Government hikes borrowings to P479 billion in February

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April 13, 2026 | 12:00am

MANILA, Philippines — The Marcos administration’s gross borrowings grew by 41 percent to P479 billion in February, driven by an increase in domestic issuances.

Data from the Bureau of the Treasury showed that the administration ramped up its gross borrowings by 41 percent to P478.77 billion from P339.55 billion in the same month in 2025 despite a sharp cut in foreign borrowings.

In February, the government’s domestic borrowings reached P468.24 billion, more than triple the P140.80 billion recorded in 2025. It was made up of P412.94 billion in fixed-rate Treasury bonds and P55.30 billion in Treasury bills.

On the other hand, foreign borrowings were slashed by 95 percent to P10.52 billion from P198.75 billion in the previous year, due to the P192-billion global bonds issued in February 2025.

In January, the Philippines raised $2.75 billion via a multi-tranche global bond issuance. The government raised $500 million from 5.5-year bonds, $1.5 billion from 10-year papers and $750 million from 25-year bonds.

For the two-month period, the government increased its borrowing by 60.5 percent to P887 billion from P553 billion a year ago.

The government more than doubled its local borrowings to P684.34 billion as of end-February, while foreign borrowings declined by 22 percent to P202.66 billion.

In 2026, the Marcos administration seeks to borrow P2.68 trillion, of which P2.05 trillion will come from domestic sources and P627.10 billion from external sources.