The Philippines’ total outstanding debt soared to Php 13.02 trillion by the end of August this year, the Bureau of Treasury (BTr) reported on Friday, Sept. 30.

In its latest data release, BTr said the debt was Php 133.64 billion, or one percent higher than the debt stock at the end of July of Php 12.89 trillion.

The increase was attributed to the “net issuances of domestic securities as well as currency adjustments,“ according to the Treasury.

The government debt has increased by Php 1.29 billion or 11 percent since December 2021.

Out of total debt in August, the Treasury said 68.7 percent was domestic borrowings which amounted to Php 8.9 trillion. This figure is Php 111.21 billion higher compared to the July data.

It noted that the increase in domestic debt was due to the Php 109.43 billion net issuance of government securities, and the Php 1.78 billion impact of local currency depreciation against the US dollar.

While the remaining 31.3 percent of the August total debt were foreign loans, which amounted to Php 4.08 trillion. This figure is Php 22.43 billion higher than July data.

The Treasury said the increase in foreign loans was due to the impact of local currency depreciation against the US dollars amounting to Php 62.24 billion.