The National Government’s outstanding debt saw a marginal increase to P17.46 trillion as of end-September 2025, with repayments outpacing new borrowings and market conditions remaining steady, the Bureau of the Treasury (BTr) reported Thursday, 30 October 2025. The figure reflects a slight rise of 1.1% from the previously reported amount of P17.27 trillion from the second quarter from end-June of this year.

According to the Treasury, the figure still shows outstanding debt on a downward trend, reflecting “sound fiscal discipline, strategic borrowing, and proactive liability management,” supported by robust domestic investor confidence.

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

Domestic debt dropped 0.9% month-on-month 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 peso depreciation.

Meanwhile, external debt rose slightly by 1.9% to P5.48 trillion, also due to the weaker peso, which outweighed net loan repayments and currency adjustments. Government guaranteed obligations were steady at P346.63 billion, showing minimal change from the previous month.

The BTr said the September figures affirm the Marcos administration’s “strong fiscal discipline and proactive debt management,” ensuring that borrowing remains sustainable and aligned with growth priorities.