The Philippines’ outstanding national debt rose to P18.49 trillion as of end-March 2026, driven largely by the weakening peso and increased issuance of government securities, according to the Bureau of the Treasury.
Latest Treasury data showed the debt stock increased by P328.43 billion, or 1.81 percent, from the end-February level.
On a year-on-year basis, the national debt expanded by 10.81 percent, equivalent to about P1.8-trillion higher than the level recorded in March 2025.
Domestic debt continued to account for the bulk of the government’s obligations, rising slightly to P12.53 trillion from the previous month.
The increase was attributed mainly to the net issuance of government securities amounting to P46.72 billion, along with an additional P8.68-billion increase in the peso value of foreign-denominated domestic debt due to currency depreciation.
Meanwhile, external debt posted a sharper increase of 4.81 percent, climbing to P5.95 trillion.
The Treasury said the weaker peso against the US dollar significantly inflated the value of foreign currency-denominated obligations, adding roughly P299.5 billion to the external debt balance.
The increase, however, was partially offset by net repayments amounting to P2.55 billion and favorable currency movements involving other foreign currencies, which reduced debt valuation by P23.92 billion.
Government-guaranteed obligations also edged higher to P381.41 billion from P379.98 billion recorded in February.
According to the Treasury, the peso’s depreciation added P4.53 billion to the value of external guarantees, although this was tempered by repayments and favorable foreign exchange adjustments in other currencies.
Since December 2025, government-guaranteed debt has increased by 10.69 percent, or P36.83 billion.