The National Government’s outstanding debt edged lower to P18.47 trillion as of end-April, marking its first monthly decline this year and snapping a six-month streak of record-high debt levels, as repayments of domestic obligations more than offset the impact of a weaker peso on foreign debt.

Data from the Bureau of the Treasury (BTr) showed the debt stock fell by P17.54 billion, or 0.09 percent, from the end-March level of P18.49 trillion.

Six-month run of record-high national debt ends

The April figure ended a six-month run of record-high national debt levels, which began in October last year, when the Treasury reported outstanding obligations by the government rose to P17.56 trillion. 

The March to April decline was largely driven by net domestic debt redemptions amounting to P121.64 billion. During the month, the government raised P283.24 billion through debt issuances but paid off P404.88 billion in maturing obligations.

Domestic debt stood at P12.41 trillion, down P119.18 billion, or 0.95 percent, from the previous month, accounting for 67.22 percent of the government’s total debt portfolio.

External debt rose by P101.65 billion

Meanwhile, the BTr said external debt rose by P101.64 billion, or 1.71 percent, to P6.06 trillion as the peso weakened to the P61 level against the US dollar by the end of April amid the Middle East conflict. The Treasury said the revaluation of foreign currency-denominated obligations added P101.72 billion to the debt stock, while net redemptions totaled only P0.08 billion.

The peso depreciated to P61.54 per US dollar at end-April from P60.678 at end-March, increasing the peso value of the government’s foreign obligations. The local currency remains within the P61 level as of press time, which implies foreign obligations may remain elevated should the energy shock persist.

Despite the month-on-month decline, the national debt remained 4.31 percent higher than the then-record P17.71 trillion posted at end-December 2025 and 10.25 percent above the P16.75 trillion posted a year earlier.

Government-guaranteed obligations up

Government-guaranteed obligations also inched up to P383.23 billion from P381.41 billion a month earlier, mainly due to foreign exchange movements affecting external guarantees. Treasury data showed guaranteed debt increased by P1.82 billion, or 0.48 percent, during the month.

The BTr added that repayments by the National Home Mortgage Finance Corp. and National Power Corp. partially offset the increase by reducing domestic guaranteed obligations.