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Philippine Debt Hits Record P19.39 Trillion, Weaker Peso Contributes
The Philippine government's outstanding debt reached a new record high of P19.39 trillion as of end-July, primarily driven by new borrowings and the peso's depreciation against the US dollar. This figure is equivalent to approximately 98 percent of the government's revised debt program for 2026.
The national government's outstanding debt climbed again to a fresh record high of P19.39 trillion as of end-July, driven by new borrowings and the continued depreciation of the peso, the Bureau of the Treasury (BTr) said on Thursday. The latest debt level is already equivalent to about 98 percent of the government’s revised P19.765-trillion debt program for 2026. Broken down, domestic debt rose by 2.11 percent to P13.11 trillion, while external debt edged up by 0.84 percent to P6.28 trillion. The weaker peso also increased the peso value of the government’s foreign currency-denominated obligations. By July 30, the local currency had depreciated to P61.290 against the US dollar. INQ
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