Total national government (NG) debt reached P11.7 trillion in 2021. This is a P1.9 trillion increase from P9.8 trillion in 2020. Total debt growth was faster in 2021 at 19.7% and in 2020 at 26.7% than in 2019 and 2018 when growth rates were below 10%. Of the additional P1.9 trillion debt in 2021, P1.5 trillion is from increase in domestic debt and P457.8 billion is accounted for by external debt. Domestic debt has consistently grown much faster than external debt through the years due to the domestic borrowing program that aims to mitigate foreign exchange risk and support local market development.