The Philippines’ total outstanding debt reached a new record high of P18.13 trillion in January 2026, according to data released by the Bureau of the Treasury (BTr).
The figure represents an increase of 11.2 percent compared to the country’s total debt in January 2025, which stood at P16.31 trillion.
The Bureau of the Treasury said the rise in the national debt remains manageable despite the increase, citing ongoing economic challenges both domestically and globally.
According to the BTr, the country’s total debt consists of both domestic and external borrowings.
Of the P18.13 trillion total, domestic debt accounted for P12.32 trillion. Meanwhile, external obligations reached P5.81 trillion.
Domestic debt refers to borrowings sourced within the country, while external debt includes loans obtained from foreign lenders and international financial institutions.
Economic managers of the government said the increase in the national debt should not automatically be a cause for concern.
They explained that rising debt levels can remain sustainable as long as economic growth continues to outpace the pace of borrowing.
Officials added that the government has not yet reached its full-year borrowing program target for the current administration.
The administration’s borrowing program is set at P19.06 trillion for the year.
Authorities said borrowing remains part of the government’s fiscal strategy to support economic activities and address financial requirements.
The Bureau of the Treasury also noted that monitoring the balance between economic growth and borrowing levels remains an important factor in maintaining fiscal stability.
Government economic managers maintained that debt sustainability is assessed based on the country’s economic performance and its capacity to meet financial obligations.
Officials said the government continues to manage the country’s fiscal position while responding to both domestic and global economic conditions.
