MANILA, Philippines — The Philippines’ total outstanding national government debt climbed slightly to P18.16 trillion in February, driven mainly by an increase in domestic borrowing.
Data from the Bureau of the Treasury showed that the debt level at the end of February rose 0.14 percent from the previous month. The uptick came as higher local borrowings offset a decline in the country’s external debt.
In a statement, the treasury said the modest increase reflects the government’s steady and manageable debt position despite uncertainties in global financial markets.
Government debt has been on a gradual upward trend since October last year, eventually surpassing the P18-trillion mark earlier this year.
Domestic obligations grew 1.25 percent to P12.48 trillion, making up the majority of the country’s debt stock. Officials said this aligns with the strategy of the administration of Ferdinand Marcos Jr. to rely more on local borrowing in order to reduce exposure to external financial risks.
ia/xf
