PH debt climbs to record ₱16.7 trillion

The national government's debt reached a new record high of P16.68 trillion as of end-March 2025, bloating by 0.31 percent from P16.63 trillion in the previous month, according to the Bureau of the Treasury (BTr).

- By DERCO ROSAL

As of end-March, 68.2 percent of the Philippines' public debt was sourced locally, while 31.8 percent came from external creditors. This fell significantly short of the 80:20 planned borrowing mix—80-percent domestic, 20-percent foreign debt.

Still, this borrowing mix “reflects a prudent approach to debt management to help mitigate exposure to external risks while taking advantage of the country’s liquid domestic market,” according to the BTr.

Domestic debt reached P11.38 trillion as of end-March, up by 1.4 percent or P155.8 billion from February. This was mainly due to “strong” investor demand for government securities, while the peso’s appreciation slightly tempered the increase.

The BTr argued that the recent credit rating upgrades and reaffirmations reflect strong investor confidence in its economic fundamentals, boosting demand for Philippine bonds.