The government debt continued to rise before the end of 2023 despite its efforts to pay its local and international obligations.

The latest data released by the Bureau of Treasury showed on Wednesday that the country's outstanding debt reached P14.51 trillion as of November, a slight increase from P14.48 trillion in October.

"(The national government's) debt stock increased by P27.92 billion or 0.19 percent month-(on)-month, primarily due to the net issuance of domestic securities," the BTr explained.

Local borrowings made up 69.09 percent of the total debt stock, while foreign loans made up 30.91 percent of the stock.

The domestic debt increased by P122.02 billion (1.23 percent) compared to October, contributing to the rise to P10.02 trillion, due to the net issuance of government securities.

However, this was offset by P3.87 billion due to the decrease in the value of the peso against the dollar. On the other hand, year-to-date domestic debt increased by P816.02 billion or 8.86 percent.

Nevertheless, there was a decrease of 2.06 percent (or by P92.15 billion) in the government's foreign debt, amounting to P4.48 trillion.

Aside from favorable foreign exchange movements, the Treasury attributes the lower external debt to the net repayment of foreign loans amounting to P1.08 billion.

"NG external debt has increased by P273.84 billion or 6.50% from the end-December 2022 level," the Treasury added.

Over the past seven years, the country's debt has more than doubled, driven by endeavors to finance significant infrastructure projects and support responses to the pandemic.

Despite this substantial increase, government economists have downplayed concerns regarding the growth of the country's debt, asserting that the situation remains manageable.