Metro Manila, Philippines – The country’s debt has skyrocketed to ₱14.51 trillion as of November 2023, which is 0.19% higher than the ₱14.35 trillion logged in October 2023.

In a statement, the Bureau of the Treasury said the rise was “primarily due to the net issuance of domestic securities.

Of the total borrowings, 30.91% were sourced externally while 69.09% were from local sources.

The country’s domestic debt stood at ₱10.02 trillion, which is 1.3% higher than the October figure of ₱9.79 trillion “due to the net issuance of government securities.”

Meanwhile, the November foreign debt dipped to ₱4.48 trillion, or 2.06% lower than October’s ₱4.56 trillion, because of net repayment of foreign loans and favorable foreign exchange movements.

Year-on-year, the country’s total debt ballooned by ₱864.56 billion.