MANILA - After breaching P15 trillion in February, the Philippines’ sovereign debt decreased by P252.98 billion to P14.93 trillion as of the end of March, the Bureau of Treasury said on Thursday.  

The country's total debt in March was 1.67 percent lower compared to February due to the net redemption or payment of domestic government securities.

Of the total debt stock, 68.86 percent was domestic debt while 31.14 percent was foreign debt, Treasury said. 

Data however also showed that while domestic debt declined, foreign debt grew as the government borrowed more from foreign lenders and as the peso depreciated against the US dollar. 

The Philippines’ total domestic debt of P10.28 trillion in March is P299.21 billion or 2.83 percent lower compared with February. 

“The decline resulted from the P299.45 billion net redemption of government securities offsetting the P0.24 billion effect of peso depreciation on foreign currency domestic debt,” Treasury said. 

“The peso depreciated against the from P56.174 as of end-February 2024 to P56.260 as of end-March 2024,” the agency noted. 

Meanwhile, the country’s total foreign debt of P4.65 trillion was P46.23 billion or 1 percent higher than the end of February 2024 level. 

“The increase resulted from the net availment of foreign loans amounting to P44.01 billion, as well as local currency depreciation which added to the valuation of US dollar-denominated debt by P7.05 billion,” Treasury said.  

Since the start of the year, domestic debt has increased by P259.56 billion or 2.59 percent; external debt meanwhile has increased by P49.89 billion or 1.09 percent.