Domestic obligations accounted for the bulk of the debt stock at 67.37 percent, while external debt comprised 32.63 percent, reflecting the government’s strategy of relying more heavily on local financing to support domestic capital markets and reduce exposure to foreign exchange risks.
Domestic debt rose by P80.12 billion, or 0.65 percent, to P12.50 trillion, mainly due to the net issuance of government securities amounting to P80.23 billion.
Meanwhile, external debt declined slightly by P4.01 billion, or 0.07 percent, to P6.05 trillion as favorable foreign exchange movements offset fresh external borrowings.
Downward valuation
The Treasury said the peso’s appreciation generated a downward valuation effect of P18.91 billion, which…