The Philippine government borrowed a total of P192.31 billion in May 2025, a sharp 26% decline from the same period last year, as it skipped issuing global bonds during the month.
Data released by the Bureau of the Treasury pointed to the absence of dollar-denominated bond offerings—worth $2 billion or roughly P115.25 billion in May 2024—as the key reason for the drop.
Despite this, domestic borrowing remained robust, accounting for 97% of the total. Local lenders provided P186.06 billion, a 41% increase from the previous year. Most of this came from fixed-rate Treasury bonds at P159.76 billion, while the remaining P26.3 billion was raised through short-term T-bills.
Meanwhile, foreign debt took a steep dive, with external loans amounting to just P6.25 billion in May—all coming from project-based financing. This was a significant 95% drop from P127.61 billion last year.
From January to May, total borrowings reached P1.33 trillion, down 7% compared to the same five-month period in 2024. Domestic debt slipped 13% to P1.02 trillion, but offshore financing saw a 22% increase, totaling P305.94 billion.
As of end-May, the government has already used up over half—52%—of its P2.55-trillion borrowing target for 2025.
