National government debt rises to P19.61 trillion in August

The national government’s outstanding debt climbed to P19.61 trillion at end-August, up 1.12 percent, or P217.62 billion, from the previous month, as both domestic and external obligations increased, according to the Bureau of the Treasury.

The debt stock was also 10.72 percent, or P1.9 trillion, higher than the P17.71 trillion recorded at end-December 2025. Domestic debt accounted for 67.53 percent of the total, while external obligations made up the remaining 32.47 percent.

Domestic debt rose 0.99 percent, or P130.37 billion, during August to P13.24 trillion from P13.11 trillion in July.

Net government securities

The increase was mainly due to net government securities issuances totaling P127.85 billion. The depreciation of the peso against the US dollar also increased the peso value of Onshore Dollar Bonds by P2.52 billion.

On a year-to-date basis, domestic debt increased 9.27 percent, or P1.12 trillion, from P12.12 trillion at end-December 2025.

The Treasury said the increase reflected the cumulative effect of financing activities as well as valuation effects from exchange-rate movements.

External debt, meanwhile, increased 1.39 percent, or P87.25 billion, to P6.37 trillion in August from P6.28 trillion in July.

The increase was mainly attributed to a P90.32-billion rise in the peso value of foreign-currency-denominated debt due to peso depreciation against the US dollar, as well as P2.86 billion in net external loan availments.

These increases were partly offset by a P5.93-billion decline resulting from favorable movements in third currencies against the US dollar.

Compared with end-December 2025, external debt was up 13.87 percent, or P775.74 billion, from P5.59 trillion.

Net external borrowings

The year-to-date increase resulted from net external borrowings of P452.92 billion and valuation effects from adverse exchange-rate movements amounting to P322.82 billion.

Meanwhile, national government-guaranteed obligations stood at P306.74 billion at end-August, slightly higher by 0.20 percent, or P600 million, from P306.14 billion a month earlier.

The increase was primarily due to a P720-million rise in the peso valuation of external guarantees, partly offset by net repayments of P110 million on external guarantees and P10 million on domestic guarantees.

Despite the monthly increase, guaranteed obligations were 10.98 percent, or P37.83 billion, lower than the P344.57 billion recorded at end-December 2025.

Highest level

The latest figures put the government’s total outstanding debt at its highest level for the year so far. The Treasury regularly reports the debt stock as part of its monitoring of the government’s financing position.