MANILA, Philippines — The Philippine government’s debt stock reached P4.932 trillion as of November last year, higher by P34 billion compared with the end-October level, due to higher local borrowings and depreciation of the peso against the US dollar.

Data from the Bureau of Treasury showed that of the total outstanding debt, about P2.082 trillion or 42 percent is owed to foreign creditors and the remaining P2.85 trillion or 58 percent is to domestic creditors.

Domestic debt increased by P15 billion as of November last year from the recorded end-October level resulting from the net issuance of government securities by government.

Foreign debt also increased by P19 billion from the previous month’s level due to the P46-billion depreciation of the local currency against the US dollar, but was partially offset by the P22-billion net depreciation of the third currencies against the US dollar and P5 billion net repayment.

Meanwhile, the contingent debt of the national government, composed mainly of state guarantees, rose to P578 billion from end October 2011 level of P577 billion.

“The increase of P1 billion was attributed to the combined effects of the P9 billion depreciation of the local currency against the US dollar, P7 billion net depreciation of the third currencies against the US dollar and net repayment of P1 billion,” the treasury said.