By Lawrence Agcaoili

The country?s debt stock rose 13.7 percent at the end of 2008 as the government borrowed more from both domestic and foreign creditors to finance the swelling budget shortfall brought about by lower tax collections.

Data released by the Bureau of Treasury yesterday showed that the government?s debt stock reached P4.221 trillion last year, or P508.4 billion more than P3.712 trillion in 2007.

This means each of the 90.4 million Filipinos now owe P46,692.50.

About 57 percent of the total government debt came from domestic sources while 43 percent were secured from foreign creditors.

Finance officials also attributed the higher debt to the continued weakening of the peso and third currencies against the US dollar.

The treasury reported that the country?s domestic debt rose 9.7 percent, or P213.2 billion, to P2.414 trillion in 2008 from P2.201 trillion in 2007 primarily because of the issuance of more government securities, especially treasury bills and bonds.

Data showed that debt papers such as T-bills, bonds, and retail treasury securities issued by the national government amounted to P2.398 trillion last year, or P219.7 billion more than P2.178 trillion in 2007.