The Philippines’ total outstanding debt rose to ₱16.63 trillion by the end of February, the Bureau of the Treasury reported on Tuesday, marking a ₱319.26 billion increase from January.
This 1.96% month-on-month jump was mainly driven by fresh borrowings intended to fund government programs and infrastructure projects. However, the Treasury noted that the peso’s appreciation against the US dollar helped cushion what could have been a larger increase.
The local currency strengthened to ₱57.99 per dollar in February, from ₱58.375 in January, trimming the peso value of the country’s foreign loans.
As of February, domestic borrowings made up 67.5% of the total debt stock, or ₱11.22 trillion — higher by ₱139.62 billion from the previous month. Foreign debt accounted for 32.5%, totaling ₱5.41 trillion, up by ₱179.64 billion.
Treasury officials said this debt composition strategy aims to limit exposure to global financial shocks while capitalizing on strong liquidity in the domestic market.
Economic managers remain confident that the rising debt remains under control. Finance Secretary Ralph Recto earlier said that as long as the economy continues to grow at a faster pace than the debt, there is little cause for concern.
