The Philippine government’s debt stock eased at the end of September but continued to stand higher than the state’s full-year assumption, according to the latest Treasury figures.
Data showed the national government’s outstanding obligations reached ₱17.46 trillion as of end-September 2025, slightly lower than August’s level of ₱17.47 trillion. Despite the dip, the total still exceeded earlier government projections for the year.
Treasury records and BusinessWorld data illustrate how the debt climbed from ₱15.89 trillion in September 2024 to August 2025’s peak before easing in September. The bulk of the borrowings came from domestic lenders at ₱11.97 trillion, driven mainly by government securities. External obligations amounted to ₱5.48 trillion, comprised of loans and foreign-issued bonds.
Earlier Treasury reports also showed the upward path through 2025, including ₱16.31 trillion in January and ₱16.92 trillion by May, before rising past the ₱17-trillion mark in the second half of the year. The debt-to-GDP ratio climbed to about 63 percent by end-June 2025, one of the highest levels since the mid-2000s.
Government officials have repeatedly highlighted efforts to manage borrowing levels and support economic recovery. Based on Treasury data, public debt remains anchored on domestic financing due to lower foreign-exchange risk exposure and a more developed local bond market.
Figures from the Bureau of the Treasury (as of Oct. 30, 2025) show that government securities continue to make up the largest share of obligations, while external borrowing climbed steadily year-on-year, reflecting both financing needs and global market conditions.
