The National Government’s (NG) total outstanding debt stood at P12.03 trillion as of end-January, up from P11.73 billion in December 2021, the Bureau of the Treasury said Friday.

The 12.03 trillion is the country's highest debt stock so far.

For January, the National Government's total debt increased by P301.12 billion or 2.6 percent due to the net availment of both domestic and external debt.

Of the total debt stock, 30.4 percent was sourced externally while 69.6 percent were domestic borrowings.

National Government domestic debt amounted to P8.37 trillion, which is P197.38 billion or 2.4 percent higher compared to the end-December 2021 level.

This is primarily due to net availment of domestic financing amounting to P197.04 billion, including the P300 billion provisional advances availed by the National Government from the BSP for budgetary support.

National Government external debt of P3.66 trillion was P103.74 billion or 2.9 percent higher from the previous month.

For January, the increment in external debt was attributed to the impact of peso depreciation against the US dollar amounting to P11.23 billion and the net availment of external obligations amounting to P94.88 billion.

These were tempered by valuation adjustments in other foreign currencies amounting to P2.37 billion.

Total National Government guaranteed obligations decreased by P1.40 billion or 0.3 percent month-overmonth to P422.52 billion as of end-January.

The lower level of guaranteed debt was due to the net repayment for domestic and external guarantees amounting to P2.12 billion and P0.22 billion, respectively.

This more than offset the effect of peso depreciation against the US dollar amounting to P0.72 billion and net appreciation of thirdcurrency denominated guarantees against the US dollar amounting to P0.22 billion.

Total National Government guaranteed obligations decreased by P1.40 billion or 0.3 percent month-over-month to P422.52 billion as of end-January.

The lower level of guaranteed debt was due to the net repayment for domestic and external guarantees amounting to P2.12 billion and P0.22 billion, respectively.

This more than offset the effect of peso depreciation against the US dollar amounting to P0.72 billion and net appreciation of third currency denominated guarantees against the US dollar amounting to P0.22 billion. Bureau of Treasury