The Philippine government plans to borrow 2.46 trillion pesos ($44.1 billion) in 2024, up 12% from this year, the Manila Bulletin reported, citing Budget Secretary Amenah Pangandaman.

Domestic borrowing will account for 75% of the total and the rest will be from external sources, the newspaper quoted the budget chief as saying.

The government’s outstanding debt was at 13.91 trillion pesos as of April, 68% of which was borrowed locally. Quarterly debt-to-gross domestic product ratio stood at 61% as of end-March, according to the Manila Bulletin.