MANILA – The national government’s total outstanding debt rose to P10.77 trillion as of end-March 2021, the Bureau of Treasury said on Monday.

The government borrowed another P368 billion in March, representing a 3.5 percent increase from February 2021.

From January to March, the national government's debt increased by P978.8 billion, representing a 10 percent increase in borrowings, year-to-date.

Since March last year, the government has also borrowed almost P2.3 trillion, representing a 27.1 percent increase in the national debt year-on-year.

Treasury said that of the total debt stock, 28 percent was foreign debt while 72 percent was domestic debt.

Domestic debt amounted to P7.74 trillion, while foreign debt was at P3.03 trillion.

The Philippines has been borrowing heavily to finance its infrastructure push, and its COVID-19 response.

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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.

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