THE national government’s (NG) outstanding debt climbed to a new record high of P19.61 trillion at the end of August, surpassing the previous record of P19.39 trillion set at end-July, Bureau of the Treasury data showed Wednesday.
The latest debt level was up 1.12 percent or P217.62 billion, from P19.39 trillion a month earlier. It was also 12.3 percent higher than the P17.47 trillion recorded a year earlier.
“The overall expansion reflected the combined effects of financing activities and valuation adjustments from foreign exchange movements,” the Treasury said.
Domestic debt accounted for 67.53 percent of the total, while external debt comprised the remaining 32.47 percent.
Domestic debt grew by 0.99 percent or P130.37 billion over the month to P13.24 trillion from P13.11 trillion at end-July. The increase was primarily driven by net issuances of government securities amounting to P127.85 billion, alongside a P2.52-billion rise in the peso value of onshore dollar bonds due to the depreciation of the peso.
External debt, meanwhile, climbed by 1.39 percent or P87.25 billion to P6.37 trillion from P6.28 trillion a month earlier.
The higher level was mainly attributable to a P90.32-billion gain in the peso value of foreign-currency-denominated debt due to the peso’s drop as well as P2.86 billion in net external loan availments.
This was partly offset by a P5.93-billion decline from favorable movements in third currencies against the dollar.
Meanwhile, NG's guaranteed obligations stood at P306.74 billion at the end of August, edging up 0.20 percent or P0.60 billion from P306.14 billion a month earlier.
The slight increase was primarily due to a P0.72-billion revaluation of external guarantees, partly offset by net repayments of P0.11 billion and P0.01 billion on external and domestic guarantees, respectively.
Compared with the end of December 2025, NG guaranteed obligations fell by 10.98 percent or P37.83 billion.
