MANILA, Jan. 7 (Xinhua) -- The Philippines' debt increased to 16.09 trillion pesos (roughly 277 billion U.S. dollars) as of end-November 2024, 0.4 percent higher than the outstanding debt in October 2024, the Philippines' Bureau of Treasury said Tuesday.

The bureau attributed the spike to net financing and the impact of local currency depreciation on the valuation of foreign-currency-denominated debt.

"The peso depreciated against the U.S. dollar from 58.198 pesos as of end-October 2024 to 58.602 pesos as of end-November 2024," the bureau said.

The bureau said 67.87 percent of the total debt stock was sourced domestically, while the rest was sourced externally. The country's external debt stood at 5.17 trillion pesos (89 billion dollars) in November 2024, 0.8 percent higher than that in the previous month.

Since January 2024, the bureau said the country's external debt has risen by 12.4 percent. Enditem

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