The government’s outstanding debt climbed by 10.9 percent year-on-year to a new all-time high of P16.090 trillion as of the end of November 2024, according to the Bureau of the Treasury (BTr).

Latest data from the Treasury showed the government’s debt during the period was more than P1 trillion higher than the P14.508 trillion recorded in November 2023.

Net financing and peso depreciation also increased the value of foreign-denominated debt, pushing the outstanding debt by 0.4 percent from P16.020 trillion in October 2024.

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

Broken down, the government’s debt is composed of 67.87 percent of domestic securities and 32.13 percent of foreign obligations.

Domestic debt amounted to P10.921 trillion as of end-November 2024, higher by 0.3 percent than the P10.889 trillion in end-October 2024.

The P30.67 billion net issuance of domestic securities and the P1.15 billion effect of peso depreciation on US dollar-denominated domestic debt drove the increase, according to the Treasury.

Year-on-year, domestic debt expanded by 9 percent from P10.024 trillion.

Government securities reached P10.921 trillion, accounting for the bulk of domestic debt. This increased by 9 percent from P10.024 trillion a year ago.