Philippines debt mounts to new all-time high of P17.65 trillion

MANILA, Philippines, January 9 ------ The country’s outstanding debt climbed to a fresh all-time high in November last year, exceeding the full-year debt projection for 2025 by over P300 billion, driven by an increase in net issuance of domestic and external debt.

Based on the latest data from the Bureau of the Treasury (BTr), the national government’s outstanding debt increased by less than one percent to P17.647 trillion by end-November from P17.562 trillion of end-October 2025. “The month-on-month increase was underpinned by the net issuance of domestic and external debt, which was partly offset by significantly lower valuations of foreign currency-denominated obligations due to the peso’s appreciation,” the BTr said.

The foreign exchange rate used is P58.729 per dollar, lower than the rate used in October, which was P58.771. “Borrowing predominantly from domestic creditors and in local currency has been one of the main strategies pursued by the government to keep its debt sustainable,” the Treasury said. It added that the rise in peso-denominated obligations is attributed to their stability against foreign exchange fluctuations, with interest payments benefiting Filipino investors and further supporting domestic income.

The current total debt is 1.7 percent above the full-year assumption of P17.35 trillion. The November figure surpasses the highest debt level recorded in July 2025, when the Treasury reported a total debt of P17.563 trillion. The November 2025 debt level is 9.9 percent higher than the P16.05 trillion recorded in the same period in 2024. Of the total outstanding debt, domestic obligations accounted for 68.7 percent, while external obligations made up the remaining 31.3 percent for the 11-month period of 2025. BTr data showed that the total domestic debt level reached P12.117 trillion in November, a slight increase from P12.045 trillion in October. Meanwhile, total external debt for November increased to P5.53 trillion from P5.516 trillion in the previous month.

Source: philstar.com