FOREIGN debt pushed the national government's gross borrowings to P367.18 billion in September, a 255.6-percent spike from P103.25 billion last year, according to data from the Bureau of the Treasury (BTr).

In its latest cash operations report, BTr said the figure is also higher than the P174.03 billion last August.

Global bonds accounted for most foreign borrowings at P140.9 billion, plus P72.65 billion raised from program loans and P8.35 billion from project loans.

For the first nine months of the year, foreign debt was at P504.45 billion.

Year to date, gross borrowings totaled P2.3 trillion, 31.4 percent higher than the P1.75 trillion in the same period in 2023.

Foreign debt accounted for the bulk of September gross borrowings at P221.98 billion, significantly higher than the previous year's P11.18 billion and August's P6.99 billion.

Local borrowings, meanwhile, were likewise up at P145.2 billion from P92.07 billion a year earlier but lower than the P167.05 billion in August.

The bulk of domestic borrowings worth P120 billion came from fixed-rate Treasury bonds, with another P25.2 billion raised from T-bills.

As of end-September, domestic debt totaled P1.8 trillion.

Government financing surged to P347.42 billion for the month, 310.8 percent higher than the P84.58 billion last year and P162.51 billion last month.

Financing for the first nine months of 2024 amounted to P1.9 trillion, 12.9 percent lower than the P1.7 trillion in the same period last year.

As of end-August, the national government's outstanding debt was at P15.55 trillion, 0.9 percent lower than the P15.69 trillion at the end of July.

Domestic debt continued to account for the bulk of the overall debt stock at 69.4 percent. The remaining 30.6 percent consisted of external obligations.