The Bureau of the Treasury (BTr) showed that the Philippine government’s total outstanding debt grew to P17.56 trillion in October, driven by net new borrowings both domestic and overseas, and the depreciation of the peso.

The latest figure reflects a 9.62% increase from the P16.020 trillion in the same period of 2024, and is 0.61% higher than the P17.455 trillion in September.

“The expansion was driven by net issuances of domestic and external liabilities, as well as due to the upward revaluation of the effects of the weaker peso against the US dollar,” the BTr said.

The Philippine peso closed October 1, 2025 at P58.12:$1, and ended October 30, the last trading day of the month, at P58.58:$1. This compares with the close of P56.145:$1 on October 1, 2024, and P58.31:$1 on October 31, 2024.

Domestic debt accounted for 68.6% of the total debt stock, as it increased 0.60% month-on-month to P12.05 trillion. Net issues of government securities for the month stood at P70.65 billion, with peso depreciation adding P1.78 billion to the local currency valuation of retail dollar bonds.

External obligations amounted to P5.52 trillion to reflect a 0.63% increase as net availment of loans was recorded at P8.25 billion, and upward net adjustments in the peso equivalent of foreign currency debt stood at P26.10 billion.

The depreciation of the peso also added P58.64 billion to the debt total, which was partly offset by the peso’s appreciation against third currencies of P32.54 billion.

Guaranteed liabilities declined 0.64% to P344.41 billion, with the total reduced by P1.25-billion net repayments and the P0.97-billion lower valuation of foreign currency guarantees.