MANILA, Philippines?The government?s debt stock rose to P4.582 trillion in June, increasing by P28 billion, or 0.6 percent, from May due to a weakened peso and net issuance of government debt paper, the Bureau of the Treasury said on Thursday.

With the population estimated to reach some 94.01 million this year, citizens would each have a share of P50,859 from the country?s total outstanding debt.

Also, the debt stock represents 56.5 percent of the Philippine economy, as measured by the gross domestic product or the total value of goods made and services rendered within the country.

Treasury data on the country?s outstanding debt showed that 56.5 percent, or P2.596 trillion, was borrowed from domestic lenders.

Local debt went up by 0.5 percent, or P12.1 billion, from the P2.584 trillion posted in May.

The increase was due to the government?s decision to issue more securities, while it redeemed less debt notes.

On the other hand, 43.4 percent, or P1.986 trillion, of total outstanding debt had been booked in foreign currencies such as the US dollar, euro and yen.

Aside from loans extended by multilateral lenders and official aid from foreign governments, the Philippines also borrowed internationally through the issuance of bonds denominated in these currencies.

Foreign borrowings increased by P16 billion, or 0.8 percent, from the P1.970 trillion owed to overseas lenders in May.

The increase in foreign debt was mainly due to the depreciation of the peso against the dollar, which bloated government liabilities by P9 billion.

Also, the increase was driven by the appreciation of third currencies against the dollar, which added another P9 billion to Philippine debt.

The rise in the inflow of foreign funds accounted for an additional P1 billion due to the late receipt of notice of availments that should have been recorded the previous month. However, the rise in foreign borrowings was partially offset by P3 billion in net repayments made in June.

That same month, government debt paper pegged in dollars amounted to P1.042 trillion, while yen and euro loans stood at P78 billion and P28.5 billion, respectively.

The government?s total contingent debt?composed mainly of sovereign guarantees?went down by P7 billion, or 1.1 percent, to P609 billion.

On the other hand, domestic contingency debt in June remained at P112.5 billion.