The national government’s outstanding debt grew by P1.56 trillion over one year to P17.46 trillion last September 2025, based on the latest figures of the Bureau of Treasury.

The year-on-year increase was attributed to a P1.036 trillion jump in the sale of government securities or state debt papers such as Treasury bills.

The BTr statement, however, highlighted the slight P13.09 billion decrease compared August or a 0.07 percent reduction.

It said repayments outpaced new borrowings and market conditions remained steady.

The figure reflected a slight rise of 1.1 percent from the previously reported P17.27 trillion for the second quarter to end-June of this year.

With the current debt level, each Filipino has a theoretical obligation of P145,500, an amount which an average employee, getting minimum pay, earns after more than half a year.

Still, the Bureau of Treasury claims the domestic debts were on a downtrend, reflecting “sound fiscal discipline, strategic borrowing, and proactive liability management,” supported by robust domestic investor confidence.

Local debts dropped 0.9 percent from August to P11.97 trillion as repayments exceeded new issuances by P117.29 billion. This decline more than offset the P3.16 billion upward adjustment caused by the peso depreciation

Domestic borrowings accounted for 68.6 percent of the total, consistent with the government’s strategy of reducing exposure to foreign exchange risks while strengthening local capital markets.

Meanwhile, external debt rose slightly by 1.9 percent to P5.48 trillion, also due to the weaker peso, which outweighed net loan repayments and currency adjustments.