The country's outstanding debt slightly dipped to P14.24 trillion in September due to net repayments of both domestic and external obligations for the month, the Bureau of Treasury said on Tuesday.

Data from the Treasury Bureau showed that the National Government's total outstanding debt at the end of September 2023 declined by P80.9 billion or 0.6 percent from the P14.35 trillion debt stock last end-August 2023.

Of the total debt stock as of September, 31.8 percent came from external sources, while 68.2 percent came from domestic borrowings.

For the domestic debt, the end-September 2023 level of P9.73 trillion is P56.8 billion or 0.6 percent lower compared with the prior month due to the net redemption of government securities.

Domestic debt issuance for the month totaled P121.1 billion, while redemption amounted to P177.9 billion, resulting in a net repayment of P56.8 billion.

Local currency depreciation against the US dollar had minimal effect on debt stock valuation at only P0.01 billion. Year-to-date, Domestic Debt has increased by P526.0 billion or 5.7 percent.

Meanwhile, external reached P4.53 trillion, which is P24.1 billion or 0.5 percent lower from the previous month, due to favorable third currency fluctuations and net repayment of foreign loans.

The outstanding external debt for September was reduced by P8.0 billion due to the net repayment of foreign loans and P16.9 billion from the depreciation of third currencies against the US dollar.

Meanwhile, peso depreciation against the US dollar added P0.7 billion. NG's external debt has increased by P323.8 billion or 7.7% from the end- December 2022 level.

Total NG guaranteed obligations decreased by P4.4 billion or 1.2 percent month-on-month to P362.22 billion as of the end of September 2023.

The decline in the level of guaranteed debt was attributed to the net repayment of both domestic and external guarantees amounting to P1.6 billion and P1.4 billion, respectively.

In addition, the value of third currency-denominated guarantees went down by P1.3 billion due to currency adjustments, offsetting the P0.03 billion additional debt caused by peso depreciation against the US dollar.

Year-to-date, NG guaranteed obligations have decreased by P36.8 billion or 9.2% from its end-December 2022 level.