Government debt reached P11.07 trillion as of end-May this year, mostly from domestic borrowings, data from the Treasury show.
The Treasury said Monday government debt increased P79.81 billion or 0.73 percent from P10.99 trillion in April.
It said the strong peso tempered further increases in government’s debt in May.
The Treasury said of the total debt stock, 28.5 percent was sourced externally while 71.5 percent represented domestic borrowings.
Domestic debt amounted to P7.91 trillion in May, or 1.3 percent higher than the April level as a result of the net issuance of government securities. External debt eased by 0.74 percent to P3.155 trillion.
“The lower external debt figure was due to the P28.58 billion impact of local-currency appreciation against the US dollar and the net repayment of foreign loans amounting to P0.22 billion,” the Treasury said.
These offset the P5.24-billion revaluation in the peso value of debt denominated in other currencies such as EUR and JPY.
Government-guaranteed obligations went down by 1.9 percent month-on-month to P426.59 billion in May.
“The lower level of guaranteed debt was due to the net redemption of both local and foreign guaranteed obligations amounting to P5.52 billion and P0.69 billion, respectively,” the agency said.
It said the impact of local- and third-currency exchange rate fluctuations lowered the peso value of external guaranteed debt by P1.76 billion and P0.18 billion, respectively.