MANILA — The national government's total outstanding debt rose to P13.02 trillion as of the end of August, the Bureau of Treasury said on Friday.

The total is higher by P133.64 billion or 1 percent from July, and P1.29 trillion or 11 percent more than the level recorded in December 2021, BTr data showed.

BTr said the "increment from the end-July 2022 level was attributed to the net issuance of domestic securities as well as currency adjustments."

Out of the total, 68.7 percent was domestic borrowings, currently at P8.94 trillion, the agency said.

Meanwhile, external debt was at 31.3 percent or P4.08 trillion, it added.

The Philippines borrowed heavily due to the COVID-19 pandemic but economic manager said the government is committed to lower its debt-to-GDP ratio to below the 60-percent global standard under the administration of President Ferdinand Marcos, Jr.

Debt-to-GDP ratio rose to as high as 63.5 percent but it settled at 62.1 percent as of the end of June, Marcos told investors when he rang the ceremonial closing bell at the New York Stock Exchange last week.

Economic managers have said the Philippines won't have to borrow too much.

However, the depreciation of the Philippine peso against the US dollar makes debt payment more challenging.

• Philippines shoots for highest investment grade territory: Marcos
• Philippines' debt-to-GDP ratio balloons to 63.5 percent as of end March

RELATED VIDEO:

Watch more News on iWantTFC