The National Government's outstanding debt reached P13.86 trillion as of end-March 2023, according to recent data. This marks an increase of P104.15 billion or 0.8% from the previous month, mainly due to the net issuance of domestic and external debt. Of the total debt stock, 68.7% was sourced domestically, while 31.3% were external borrowings.

The NG's domestic debt rose to P9.51 trillion, which is P71.00 billion or 0.8% higher compared to the end-February 2023 level. In March, the net issuance of domestic securities, which amounted to P72.87 billion, outweighed the P1.87 billion effect of local currency appreciation against the US dollar on onshore foreign currency denominated securities. Since the end of December 2022, NG domestic debt has increased by P304.78 billion or 3.3%.

Meanwhile, external debt amounted to P4.34 trillion, which is P33.15 billion or 0.8% higher from the previous month. The increment in NG's external obligation for the month was attributed to the P84.26 billion net availment of foreign loans and P18.53 billion impact of third-currency adjustments against the US dollar. These more than offset the P69.64 billion effect of local currency appreciation against the US dollar. From the end of December 2022 level, the country's external debt has increased by P133.27 billion or 3.2%.

Month-on-month, total NG guaranteed obligations decreased by P3.07 billion or 0.8% to P384.12 billion as of end-March 2023. The lower level of guaranteed debt was due to the net repayment of both domestic and external guarantees amounting to P0.01 billion and P1.52 billion, respectively. The net appreciation of the peso relative to the US dollar further trimmed P2.99 billion. These were tempered by the net appreciation of third-currency denominated guarantees against the US dollar amounting to P1.45 billion. From the end of December 2022 level, NG guaranteed debt has decreased by P14.93 billion or 3.7%.