October 31, 2025 | 12:00am
For second straight month
MANILA, Philippines — The Philippines’ outstanding debt eased for the second consecutive month in September after hitting a record high in July, following the government’s repayment of more borrowings than new issuances, supported by steady market conditions and robust domestic investor confidence.
Based on the latest data from the Bureau of the Treasury (BTr), the national government’s outstanding debt eased to P17.46 trillion as of end-September from P17.47 trillion as of end-August.
“The continued decrease reflects the government’s sound fiscal discipline, strategic borrowing strategy and proactive liability management, supported by steady market conditions and robust domestic investor confidence,” the BTr said.
Despite the decline, the level is still P110 billion above the 2025 ceiling of P17.35 trillion. The country’s debt hit a record level of P17.56 trillion in end-July.
In comparison to the debt level of P15.89 trillion in September last year, the latest figure is nearly 10 percent higher.
“Total repayments exceeded new issuances by P117.29 billion, more than offsetting the P3.16 billion upward revaluation from the peso depreciation against the retail dollar bonds,” the Treasury said.
BTr data showed that the domestic debt level declined to P11.97 trillion in end-September from P12.09 trillion in end-August.
Meanwhile, total external debt for August increased by 1.9 percent to P5.48 trillion from P5.38 trillion in the previous month.
External debt securities increased in August by 1.93 percent to P2.79 trillion compared to a month ago, while domestic debt securities contracted by less than a percentage point to P11.97 trillion month-on-month.
In the fourth quarter, the national government plans to borrow P437 billion through short-term bills and long-term bonds, a decrease of 36.7 percent from the P690 billion programmed in the third quarter.
The government will auction P262 billion in treasury bills, while also raising P175 billion from treasury bonds from October to December.
Based on the Budget of Expenditures and Sources of Financing for fiscal year 2026, the national debt is expected to increase by 9.8 percent to P19.06 trillion.