National government debt rises to P19.66T in Sept

November 3, 2026

The national government’s outstanding debt rose to P19.66 trillion at the end of September 2026, as additional borrowings and peso depreciation increased the value of domestic and foreign-currency obligations.
The debt stock increased by P53.47 billion, or 0.27 percent, from P19.61 trillion at the end of August. From December 2025, government debt climbed 11.03 percent, or P1.95 trillion, underscoring the growing financing requirements of the national government.
Domestic obligations accounted for 67.39 percent of the total, while external debt made up the remaining 32.61 percent, according to the latest government data.
Domestic debt inched up 0.07 percent, or P8.78 billion, to P13.25 trillion from P13.24 trillion in August. The increase reflected P7.66 billion in net issuance of government securities and a P1.12-billion upward valuation adjustment on onshore dollar bonds due to peso depreciation against the US dollar.
On a year-to-date basis, domestic debt increased 9.34 percent, or P1.13 trillion, from P12.12 trillion at end-December 2025, reflecting cumulative borrowing and foreign-exchange valuation effects.
External debt grew faster, rising 0.70 percent, or P44.69 billion, to P6.41 trillion from P6.37 trillion a month earlier.
The increase included a P40.12-billion rise in the peso value of foreign-currency obligations due to the weaker peso and P9.27 billion in net external loan availments. These were partly offset by a P4.7-billion valuation decline resulting from favorable movements in other currencies against the US dollar.
Since December 2025, external debt has expanded 14.67 percent, or P820.43 billion, to P6.41 trillion. Net external borrowing accounted for P462.85 billion of the increase, while currency valuation effects contributed P357.58 billion.
Meanwhile, government-guaranteed obligations declined 0.04 percent, or P110 million, to P306.63 billion from August. They were down 11.01 percent, or P37.94 billion, from end-2025, reflecting net repayments of guaranteed external debt.