The Philippines’ total outstanding debt reached a record ₱19.66 trillion at the end of September, driven by additional government borrowing and the peso’s depreciation against the U.S. dollar, the Bureau of the Treasury said.
The amount was ₱53.47 billion, or 0.27%, higher than the ₱19.61 trillion recorded in August. The country’s debt has increased by nearly ₱2 trillion since the end of 2025.
Domestic debt accounted for ₱13.25 trillion, while foreign debt totaled ₱6.41 trillion.
The Treasury said the weaker peso added ₱40.12 billion to the peso value of the government’s foreign debt in September. Because some obligations are denominated in U.S. dollars, depreciation means the government needs more pesos to cover the same dollar amount.
For a $1 million debt, the peso equivalent rises from ₱60 million to ₱64 million when the exchange rate moves from ₱60 to ₱64 per dollar.
Foreign debt also increased because of ₱9.27 billion in net external borrowing during the month.
From ₱17.71 trillion at the end of 2025, the country’s total debt rose by ₱1.95 trillion in the first nine months of 2026.
The government continues to borrow to cover its funding shortfall, as planned expenditures for the year exceed expected revenue collections.
