MANILA -- The Philippines added P96.44 billion to its sovereign debt in July, raising its total obligations to a new record of P14.24 trillion, the Bureau of Treasury said Friday.

July's debt was 0.7 percent higher than June's P14.15 trillion, the state treasury said.

Domestic borrowings made up 68.9 percent of the total debt stock, while foreign borrowings made up 31.1 percent.

The national government’s domestic debt amounted to P9.81 trillion, higher by 1.1 percent or P109.54 billion than the figures recorded in June. Treasury said this was due to the net issuance of government bonds driven by the government’s financing requirements.

Foreign debt, meanwhile, was at P4.43 trillion, lower by P13.10 billion or 0.3 percent than June numbers.

RELATED STORY:

Watch more News on iWantTFC

Treasury said this was because of the peso strengthening against the dollar during the period.

"This more than offset the P9.97 billion net impact of third-currency fluctuations against the US dollar and P19.81 billion net availment of foreign loans," Treasury said.

Foreign debt has increased by P221.45 billion or 5.3 percent from the end-December 2022 level.

• Philippine debt grows to P14.15 trillion in June
• Philippine debt hits record P14.1 trillion in May

Since 2016, the Philippines has more than doubled its debt as it sought to finance big-ticket infrastructure projects and fund its pandemic response.

Government economists however have played down concerns over the growth in the country’s debt saying the issue remains manageable.

• Marcos says Philippines' debt-to-GDP ratio ‘worrying’
• PH economic managers allay fears over nat'l debt hitting P15.8-T by end of 2024