Government borrowings surge 75% in November

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January 2, 2026 | 12:00am

MANILA, Philippines — The national government’s borrowings surged by 75 percent year-on-year in November 2025, with data from the Bureau of the Treasury (BTr) showing a higher domestic debt than foreign exchange-dependent credit.

Based on the national government’s financing from the Treasury, the country’s gross borrowings increased to P113.53 billion in November 2025 from P65.04 billion in the same period a year earlier.

Of this amount, gross domestic borrowings reached P78 billion in November last year, representing a nearly 60-percent increase compared to the P48.9 billion recorded in November 2024, underscoring a marked rise in domestic financing activities over the period.

On the other hand, gross external debt more than doubled to P35.53 billion in November last year, a significant increase from P16.2 billion recorded in 2024.

Lower amortization for domestic debts registered at P177 million, while external debt amortization accounted for P12.5 billion.

Amortization spending refers to the allocation of government funds specifically set aside for the purpose of repaying the principal amounts of outstanding loans, effectively reducing the overall debt burden and reflecting efforts to manage fiscal responsibility.

Local debt accounted for the majority of gross financing in November, comprising 68.7 percent of the total. External debt represented a smaller portion, constituting 31.3 percent of the total financing during the same period.

The national government plans to borrow P824 billion from the domestic market in the first quarter this year, according to the Treasury.

For the 11-month period in 2025, the government’s domestic gross borrowings expanded by 10.4 percent to P2.11 trillion from the P1.91 trillion recorded during the same time frame a year ago.

Meanwhile, external borrowings declined by 16.7 percent to P484.9 billion from P582.4 billion in the same period in 2024.

Latest data from the BTr showed that the national government’s outstanding debt inched up by less than one percent to P17.562 trillion by end-October last year.