MANILA - The national government's debt reached P7.9 trillion at the end of September, 10.4 percent higher compared to the same month last year, the Bureau of Treasury (BTr) said on Monday.
The BTr said 33.5 percent, or about a third, of the country's debt was owed from foreign creditors while 66.5 percent came from domestic sources.
Domestic debt rose 14.6 percent or P670 billion, while external debt was up 3 percent or P78 billion.
But while the Philippines' total debt increased by P747.9 billion year-on-year, it was also lower by P31.4 billion compared to the end of August, the BTr said.
The budget deficit hit P299 billion in September as rising expenditures outstripped rising tax revenues.
The government earlier said that it was aiming to ramp up spending in the second half of the year to make up for the effects of the delayed passage of the 2019 budget, which constricted expenditures and slowed down economic growth.
Despite this, actual spending still fell below programmed spending. BTr data showed that the government was targetting to spend P2.684 trillion from Jan. to Sept. but was able to spend only P2.627 trillion, lower by P57 billion.