MANILA, Feb. 4 (Xinhua) -- The Philippines' debt increased to 16.05 trillion pesos (275.4 billion U.S. dollars) as of the end-2024, 9.8 percent higher than the debt incurred in end-2023, the Philippines' Bureau of Treasury said Tuesday.

"The year-on-year increase in the debt stock is primarily attributed to the 1.31 trillion pesos (roughly 22.5 billion dollars) net issuance of debt instruments in line with the government's deficit program, as well as 208.73 billion pesos (3.58 billion dollars) valuation effect of U.S. dollar strengthening, albeit advantageous third currency movements significantly trimmed the debt total by 80.74 billion pesos (1.38 billion dollars)," the bureau said.

Nonetheless, the bureau said domestic securities comprise the lion's share of total debt stock at 68.1 percent, while external obligations account for the remaining 31.9 percent.

According to the bureau, the end-year debt level is closely aligned with the 2025 Budget of Expenditures and Sources of Financing projections of 16.06 trillion pesos (about 275.5 billion dollars), reflecting a minimal variance of only 0.03 percent.

"The corresponding debt-to-gross domestic product (GDP) ratio of 60.7 percent was slightly above the 60.6 percent revised medium-term fiscal framework estimate, on account of the lower-than-expected full-year real GDP growth outcome of 5.6 percent," the bureau said. Enditem

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