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Manila Bulletin devider Business devider Banking & Finance devider Gov't debt surges to record ₱18.5 trillion on peso slump

Gov't debt surges to record ₱18.5 trillion on peso slump

Published May 6, 2026 09:01 pm
The government’s outstanding debt surged to a fresh record high of ₱18.49 trillion at the end of March as weakening peso inflated the cost of foreign obligations and local borrowing continued, according to the Bureau of the Treasury data.
The debt stock increased by ₱328.4 billion, or 1.8 percent, from the ₱18.16 trillion recorded at the end of February, the Treasury said in a statement released on Wednesday, May 6. 
Domestic obligations, which accounted for 67.8 percent of the total debt portfolio, rose 0.4 percent to ₱12.53 trillion from the prior month. The Treasury attributed the increase primarily to the net issuance of ₱46.7 billion in government securities.
Meanwhile, the local currency’s slide added ₱8.7 billion to the value of foreign-currency denominated domestic debt.
The impact of the currency's depreciation was even more pronounced on external debt, which jumped 4.8 percent to ₱5.95 trillion. The peso weakened significantly during the period, closing March at ₱60.678 against the US dollar compared to ₱57.639 at the end of February.
This ₱3.039 depreciation alone inflated the value of foreign obligations by ₱299.5 billion. The currency-driven surge was only partially mitigated by ₱2.6 billion in net repayments and a ₱23.9 billion downward revaluation of debt denominated in third currencies.
Government-guaranteed obligations also edged up, rising 0.4 percent from February to ₱381.4 billion. The depreciation of the peso added ₱4.5 billion to the value of external guarantees, overshadowing ₱2.3 billion in net repayments and a ₱840 million reduction stemming from third-currency movements. Compared with December 2025, guaranteed debt has expanded by 10.7 percent. (Derco Rosal)

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