MANILA, March 5 (Xinhua) -- The Philippines' total outstanding debt reached 18.13 trillion pesos (309 billion U.S. dollars) as of the end of January, a 2.41 percent increase from the previous month, according to the latest data from the country's Bureau of Treasury.
"This level remains sustainable amid pressing challenges in the domestic and global landscape," the bureau said in a press release on Wednesday.
"The month-on-month increase mainly reflects the government's strategy of frontloading domestic and external issuances to secure concessional financing terms ahead of global market uncertainties that can further raise interest costs," it said.
With domestic debt accounting for 68 percent of the total debt stock, exposure to foreign exchange risks is effectively limited, the bureau said.
The bureau noted that the external obligations amounted to 5.81 trillion pesos (99.1 billion dollars), representing 32 percent of the national government debt portfolio.
The bureau said the recent increase in external borrowings was a strategic and timely approach to capitalize on a narrow window of favorable international credit conditions. ■