THE Philippine government’s total outstanding debt settled at P12.50 trillion as of the end of May, 2.1 percent lower compared to the previous month, the Bureau of Treasury (BTr) reported Friday.

BTr said the decrease was due to the repayment of provisional advances from the central bank.

Out of the total debt stock, 30.7 percent was sourced externally while 69.3 percent were domestic borrowings, it said.

Official data showed domestic debt for the month stood at P8.67 trillion, which is 3 percent lower compared to the April figure.

External debt was at P3.83 trillion, 0.1 percent higher than the previous month.

“The increment in external debt was attributed to the impact of local and foreign currency fluctuations against the USD,” the BTr said.

The peso has been depreciating the past week, its weakest in years, breaching the P55 level to the dollar in recent trading days.