Gross borrowings rise to P2.65 trillion in 2025

THE National Government’s NG) gross borrowings rose by 3.48% to P2.65 trillion in 2025 as domestic debt went up amid increased issuances of securities, the Bureau of the Treasury (BTr) reported.

- Justine Irish D. Tabile Senior Reporter

Treasury data showed that gross borrowings rose from the P2.56 trillion recorded in 2024.

This was also slightly above the P2.6-trillion gross borrowing program for 2025, based on the 2026 Budget of Expenditures and Sources of Financing (BESF) document.

John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said that the increase in borrowings could be attributed to NG’s need to finance its budget deficit and fund priority spending.

"Increases in borrowings occur when NG issues new domestic securities or taps external financing to meet its financing requirements for the year," he said in a Viber message.

"Another factor could be timing and frontloading of borrowings. NG sometimes raises funds early in the year to secure favorable interest rates or build a liquidity buffer ahead of potential global financial volatility."

The Philippines’ budget deficit widened by 4.68% to P1.58 trillion in 2025, exceeding the P1.56-trillion ceiling set by the Development Budget Coordination Committee for the year.