THE national government’s gross borrowings were nearly unchanged at P2.39 trillion in the first nine months of 2026, as an increase in external borrowing was offset by a decline in domestic borrowing, data from the Bureau of the Treasury (BTr) showed.
Total gross borrowings reached P2.394 trillion from January to September, slightly lower than the P2.395 trillion recorded in the same period last year.
Gross external borrowings amounted to P600.04 billion in the first nine months of 2026, up from P434.60 billion in the same period in 2025. It comprised P118.75 billion in project loans, P166.92 billion in program loans and P314.37 billion in global bond proceeds.
In contrast, gross domestic borrowings declined to P1.793 trillion from P1.960 trillion a year earlier. This consisted of P424.98 billion in Treasury bills and P1.37 trillion in fixed-rate Treasury bonds.
In September alone, the national government raised P139.45 billion in gross borrowings, 8.2 percent higher than the P128.91 billion recorded in September 2025.
Gross external borrowings reached P21.85 billion in September, markedly up by 161.1 percent from P8.37 billion a year earlier. It is also higher than the P13.34 billion recorded a month earlier.
Meanwhile, gross domestic borrowings fell to P117.60 billion from P120.55 billion and P127.93 billion in September 2025 and August 2026, respectively.
The national government’s outstanding debt climbed to a new record high of P19.61 trillion at the end of August, up 1.12 percent from P19.39 trillion a month earlier. It was also 12.3 percent higher than the P17.47 trillion recorded a year earlier.
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.
External debt, meanwhile, climbed by 1.39 percent or P87.25 billion to P6.37 trillion from P6.28 trillion a month earlier.
