The Philippine government's debt rose by nearly 5 percent on year to 5.59 trillion pesos (125.17 billion U.S. dollars) as of end-January, according to data released by the Bureau of Treasury on Tuesday. The hike in government debt during the period was due to an increase in domestic and external borrowings. As of end-January, the Philippine government owed domestic creditors 3.62 trillion pesos (81.01 billion U.S. dollars), 6.1 percent higher than the figure recorded a year ago. Domestic creditors accounted for 65 percent of the government's total debt in January. Meanwhile, debt from foreign creditors reached 1.97 trillion pesos (44.16 billion U.S. dollars), 2.6 percent higher than the level posted in January 2013. Foreign creditors accounted for 35 percent of total debt. The Philippine government said earlier that it has increased its borrowings from domestic creditors to manage foreign exchange risk and develop the domestic capital market.