The outstanding debt of the national government increased to P16.753 trillion as of end-April 2025, a 0.41 percent or P68.69 billion rise from the previous month. The April figure was 4.4 percent higher than the P15.017 trillion posted in the year-earlier period.
The month-on-month expansion in NG debt was tempered growth by the significant appreciation of the peso, which offset the peso value of new borrowings aligned with the government’s fiscal program.
Despite the rise in nominal debt, fiscal authorities emphasized that the country’s debt strategy remains anchored on sustainability. Borrowings continue to be channeled toward productive investments, with a clear focus on maintaining macroeconomic stability and improving the long-term debt profile.
The administration remains committed to reducing the debt-to-gross domestic product ratio to below 60 percent by the end of the term of President Ferdinand Marcos Jr., a key fiscal target. Officials also pointed to the steady narrowing of the fiscal deficit, which is on track to fall to 3.8 percent of GDP by 2028.
Domestic debt climbed to P11.59 trillion, up 1.9 percent or P211.02 billion from March. The increase was driven by strong investor demand for government securities, including P300 billion in benchmark bonds—underscoring continued market confidence in the country’s fiscal and economic trajectory. Peso strength also trimmed P3.85 billion from the value of dollar-denominated domestic obligations.
Conversely, external debt declined to P5.16 trillion, down 2.7 percent or P142.33 billion from March. This was primarily due to the peso’s appreciation, which shaved P124.74 billion off the peso value of foreign obligations, alongside net repayments of P58.28 billion.
With resilient economic growth, favorable debt metrics, and steady investor interest, the Philippines continues to maintain sound market access at competitive rates—supporting its fiscal goals while reinforcing economic credibility.
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