The Philippine government’s outstanding debt climbed to a record P19.66 trillion as of end-September 2026, rising by 0.27% or P53.47 billion from the P19.61 trillion recorded in August, according to the Bureau of the Treasury (BTr).
Data from the BTr showed that government debt increased by 11.03%, or P1.95 trillion, from P17.71 trillion at the end of December 2025.
Domestic debt accounted for 67.39% of the country’s total debt stock, amounting to P13.25 trillion, while external debt made up the remaining 32.61%, or P6.41 trillion.
Domestic debt inched up by 0.07%, or P8.78 billion, from P13.24 trillion in August. The increase was mainly driven by the net issuance of government securities amounting to P7.66 billion.
The depreciation of the peso against the US dollar also added P1.12 billion to the peso value of Onshore Dollar Bonds (ODBs).
On a year-to-date basis, domestic debt grew by 9.34%, or P1.13 trillion, from P12.12 trillion at the end of 2025.
Meanwhile, external debt rose by 0.70%, or P44.69 billion, from P6.37 trillion in August to P6.41 trillion in September.
The increase was primarily attributed to the P40.12-billion rise in the peso value of foreign currency-denominated debt due to the depreciation of the local currency against the US dollar, alongside P9.27 billion in net availment of external loans.
These increases were partly offset by a P4.70-billion decline in valuation resulting from favorable movements of third currencies against the US dollar.
Compared with the end-December 2025 level of P5.59 trillion, external debt increased by 14.67%, or P820.43 billion, as of end-September 2026.
The increase reflected net external borrowings of P462.85 billion and valuation effects from exchange rate movements amounting to P357.58 billion.
Meanwhile, national government guaranteed obligations stood at P306.63 billion in September, down by 0.04%, or P110 million, from P306.74 billion in August.
The decline was mainly due to P1.21 billion in net repayments of external guarantees, partly offset by P1.10 billion in currency adjustments.
Compared with the P344.57 billion recorded at the end of December 2025, guaranteed obligations decreased by 11.01%, or P37.94 billion.
