The Marcos administration plans to borrow ₱735 billion in the second quarter of 2025, a 17 percent increase over the first quarter's planned ₱629 billion, data from the Bureau of the Treasury (BTr) showed.
From April to June, the government intends to borrow ₱325 billion in Treasury bills (T-bills), a ₱61 billion or over 23 percent increase from the first quarter's ₱264 billion. T-bills will comprise over 44 percent of the total second-quarter debt offerings.
Meanwhile, Treasury bonds (T-bonds), or long-term government debt, will account for the larger share, nearly 56 percent, with planned borrowings of ₱410 billion. This is a ₱45 billion or over 12 percent increase from the first quarter’s ₱365 billion.
The second quarter’s domestic borrowing represents nearly 29 percent of the government's total planned borrowing of ₱2.545 trillion for 2025.
To maintain the 80:20 domestic-to-external borrowing mix, external debt should be approximately ₱184 billion, given the planned ₱735 billion total and ₱919 billion domestic ceiling.
In 2024, the Marcos administration's gross borrowings surged to ₱2.56 trillion, a ₱370 billion or nearly 17 percent increase from 2023's ₱2.19 trillion. This exceeded the planned ₱2.46 trillion by ₱100 billion, or over four percent.
Domestic debt alone rose by ₱290 billion to ₱1.92 trillion in 2024, an almost 18 percent jump. While this represented 75 percent of total borrowings, slightly above 2023's 74.5 percent, it still fell short of the 80:20 target.