death by debt

Public sector debt P4.97 trillion in Q1
(PDI, 10.21.08)

The public sector debt stock—or liabilities incurred by the national government, local government units, and state corporations—reached P4.97 trillion at the end of the first quarter, up 4.0 percent from P4.77 trillion in the same period last year.

Data from the Department of Finance showed P2.31 trillion in domestic debt and P2.66 trillion in foreign debt.

The national government posted an outstanding debt of P3.88 trillion, up from P3.712 trillion at the end of the previous quarter.

Debts of the government financial public sector reached P4.122 trillion and those of the non-financial sector, P2.009 trillion.

Intra-government sector debts, which are deducted from debts of the financial and non-financial sectors to arrive at the public sector debt stock, amounted to P1.16 trillion.

The public sector debt stock represented 73.2 percent of the country’s gross domestic product in the first quarter, compared with 71.8 percent in the previous quarter, the data showed.

Contingent obligations in the first quarter amounted to P585.5 billion, compared with P549 billion in the same period last year. They included P515 billion in loans taken by state corporations. Michelle V. Remo; edited by INQUIRER.net