Philippine Debt Stock projected to dip with Domestic Maturities

The Philippines’ outstanding debt is expected to decline by the end of 2025 as the government settles major obligations and tapers off its borrowing program, according to the Bureau of the Treasury (BTr).

Latest figures show that the national debt stood at P17.56 trillion as of end-July 2025. The Treasury said this amount could be reduced once the government repays P814.2 billion worth of domestic bonds maturing in December. Fundraising activities are also expected to slow in the coming months.

BTr data indicated that 76 percent of borrowings during the period were sourced locally, while the remaining 24 percent came from external creditors. Officials said the strategy is meant to limit exposure to foreign exchange volatility.

“The government will strictly adhere to its refined Medium-Term Fiscal Program to remain on track with its targets, ensuring fiscal prudence and long-term debt sustainability,” the Treasury said.

Authorities added that borrowings remain geared toward financing infrastructure, education, healthcare, agriculture, and social services. The administration has emphasized its focus on fiscal discipline to maintain investor confidence and support economic growth.