The Philippines' national debt surged to P12.68 trillion by the end of March 2022, according to the Bureau of Treasury (BTr) on Thursday.
In a statement, the BTr said this is an increase of 4.8%, or a total of P586.29 billion compared to the P12.093 recorded the previous month.
According to the BTr, the billions added to the national debt were "primarily due to the net issuance of government securities to both local and external lenders."
Of the total debt stock, the BTr said 30.1% was sourced externally while 69.9% were domestic borrowings.
In terms of domestic debt, the government registered a total of P8.87 trillion by the end of March, about 5.4% or P455.45 billion higher than the figures by the end of February.
For external debt, the BTr said the government owed P3.81 trillion by the end of March, adding P130.84 billion or 3.6% higher than the debt recorded in February.
"The increment to external debt was due to the net availment of external financing amounting to P122.69 billion including the P117.33 billion (USD2.25 billion) triple tranche 5-year, 10.5-year and 25-year Global Bonds," said the BTr.
With the debt hitting over P12 trillion, the administration of President Rodrigo Duterte has officially more than doubled the P5.95 trillion debt recorded in June 2016.
Malacañang assured the public that the government's borrowings shall be used effectively and efficiently.
Acting presidential spokesperson Martin Andanar also stressed that the recent borrowings would be used for the country's COVID-19 response and resiliency efforts.
"We need to sustain our country's long-term socio-economic growth and development," said the spokesperson.
