The Philippine government’s total outstanding debt reached P18.16 trillion as of end-February 2026, up by P25.74 billion or 0.14 percent from the previous month.
It was also P1.53 trillion or 9.2 percent higher than P16.63 trillion registered in February 2025, according to the Bureau of the Treasury.
The modest uptick underscores what officials described as a “stable and well-managed debt position amid evolving global financial conditions.”
The government continued to prioritize domestic financing to shield the sovereign debt profile from external volatility, with domestic obligations now accounting for 68.7 percent of the total portfolio.
Domestic debt rose by P154.39 billion or 1.25 percent to reach P12.48 trillion compared to end-January 2026.
This increase was fueled by the issuance of P158.14 billion in new government securities to fund national development projects. The impact of currency fluctuations on foreign-denominated domestic securities was minimal, providing a P3.75 billion reduction in valuations.
External debt fell to P5.68 trillion, a 2.21 percent decrease representing P128.65 billion. The decline was largely the result of favorable exchange rate movements, which slashed the peso value of US dollar and third-currency obligations by P136.43 billion.
These valuation gains were enough to offset P7.78 billion in net external loan availments.
Despite the dip in the external debt stock, the government maintained strategic access to international markets. Total
external financing reached P203.10 billion by the end of February, supported by a successful USD2.75 billion triple-tranche global bond offering with tenors of 5.5, 10, and 25 years. Since the end of December 2025, external debt has grown by P88.98 billion or 1.59 percent.
Guaranteed obligations also saw an upward trend, rising 10.11 percent to P379.98 billion. The P34.90 billion increase from January was primarily attributed to new guarantees extended to the Power Sector Assets and Liabilities Management (PSALM) Corporation, though the rise was partially tempered by net repayments and currency adjustments.
