The Philippine government’s outstanding debt reached P16.92 trillion as of end-May 2025, representing a 0.99-percent increase from the previous month, the Bureau of the Treasury (BTr) said Thursday.
The BTr said the marginal increase was mainly due to successful net issuances of new domestic securities, indicating continued investor confidence in the Philippine economy. The increase was partially offset by the peso’s strengthening, which reduced the value of external obligations.
Data showed that on a year-on-year basis, outstanding debt jumped P1.57 trillion, or 10.24 percent, from P15.35 trillion in May 2024
Domestic borrowings continued to comprise the majority of the total debt stock at 69.6 percent, while external obligations account for the remaining 30.4 percent as of end-May 2025.
The Treasury said this reflects the government’s strong bias for domestically sourced financing, which helps mitigate foreign exchange risks and strengthen the local capital market. It said the government remains committed to its prudent debt management strategy, ensuring borrowings are strategically aligned with fiscal objectives and overall macroeconomic stability.
Domestic debt reached P11.78 trillion as of end-May 2025, slightly up by 1.64 percent from the previous month.
“This increase was mainly due to net issuances totaling P190.87 billion, but it was slightly tempered by the P0.91 billion downward valuation effect of a stronger peso against the US dollar,” the BTr said.
External debt declined by 0.46 percent from the previous month, bringing the total to P5.14 trillion as of end-May 2025.
The decrease was due to P3.55 billion in net repayments and the strengthening of the peso, which reduced the peso value of foreign debt by P29.35 billion. These were partly offset by a P9.14 billion revaluation resulting from third-currency fluctuations against the US dollar.
Government-guaranteed obligations slightly increased by 1.79 percent, totaling P343.58 billion by end-May 2025.
The growth was mainly due to net availments of domestic guarantees amounting to P6.53 billion, along with a P0.53 billion third- currency revaluation.
These were partially tempered by the P0.51-billion net repayment of external guarantees and another P0.51 billion reduction from the stronger peso.
The Treasury said that since end-December 2024, NG guaranteed debt has decreased by P3.08 billion or 0.89 percent, and by P6.63 billion or 1.89 percent on a year-on-year basis.
