Gov't debt hits $129.2 B by Feb.

MANILA, Philippines (Xinhua) - The national government debt hit P5.325 trillion ($129.2 billion) as of the end of the last February, the Philippine Bureau of Treasury (BOT) said Thursday.

According to the bureau, the figure of the latest national debt is 8.4 percent higher than the P4.913 trillion ($119.2 billion) registered as of the same period last year due to the double-digit increase in domestic loans.

The government's local debt stood at P3.448 trillion ($83.7 billion), a 22 percent growth than the P2.827 trillion ($68.6 billion) registered during the same period last year, said BOT.

Data from the bureau also showed that of the government's total debt, 65 percent was owed to domestic creditors, while 35 percent was owed to external creditors.

The government has been increasing the share of its local borrowings, as it continues to take advantage of low interest rates, allowing the government to borrow at a low cost, and as well as to avoid foreign exchange risks.

The government's international loans, on the other hand, fell by 10 percent as of end-February to P1.877 trillion ($45.6 billion) from the P2.086 trillion ($50.6 billion) posted during the same time in 2012, data released by BOT showed.

Meanwhile, the government's outstanding debt as of end-February slightly fell by 0.2 percent, from the previous month's level of P5.334 trillion ($129.5 billion).

This year, the Philippine government's outstanding debt is expected to increase to P5.779 trillion ($140.3 billion), which is equivalent to 48 percent of the country's gross domestic product.