.png){kind=logo}
3 weeks ago
16
Upgrade to High-Speed Internet for only ₱1499/month!
Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.
Visit Suniway.ph to learn
Marco Luis Beech - The Philippine Star
December 24, 2025 | 12:00am
In an updated memorandum to all government security dealers, the BTr announced its plan to raise P824 billion through the issuance of short-term Treasury bills (T-bills) and long-term Treasury bonds (T-bonds) from January to March as part of its borrowing program.
Philstar.com / Irra Lising
In first quarter of 2026
MANILA, Philippines — The national government plans to borrow more than P800 billion from the domestic market in the first quarter of next year, according to the Bureau of the Treasury (BTr).
In an updated memorandum to all government security dealers, the BTr announced its plan to raise P824 billion through the issuance of short-term Treasury bills (T-bills) and long-term Treasury bonds (T-bonds) from January to March as part of its borrowing program.
The government plans to auction P324 billion worth of T-bills in the first quarter of next year, set at P108 billion each month.
Meanwhile, the government plans to raise as much as P500 billion from the issuance of T-bonds with maturities ranging from three to 25 years. The government plans to raise up to P160 billion in January, P200 billion in February and P140 billion in March.
The Marcos administration’s first quarter borrowing plan is 88 percent higher than the P437 billion programmed for the last quarter of 2025. It is also 31 percent higher than the P629 billion in the first quarter of 2025, reflecting higher funding requirements for next year.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the increase in borrowing plan could also be attributed to the national government’s catch-up spending program, which aims to offset the disruptions caused by anomalous flood control infrastructure projects.
“Also, a function of maturing government securities, particularly maturing T-bonds with at least P200 billion in February since the principal payment needs to be paid by then,” he said.
The national government’s net borrowings for 2026 are set at P2.682 trillion, comprising P2.05 trillion in gross domestic borrowings and P627.1 billion in gross foreign borrowings.
Ricafort said the new government securities issuance is also a function of the national government’s borrowing mix and to determine the national government borrowings needed to finance the budget deficit, partly through the issuance of T-bills and T-bonds.
“Most of the national government’s borrowing mix will come from the local or domestic market to prevent foreign exchange risks, mainly through government securities,’’ he said.
Recent data from the BTr showed that the country’s outstanding debt reached P17.562 trillion as of end-October, exceeding the full-year assumption of P17.35 trillion.
The national government’s outstanding debt is expected to breach P19 trillion next year, based on the Budget of Expenditures and Sources of Financing for fiscal year 2026.
