MANILA – The Philippine government's total debt hit P10.3 trillion at the end of January this year, up 5.4 percent increment compared to the end of December last year, the Bureau of Treasury said.
The month-on-month increase in the debt stock was predominantly due to the reavailment of the P540 billion short-term loan facility from the Bangko Sentral ng Pilipinas (BSP), Treasury said.
Of the total debt stock, 29 percent were foreign borrowings while 71 percent are domestic borrowings.
Domestic debt amounted to P7.3 trillion while foreign debt reached P3 trillion.
The Philippines has been borrowing heavily to finance its infrastructure push, and its COVID-19 response.
Despite this, the country has the second highest tally of infections and deaths due to the disease in Southeast Asia. It was also the last in the region to secure supplies of COVID-19 vaccines.
The Philippine economy, which suffered its worst contraction since the Second World War, is also seen to recover more slowly than its neighbors.