National government debt declines to P17.46-T in September

The national government’s total outstanding debt continued its slight decline, settling at ₱17.46 trillion as of end-September 2025, down from ₱17.47 trillion in August, according to the Bureau of the Treasury (BTr).

In a statement Thursday, the BTr said the marginal decrease reflected the government’s “sound fiscal discipline, strategic borrowing strategy, and proactive liability management,” supported by stable market conditions and strong domestic investor confidence.

Domestic borrowings continued to account for more than 60 percent of the total debt, consistent with the government’s policy of minimizing foreign exchange risks and strengthening the domestic capital market.

The BTr said domestic debt dropped by 0.9 percent to ₱11.97 trillion, as repayments exceeded new issuances by ₱117.29 billion. This more than offset the ₱3.16 billion upward revaluation from peso depreciation against retail dollar bonds.

External debt, meanwhile, rose by 1.9 percent to ₱5.48 trillion, largely due to the weaker peso.

Guaranteed obligations remained broadly stable at ₱346.63 billion, a slight 0.05 percent increase from the previous month. The BTr attributed this to a ₱1.75 billion upward revaluation due to peso depreciation, partially offset by ₱1.33 billion in combined net repayments and a ₱0.25 billion downward adjustment from third-currency movements.

“Overall, the September figures affirm the Marcos Jr. administration’s strong fiscal discipline and proactive debt management, ensuring that government financing remains sustainable, strategic, and supportive of the country’s growth priorities,” the BTr said.