PH borrowings near ₱2.6-T cap

The Marcos Jr. administration’s gross borrowings as of end-November 2025 have already surpassed 2024’s full-year total and are at high risk of breaching last year’s target of P2.6 trillion.

- BY DERCO ROSAL

The latest data from the Bureau of the Treasury (BTr) showed that the government’s borrowings during the first 11 months of 2025 already exceeded the total 2024 amount of P2.56 trillion by 1.3 percent, reaching P2.59 trillion.

Year-on-year, gross borrowings rose by 4.1 percent from P2.49 trillion at end-November 2024.

National Treasurer Sharon P. Almanza told Manila Bulletin last Monday, Dec. 29, that the government attained its planned borrowings from domestic lenders, but its program for foreign debt remains indicative as fund releases rely on project implementation.

"For our domestic borrowing, we attained our planned borrowings. For our external financing, however, the target is indicative, especially for project loans, since disbursements depend on the implementation of the projects," Almanza said.

"Also, the foreign exchange (forex) valuation has an impact on the peso value of the external borrowing," the National Treasurer further said, noting that "actual results will be available once we close our books [in 2026]."