Each Filipino owes P47,039 to local and foreign creditors.

MANILA, Philippines - The National Government's total debt stock inched up to P4.338 trillion as of September as the government raised more funds to plug a widening budget deficit.

The deficit, which is expected to exceed the P250 billion target this year, had led the government to tap debt markets here and abroad.

In September, the government issued P114 billion worth of retail treasury bonds (RTB), which local investors availed for a minimum of P5,000. The RTB increased the national government's debt stock, which stood at P4.233 trillion at end-August, by P105 billion.

The Philippine government, one of the most active global debt issuers among emerging markets, has been increasingly tapping the the local debt market instead of the global debt market to reduce vulnerability to foreign exchange fluctuations and other external pressures.

Of the total outstanding debt in September, the government owes P2.424 trillion or 56% to domestic creditors, and P1.914 trillion or 44% to foreign creditors.

At P4.338 trillion total debt in September, each of the 92.23 million Filipinos is theoretically indebted by roughly P47,039.

With the National Government's total debt projected to climb to P4.489 trillion at end-2009, each Filipino's indebtedness is expected to increase to P48,671.

In 2010, the projected total national government debt of P4.698 trillion translates to an estimated individual debt of P50,937.