MANILA - The national government debt has reached P12.03 trillion as of the end of January, the Bureau of Treasury said Friday.

Total NG debt rose by P301.12 billion or 2.6 percent due to the net availment of both domestic and external debt, BTr said in a statement.

Out of the total, 30.4 percent was sourced externally while 69.9 percent were domestic borrowings, it added.

JUST IN: The national government debt reached P12.03 trillion as of the end of January, according to the Bureau of Treasury@ABSCBNNews pic.twitter.com/4PHEVQIRjt

— Jessica Fenol (@JessFenol) March 4, 2022

Domestic debt amounted to P8.37 trillion for the month, which is 2.4 percent higher compared to December 2021, the agency said.

External debt was at P3.66 trillion, which is 2.9 percent higher compared to the previous month, it added. The increment in external debt for the month was attributed to the impact of peso depreciation, among others.

The Philippines borrowed heavily in the last 2 years to fund its COVID-19 war chest.

Bangko Sentral ng Pilipinas Governor Benjamin Diokno however said the higher debt-to-GDP ratio should not be a cause for concern due to loans' medium and long-term repayment schemes and low interest rates.

• BSP Governor says not to worry over elevated debt-to-GDP ratio
• Philippine debt hits P11.73 trillion in 2021, debt-to-GDP ratio at 60.5 percent

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