Net issuance of government securities pushed the national government’s outstanding debt up by 0.49 percent to P17.65 trillion in November 2025, but the Bureau of the Treasury (BTr) said the level remains within target.
In a statement Wednesday, the BTr said the increase from P17.56 trillion in October was partly offset by “significantly lower valuations of foreign currency-denominated obligations due to the peso’s appreciation.”
Domestic debt accounted for 68.66 percent of the total, while foreign debt comprised 31.34 percent.
The BTr said domestic debt rose to P12.12 trillion from P12.05 trillion at end-October, driven by P71.85 billion in net issuance of government securities, despite a P0.12-billion decline in the peso valuation of retail dollar bonds (RDBs).
Since the start of the year, domestic debt has increased by 10.86 percent, or P1.19 trillion. Of this amount, P1.18 trillion came from new borrowings to meet financing requirements, while P2.52 billion resulted from peso depreciation against the US dollar.
“Borrowing predominantly from domestic creditors and in local currency has been a key strategy to keep debt sustainable,” the BTr said, noting that peso-denominated obligations are insulated from foreign exchange risks and that interest payments benefit Filipino investors.
External debt edged up to P5.53 trillion from P5.52 trillion in October due to P22.84 billion in net loan availments, partly offset by P8.73 billion in valuation adjustments from favorable exchange rate movements.
The BTr said peso appreciation against the US dollar reduced the valuation of foreign currency debt by P3.94 billion, while movements in third currencies such as the Japanese yen and euro lowered valuations by another P4.79 billion.
The Treasury assured the public that external financing remains “prudent, measured, and anchored on long-term debt sustainability,” adding that borrowings are largely concessional, long-term, and low-cost. It said proceeds are directed toward priority infrastructure and development programs that support economic growth and strengthen debt-servicing capacity.
BTR FACEBOOK PHOTO