MANILA – The Philippine government’s total outstanding debt rose to over P10.4 trillion at the end of February, the Bureau of Treasury said on Monday.
Treasury said P78.37 billion was added to the debt portfolio due to net financing from local and external sources and currency fluctuations.
"Of the total debt stock, 29 percent were sourced externally while 71 domestic are domestic borrowings," the bureau added.
Domestic debt amounted to P7.36 trillion, or P37.51 billion higher compared to the end-January level as the government borrowed more from domestic sources. Since the start of the year, domestic debt has increased by P668.38 billion or 10 percent.
The country's foreign debt meanwhile hit P3.042 trillion at the end of last month.
Since the start of 2021, the country's external debt has declined by P57.55 billion or 1.9 percent as the government paid maturing obligations.
The Philippines has been borrowing heavily to finance its COVID-19 response. Despite this, the country has seen a spike in new infections, and continues to lag behind its neighbors in vaccine rollout.
Moody's Investors Service has said the new quarantine restrictions imposed on Monday will “weigh on prospects for fiscal consolidation and exacerbate social risks.”
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