March 5, 2026
MANILA – The Philippine government’s outstanding debt continued to swell in January, rising to P18.13 trillion as fiscal managers front-loaded borrowings ahead of mounting global market uncertainties.
Latest data from the Bureau of the Treasury (BTr) showed that the country’s debt as of end-January was 2.41 percent higher than the previous month and 11.15 percent higher than the same period last year.
READ: Philippine debt swells to new high of P17.71T
lthough this marked a fresh peak, the debt level remains within the Marcos administration’s P19.06-trillion full-year borrowing program for 2026.
“This level remains sustainable amid pressing challenges in the domestic and global landscape,” the BTr said.
“The month-on-month increase mainly reflects the government’s strategy of front-loading domestic and external issuances to secure concessional financing terms ahead of global market uncertainties that can further raise interest costs,” it added.
READ: Moody’s, Fitch flag high Philippine debt, interest payments
Domestic debt rose 1.72 percent month on month to P12.32 trillion, while external obligations increased 3.89 percent to P5.81 trillion.