BUSINESS
Advocates Philippines
PH Debt Inches Up To P17.56T In October
Photo credit: Bureau of the Treasury
The National Government’s outstanding debt rose to ₱17.562 trillion in October 2025, according to new data from the Bureau of the Treasury (BTr). The figure reflects a ₱106.78-billion or 0.61% increase from September, driven by a combination of fresh borrowings and the weaker peso.
The Treasury said the month’s uptick was largely the result of net issuances of government securities and the higher peso value of foreign-currency loans.
Domestic Borrowing Still Dominant
Domestic obligations continued to make up the majority of the debt stock, accounting for 68.6% of the total. Local debt rose to ₱12.05 trillion, increasing by ₱72.43 billion from the previous month.
The bulk of the rise came from ₱70.65 billion in net government securities issued in October. The depreciation of the peso also added ₱1.78 billion to the value of retail dollar bonds.
Foreign Debt Also Rises
External debt climbed to ₱5.52 trillion, reflecting a ₱34.35-billion increase. This was due to ₱8.25 billion in new foreign loan availments and ₱26.10 billion in upward valuation adjustments caused by the weaker peso.
The peso’s depreciation contributed ₱58.64 billion to the revaluation of foreign debt, though this was partially offset by ₱32.54 billion in gains from the peso’s movements against other major currencies.
Guaranteed Debt Slides
Government-guaranteed obligations continued to decline, dipping to ₱344.41 billion, down by ₱2.22 billion. The decrease was attributed to net repayments and lower valuations of foreign-currency guarantees, most of which are denominated in currencies other than the U.S. dollar.
Treasury Reaffirms Fiscal Discipline
Despite the rise in total obligations, the Treasury maintained that the government remains committed to responsible borrowing and long-term fiscal sustainability. The agency said a stable macroeconomic environment remains crucial to supporting economic momentum and ensuring a more inclusive future for Filipinos.
The Treasury said the month’s uptick was largely the result of net issuances of government securities and the higher peso value of foreign-currency loans.
Domestic Borrowing Still Dominant
Domestic obligations continued to make up the majority of the debt stock, accounting for 68.6% of the total. Local debt rose to ₱12.05 trillion, increasing by ₱72.43 billion from the previous month.
The bulk of the rise came from ₱70.65 billion in net government securities issued in October. The depreciation of the peso also added ₱1.78 billion to the value of retail dollar bonds.
Foreign Debt Also Rises
External debt climbed to ₱5.52 trillion, reflecting a ₱34.35-billion increase. This was due to ₱8.25 billion in new foreign loan availments and ₱26.10 billion in upward valuation adjustments caused by the weaker peso.
The peso’s depreciation contributed ₱58.64 billion to the revaluation of foreign debt, though this was partially offset by ₱32.54 billion in gains from the peso’s movements against other major currencies.
Guaranteed Debt Slides
Government-guaranteed obligations continued to decline, dipping to ₱344.41 billion, down by ₱2.22 billion. The decrease was attributed to net repayments and lower valuations of foreign-currency guarantees, most of which are denominated in currencies other than the U.S. dollar.
Treasury Reaffirms Fiscal Discipline
Despite the rise in total obligations, the Treasury maintained that the government remains committed to responsible borrowing and long-term fiscal sustainability. The agency said a stable macroeconomic environment remains crucial to supporting economic momentum and ensuring a more inclusive future for Filipinos.
Dec 3, 2025
We are dedicated storytellers with a passion for bringing your brand to life. Our services range from news and media features to brand promotion and collaborations.
Interested? Visit our
Contact Us page for more information. To learn more about what we offer, check out our latest article on services and opportunities.
