MANILA - The Philippines' sovereign debt climbed to P16.09 trillion at the end of November, the Bureau of Treasury said on Tuesday.

This was P70.7 billion or 0.4 percent higher compared to the national debt at the end of October. Treasury said this was mainly due to net financing and the depreciation of the peso. 

"The peso depreciated against the US dollar from P58.198 as of end-October 2024 to P58.602 as of end-November 2024," the agency said. 

Of the total debt stock, P10.92 trillion or 67.87 percent, was domestic debt. Foreign debt meanwhile made up P5.17 trillion or 32.13 percent of the total debt stock.

Domestic debt increased by P30.67 billion in November through the net issuance of domestic securities and the P1.15 billion effect of peso depreciation on US dollar-denominated domestic debt. 

The peso's depreciation was even more pronounced on the country's foreign debt which increased by  P38.88 billion from the end of October 2024 level. 

"The significant depreciation of the peso led to a P35.61 billion escalation in the local valuation of US dollar-denominated debt while net foreign loan availments added P8.33 billion," Treasury added.  

The strong dollar however also reduced the value of foreign debt denominated in other currencies by P5.06 billion. 

Compared to the debt level at the start of the year, the Philippines' domestic debt has risen by P903.73 billion or 9 percent, while the external debt climbed P570.97 billion or 12.4 percent.

When President Ferdinand Marcos Jr. assumed power in July 2022, the country's debt was P12.89 trillion.  

Economic managers have said that the country's debt has been rising, it remains manageable as the economy has also kept growing. 

Treasury said as of the end of September, the country's debt-to-GDP ratio was 61.3 percent, following the release of the third quarter GDP figures. This debt ratio was higher compared with the 60.2 percent from the same period last year, and 60.1 percent at the end of 2023, the agency noted. 

The Philippines borrowed heavily during the COVID-19 pandemic to finance its response to the health crisis, as well as to keep the economy afloat through infrastructure spending.

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