The Philippines’ national debt inched up by P68.89 billion in April, bringing the total to P16.75 trillion, according to the Bureau of the Treasury (BTr). This marks a modest 0.41 percent increase from the previous month, driven largely by heightened domestic borrowings.
Since the start of the year, state liabilities have expanded by 4.37 percent or P701.37 billion. The government said the rise in obligations was necessary to cover a widening budget deficit but noted that a stronger peso helped temper the overall debt growth.
“The government continues to follow a disciplined debt strategy, ensuring that borrowings support productive investments while keeping fiscal sustainability,” the BTr stated.
Of the total debt stock, domestic borrowings accounted for 69.2 percent or P11.59 trillion—up 1.85 percent from March. The increase came on the back of strong demand for government securities, including the successful issuance of P300 billion in benchmark bonds.
Meanwhile, external debt fell by 2.68 percent to P5.16 trillion, largely due to a P124.74 billion reduction in the peso-equivalent of foreign liabilities as the local currency appreciated against the dollar. The BTr also noted that the government paid P58.28 billion more in foreign obligations than it borrowed during the month.
The Marcos administration plans to borrow P2.55 trillion this year to bridge a projected budget shortfall of P1.54 trillion, which is equivalent to 5.3 percent of GDP. Of this, P2.04 trillion is expected to come from domestic sources, while P507.41 billion will be raised from foreign creditors.
