Gov't foreign borrowing cut, domestic debt rises at end-Oct.

The national government’s new debt pile grew to ₱2.48 trillion as of the end of October, despite a reduction in foreign borrowings, a figure at risk of expanding further due to the recent weakening of the peso.

- DERCO ROSAL

Data from the Bureau of the Treasury (BTr) showed that the government's total borrowings as of end-October increased by ₱53 billion or 2.2 percent to ₱2.48 trillion from ₱2.43 trillion in the same period last year.

National Treasurer Sharon P. Almanza told reporters the recent slump of the Philippine peso could affect the revaluation of the country’s dollar-denominated borrowings.

Such an adjustment could inflate the gross debt close to or above the year-end outstanding debt target of ₱17.35 trillion.

At end-October, gross borrowings accounted for 95.4 percent of the government’s total planned financing of P2.6 trillion for 2025, which was adjusted upward from ₱2.57 trillion previously.