Government financing reached P1.24 trillion in the first 11 months of 2024, according to the Bureau of the Treasury.
The government raised more than P351 billion from the international market and over P894-biillion from the domestic debt market from January to November based on the BTr’s cash operations report.
Government financing refers to the difference between gross borrowings and debt amortization.
Data showed that gross borrowings reached P2.49 trillion in the 11-month period, while debt amortization amounted to P1.25 trillion.
Government debt continued to rise, amounting to P16.02 trillion as of end-October 2024, as borrowings continued to outpace debt payments.
The Treasury said of the total debt stock, 67.98 percent was composed of domestic securities, while 32.02 percent consisted of external obligations
The government has a borrowing program of P2.57 trillion in 2025, nearly half of which will be used to cover the budget deficit and the rest to service its debt.
It incurred a budget deficit of P1.2 trillion in the first 11 months of 2024, as the revenue collection of P4.1 trillion was not enough to cover the expenditures amounting to P5.28 trillion.
President Ferdinand Marcos Jr. signed a budget of P6.326 trillion for 2025, lower than the Congress-approved P6.252 trillion.