The Marcos administration’s financing program surged in August, fueled by the record-breaking sale of retail treasury bonds (RTBs), pushing total borrowings for the year close to its target, Inquirer.net reported.
Data from the Bureau of the Treasury showed gross financing in August climbed to ₱508.5 billion, almost triple the amount recorded in the same month last year. This brought borrowings in the first eight months of 2025 to ₱2.3 trillion—already 88 percent of the government’s ₱2.6-trillion annual goal.
Domestic financing drove the increase, jumping nearly 200 percent to ₱498 billion in August. Of this, a massive ₱425 billion came from retail treasury bonds maturing in 2030, which were also offered through digital channels such as GCash to attract small investors. Additional amounts were raised from ₱12.6 billion in Treasury bills and ₱60 billion in long-term bonds.
From January to August, the government has already secured ₱1.8 trillion from the local market, equal to 85 percent of its ₱2.1-trillion domestic borrowing program for the year.
External financing also grew by 48 percent to ₱10.3 billion in August, largely from a concessional project loan. This pushed foreign borrowings to ₱426 billion in the first eight months, up 51 percent from last year and covering 87 percent of the annual target.
The government has projected a ₱1.6-trillion budget deficit this year, equivalent to 5.5 percent of gross domestic product. For the fourth quarter, it plans to raise ₱437 billion in local financing, a significant drop from the ₱690 billion raised in the third quarter.
By year’s end, outstanding obligations are expected to reach ₱17.36 trillion, climbing further to ₱19.1 trillion by 2026.
