As of the end of March, the Bureau of Treasury announced that the Philippine national government’s total outstanding debt stood at P13.86 trillion, representing a 0.8 percent increase compared to the previous month.
According to the BTr, 31.3 percent of the total debt was sourced externally, while 68.7 percent came from domestic borrowings.
Data revealed that domestic debt reached P9.51 trillion, showing a 0.8 percent rise from the end of February.
Meanwhile, records indicated that foreign debt amounted to P4.34 trillion, which was 0.8 percent higher than the previous month.
The BTr stated that the increase in external debt was a result of a net availment of foreign loans amounting to P84.26 billion, along with an impact of third currency adjustments against the US dollar totaling P18.53 billion.
From December 2022, the national government’s external debt has also grown by P133.27 billion or 3.2 percent.
During the administration of former President Rodrigo Duterte, the government heavily borrowed funds to support the country’s COVID-19 response and an ambitious infrastructure push. Consequently, the debt-to-GDP ratio of the country reached 63.7 percent in the third quarter of 2022. However, by the end of last year, the ratio had improved to 60.9 percent.
Prior to the pandemic, a 60 percent debt-to-GDP ratio was considered high according to global standards.