MANILA, May 5 (Xinhua) -- The Philippines saw its debt increase by 4.8 percent at the end of March, primarily "due to the next issuance of government securities to local and external lenders," the Philippine Bureau of Treasury said on Thursday.
The bureau said the country's total debt ballooned to 12.68 trillion pesos (roughly 242 billion U.S. dollars), of which 30.1 percent was sourced externally, while 69.9 percent were domestic borrowings.
The bureau added that the country's foreign debt increased by 3.6 percent from the previous month.
Communications Secretary and Acting Presidential Spokesperson Martin Andanar said the ballooning debt was in response to the country's fight against COVID-19 pandemic and recovery efforts.
"We need to sustain our country's long-term socio-economic growth and development," Andanar said. ■