Domestic borrowings lift debt pile

The Marcos Jr. administration's debt stock owed to domestic lenders via government securities (GS) swelled to P12.05 trillion as of end-October 2025, slightly exceeding the full-year program, on the back of larger borrowings in both short-term and long-term IOUs.

- BY DERCO ROSAL

The latest data from the Bureau of the Treasury (BTr) as of Dec. 2, 2025, showed that the national government (NG) increased its outstanding domestic debt at end-October last year by P1.12 trillion, or 10.2 percent, from the end-2024 GS pile of P10.93 trillion.

Year-on-year, the increase amounted to a higher P1.16 trillion, or 10.7 percent, from P10.89 trillion at end-October 2024.

As of end-October last year, outstanding treasury bills (T-bills) stood at P938.4 billion, while treasury bonds (T-bonds) reached P11.11 trillion, including special issues such as retail treasury bonds (RTBs), benchmark bonds, 25-year Central Bank-Board of Liquidators (CB-BOL) bonds, 10-year agrarian reform (AR) bonds, as well as retail dollar bonds (RDBs).