The Philippine government’s gross borrowings fell sharply in April 2026 as domestic debt issuances declined, data from the Bureau of the Treasury showed.
Gross borrowings dropped 66.6 percent to P130.19 billion from P390.06 billion in April 2025.
Domestic borrowings accounted for the bulk of the total but fell 68.2 percent to P122.28 billion from P384.71 billion a year earlier.
Fixed-rate Treasury bonds made up most of the local financing at P125.02 billion. This was partly offset by a net negative P2.74 billion position in Treasury bills.
External borrowings, meanwhile, rose 47.83 percent to P7.91 billion from ₱P5.35 billion in April 2025.
These consisted of P7.76 billion in project loans and P151 million in program loans.
Compared with March 2026, external financing declined sharply from P69.91 billion, while domestic borrowings more than doubled from P46.76 billion.
For the first four months of 2026, the national government’s gross borrowings reached P1.13 trillion