The Philippine government’s outstanding debt reached a record high of ₱19.66 trillion at the end of September 2026, according to the Bureau of the Treasury (BTr).
This reflects a 0.27% increase, or an addition of ₱53.47 billion, compared to the ₱19.61 trillion recorded in August. Since the close of December 2025, total government debt has grown by 11.03%, or ₱1.95 trillion, up from ₱17.71 trillion.
Domestic obligations comprised the majority of the national debt stock at 67.39%, amounting to ₱13.25 trillion. External debt made up the remaining 32.61%, totaling ₱6.41 trillion.
Breakdown of Debt Components
- Domestic Debt: Domestic borrowings inched up by 0.07% (PHP8.78 billion) from ₱13.24 trillion in August. This growth was driven primarily by the net issuance of government securities worth ₱7.66 billion, alongside ₱1.12 billion added by the peso’s depreciation against the US dollar on Onshore Dollar Bonds (ODBs). On a year-to-date basis, domestic debt expanded by 9.34%, or ₱1.13 trillion, from ₱12.12 trillion at the end of 2025.
- External Debt: External obligations rose by 0.70% (PHP44.69 billion) from August to September, moving from ₱6.37 trillion to & 6.41 trillion. The increase was mainly caused by a ₱40.12-billion jump in the peso value of foreign currency-denominated debt due to local currency depreciation, plus ₱9.27 billion in net loan availments. These factors were partially offset by a ₱4.7-billion valuation drop from favorable third-currency movements against the US dollar. Compared to the end of December 2025, external debt grew by 14.67% (PHP820.43 billion), driven by net external borrowings of ₱462.85 billion and exchange rate valuation effects of ₱357.58 billion.
- Guaranteed Obligations: National government guaranteed obligations dipped slightly by 0.04% (₱110 million) to ₱306.63 billion in September from August’s ₱306.74 billion. This contraction stemmed from ₱1.21 billion in net repayments of external guarantees, slightly offset by ₱1.1 billion in currency adjustments. Compared to December 2025 levels of ₱344.57 billion, guaranteed obligations decreased by 11.01%, or ₱37.94 billion.