The Philippine government’s total outstanding debt reached a record high of 19.07 trillion pesos at the end of June, according to Treasury data. This represents a 2.8% month‑over‑month rise from 18.55 trillion pesos at the end of May.
Year‑on‑year, the debt increased by 10.41% from 17.27 trillion pesos at the end of June 2025, and by 7.67% from 17.71 trillion pesos at the end of 2025. The June figure already exceeds the 19.06 trillion peso projection for the end of 2026 under the current budget plan.
The strengthening of the peso—up 21.1 centavos to 61.29 against the U.S. dollar—helped moderate the month‑on‑month increase in debt levels by lowering the peso value of foreign‑currency obligations.
Domestic borrowing accounts for 67.33% of the total debt stock, while external borrowing constitutes 32.67%. The government continues to favor domestic sources to reduce foreign‑exchange exposure and maintain a stable debt profile.
Domestic debt, almost entirely in government securities, rose 2.74% to 12.84 trillion pesos at the end of June from 12.5 trillion pesos at the end of May, and up 7.43% year‑over‑year from 11.95 trillion pesos. The increase was largely driven by a 342.93‑billion‑peso net issuance of securities, partially offset by a 600‑million‑peso valuation adjustment on onshore dollar bonds.
External debt climbed 2.92% to 6.23 trillion pesos at the end of June from 6.05 trillion pesos at the end of May, and surged 17.13% year‑over‑year from 5.32 trillion pesos. The rise reflects a 223.11‑billion‑peso net availability of external loans, while currency appreciation reduced the peso value of foreign‑currency obligations by 46.46 billion
