PH Debt Hits Record P18.49 Trillion: Bakit Lumobo ang Utang ng Gobyerno
Philippine national government debt hit a record P18.49 trillion in March 2026 as peso weakness raised the value of foreign obligations.
The Philippines’ national government debt climbed to a new record high of P18.49 trillion as of end-March 2026, according to Bureau of the Treasury data reported by GMA News. The total rose from P18.16 trillion at the end of February, adding pressure to a public already watching prices, fuel costs, and the peso.
The Treasury said the increase was driven mainly by the peso’s weakness against the US dollar, which made foreign-currency debt more expensive when converted back into pesos. Net issuance of domestic government securities also added to the total debt balance.
Domestic debt reached P12.53 trillion, slightly higher than the previous month’s P12.48 trillion. The increase came after the government issued a net P46.72 billion in securities, while peso depreciation added P8.68 billion to the peso value of foreign-currency-denominated domestic securities.
External debt rose faster, hitting P5.95 trillion from P5.68 trillion in February. The Bureau of the Treasury said a P3.039 weakening in the peso-dollar exchange rate raised the peso value of foreign obligations by P299.50 billion, though this was partly offset by P2.55 billion in net repayments and P23.92 billion in downward revaluation of other currency debt.
The government has said it will keep prioritizing local borrowing to reduce exposure to international financial risks, with domestic borrowing still making up the bulk of sovereign debt. Source: GMA News
