The Philippine national government’s debt stock rose by 4 percent (an additional P495.5 billion) to a new record high of P13.52 trillion at end-September due to peso depreciation and more funding to support the budget, according to the Bureau of the Treasury.
“At the current level, national government debt has increased by P1.79 trillion or 15.2 percent since end-December 2021,” the BTr said.
Of the total outstanding obligations, 31 percent or P4.22 trillion is owed to foreign lenders while 69 percent or P9.3 trillion is borrowed from domestic lenders
“Since the beginning of the year, the domestic debt portfolio has increased by P1.13 trillion or 13.8 percent due to continued preference for domestic financing to mitigate the effects of currency fluctuations,” the bureau said.
These fluctuations — particularly the depreciation of the peso against the US dollar — raised the debt stock by P658.3 billion or 18.5 percent.