The Philippine government is set to borrow ₱629 billion from the domestic market in the first quarter of 2025, aiming to benefit from favorable yields following the Bangko Sentral ng Pilipinas’ recent policy rate cuts.
The Bureau of the Treasury announced plans to raise ₱264 billion through weekly auctions of 91-day, 182-day, and 364-day Treasury bills (T-bills) from January to March. Another ₱365 billion will be sourced from the sale of three- to 25-year Treasury bonds (T-bonds), which will be auctioned every Tuesday.
This borrowing strategy is part of the administration’s initiatives to strengthen domestic debt management and further develop the local capital market. The government continues to rely on domestic creditors to address its budget deficit, prioritizing local sources over foreign obligations.
From January to October 2024, the government’s gross borrowings reached ₱2.43 trillion, marking a 22.7 percent increase from the ₱1.98 trillion recorded in the same period in 2023. Domestic sources accounted for ₱1.86 trillion, while offshore financing contributed ₱566.25 billion.
For 2025, the borrowing program is slightly reduced to ₱2.55 trillion, with domestic borrowing remaining a priority. As of October 2024, the country’s total debt climbed to a record ₱16.02 trillion, with 68 percent sourced locally and 32 percent from external creditors.
