The National Government of the Philippines has announced that its total outstanding debt reached P13.70 trillion as of the end of January 2023. This represents a 2.1% increase from the end of December 2022, largely due to the net availment of domestic and external debt.

Of the total debt stock, 31.5% was sourced externally, while 68.5% were domestic borrowings. The NG's domestic debt reached P9.38 trillion, a 1.9% increase from the end of December 2022. This was primarily due to the net availment of domestic financing, which amounted to P179.16 billion, offsetting the P2.61 billion effect of local currency appreciation against the US dollar on foreign-denominated onshore securities.

The NG's external debt reached P4.31 trillion, a 2.4% increase from the previous month. The increase in NG's external obligation for January was brought on by the P186.56 billion net availment of foreign loans and P10.36 billion impact of third-currency adjustments against the US dollar. However, peso appreciation reduced the peso value of foreign currency-denominated debt by P93.84 billion.

Meanwhile, the total NG guaranteed obligations decreased by P5.21 billion or 1.3% month-over-month to P393.84 billion as of end-January 2023. The lower level of guaranteed debt was due to the net repayment of both domestic and external guarantees amounting to P1.12 billion and P0.21 billion, respectively. Peso appreciation against the US dollar further trimmed P4.31 billion. These more than offset the net appreciation of third-currency denominated guarantees against the US dollar amounting to P0.42 billion.