Gov't debt hits $129.04 B in May

MANILA, Philippines (Xinhua) - The government's outstanding debt went up by 5 percent on year to P5.63 trillion ($129.04 billion) as of end-May on the back of an increase in its domestic and foreign obligations.

Figures released by the Bureau of Treasury today showed that loans from domestic creditors rose by 7.1 percent on year to P3.7 trillion ($84.9 billion). Domestic loans accounted for 66 percent of the total.

Foreign borrowings, which accounted for 34 percent of the national government's debt, went up by 1.3 percent on year to P1.92 trillion ($44.14 billion).

The Philippine government's debt is seen to hit P6.32 trillion ($144.84 billion) this year.  Of this amount, 68. 2 percent will be sourced from domestic creditors.