040 2 141 143

2041 0 0 0

2042 0 0 0

2043-2058 0 0 0

Total 460 3,970 4,430

Average Maturity

Residual 7.70

Original 12.00

* Includes:NG Issued GS only


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100

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700

Jan

-18

20

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43

-20

58

BSF (GS) NG

No Slide Title...2018/01/31 · Fixed 5,336 93.04% 5,469 91.85% 5,556 91.23% 6,091 91.57% 6,133...

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