MANILA - The Philippines posted a total of P12.09 trillion in outstanding national government debt as of the end of February, the Bureau of Treasury said Thursday.

Out of the total debt stock, 30.4 percent was sourced externally while 69.6 were domestic borrowings, the BTr said in a statement.

Domestic debt reached P8.41 trillion, or 0.5 percent higher than the previous month and 3 percent up compared to the December 2021 level, the agency said.

Meanwhile, the external debt of P3.68 trillion was also 0.5 percent higher compared to January, it added.

The increment in external debt was due to the impact of peso depreciation against the US dollar but was partly offset by the adjustments in other foreign currencies, the BTr said.

• Philippine debt hits P11.73 trillion in 2021, debt-to-GDP ratio at 60.5 percent

The Bangko Sentral ng Pilipinas earlier said the country's elevated debt-to-GDP (gross domestic product) ratio, which hit over 60 percent, is not a cause for concern.

Most of these loans have a long-term repayment scheme and low interest rates, BSP Governor Benjamin Diokno said.

The Philippines borrowed heavily in the past years to fund its fight against COVID-19.

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