The Philippines’ total outstanding debt climbed to ₱17.71 trillion by the end of December 2025, according to data released by the Bureau of the Treasury (BTr).
The amount reflects an increase of ₱1.66 trillion, or 10.32%, from the ₱16.05 trillion recorded at the end of December 2024. The BTr attributed the rise to the government’s efforts to finance development programs, as well as the impact of the peso’s depreciation against the US dollar and other foreign currencies.
Despite the higher debt level, the Treasury said the country’s debt portfolio remains stable, with 68.4% sourced domestically.
By prioritizing peso-denominated financing, the government aims to reduce exposure to exchange rate volatility while keeping interest payments within the local economy.
Domestic debt rose to ₱12.12 trillion, up by ₱1.19 trillion or 10.85% year-on-year, driven by the net issuance of government securities through regular auctions and the offering of Retail Treasury Bond Tranche 31.
Meanwhile, external debt increased to ₱5.59 trillion, largely due to the issuance of new global bonds, additional borrowings from official development assistance, and the effects of unfavorable foreign exchange movements on foreign currency-denominated obligations.