MANILA, Philippines - Government borrowings rose 69% in the first half of 2010 to P400.9 billion from P237.17 billion in the same period last year, data from the Bureau of Treasury showed.

Domestic debts, mostly Treasury bonds, comprised bulk of the debt stock at P247.9 billion, higher than the P133.2 billion in 2009.

On the other hand, overseas debts grew to P152.9 billion from P103.2 billion.

Program loans amounted to P19.84 billion, of which P11.223 billion came from the Japan Bank for International Cooperation, and P8.610 billion from the French government.

Project loans from various international lenders such as the Asian Development Bank and the International Bank for Reconstruction and Development totaled P12.9 billion during the 6-month period.

The Philippines relies heavily on domestic and foreign borrowings to bridge its fiscal gap, which is expected to hit a record P325 billion this year.