Gov't debt climbs to record P17.7 T

The national government's outstanding debt climbed to a record high of P17.71 trillion at the end of 2025 as authorities tapped both domestic and external financing to fund development programs amid unfavorable currency movements.

- KEISHA TA-ASAN

Data released by the Bureau of the Treasury (BTr) showed that the latest debt figure rose by 10.3 percent from P16.05 trillion in 2024. It was also 0.3 percent higher than the P17.65 trillion as of November 2025.

The Marcos administration has added a total of P4.91 trillion to the country’s debt stock since taking office in July 2022.

“The increase is due to the government’s strategic net issuance of debt instruments to fund development programs, as well as the valuation effects of peso depreciation against the dollar and third currencies,” the BTr said.

The peso also weakened against major currencies between end-2024 and end-2025, depreciating against the dollar, euro and Japanese yen, which added to the peso value of foreign-denominated debt.