The Bureau of the Treasury (BTr) reported that the government’s outstanding debt surpassed P11 trillion at the end of May due to expanded local liabilities.

The actual P11.07 trillion amount picked up 0.7 percent, or P79.81 billion, from P10.99 trillion at the end of April, according to Treasury figures released on Monday.

External creditors contributed 28.5 percent of the total, while domestic ones contributed 71.5 percent.

Local obligation rose 1.3 percent to P7.91 trillion in May, rising from P7.81 trillion in April, while foreign debt fell 0.7 percent to P3.15 trillion.

There were P8.89 trillion in outstanding commitments a year ago, with P6.03 trillion in domestic liabilities and P2.85 trillion in external obligations.

According to the bureau, the growing local debt is due to “net issuance of government securities.”

The “P28.58 billion impact of local-currency appreciation against the US dollar and the net repayment of foreign loans amounting to P0.22 billion” were credited for the lower foreign liabilities.

“These more than offset the P5.24 billion revaluation in the peso value of debt denominated in other currencies such as EUR (eruro) and JPY (Japanese yen),” the BTr added.

The new data were calculated using a foreign exchange rate of P47.72 to the dollar, compared to the P48.15 at the end of April. The exchange rate was P50.58:$1 a year before.

Meanwhile, government-guaranteed debt dropped by 1.9 percent, or P8.14 billion, to P426.59 billion.

“The lower level of guaranteed debt was due to the net redemption of both local and foreign guaranteed obligations amounting to P5.52 billion and P0.69 billion, respectively,” the BTr explained.

The Treasury added that the lower level of guaranteed debt was attributable to the net redemption of both local and foreign guaranteed obligations of P5.52 billion and P0.69 billion, respectively.

According to the Budget department, the government’s outstanding debt could reach P11.98 trillion this year.