The Bureau of Treasury said on Tuesday that the Philippines’ debt dipped by P80.9 billion in September and is now standing at P14.27 trillion.

According to the Treasury, the reason for the debt’s decrease was due to favorable third-party currency fluctuations and the net repayment of foreign loans.

Moreover, domestic borrowings have skyrocketed to 62.8% of the total debt stock, while foreign borrowings make up 31.8%.

As of the end of September, the domestic debt has dropped by P56.8 billion to P9.73 trillion, while the remaining debt from external loans, which stood at P4.53 trillion, is lower than P24.1 billion from a month ago.

Meanwhile, the Treasury said that the weakening of the peso against the US dollar during the month has had a minimal effect on debt stock valuation.