The Philippine government's outstanding debt reached a new high of P16.09 trillion in November 2024, driven by net financing and the depreciation of the peso against the US dollar.
The Philippine government’s outstanding debt reached P16.09 trillion as of end-November 2024. The debt portfolio increased by 0.4 percent or P70.70 billion from the end of October 2024 level due to net financing and the impact of local currency depreciation on the valuation of foreign-currency-denominated debt. The peso depreciated against the US dollar from 58.198 as of the end of October 2024 to 58.602 as of the end of November 2024.
Data from the Bureau of the Treasury showed that of the total debt stock, 67.87 percent represented domestic securities, while 32.13 percent consisted of external obligations. The end-November domestic debt amounted to P10.92 trillion, 0.3 percent or P31.82 billion higher than the end of October 2024 level. The increment resulted from the P30.67 billion net issuance of domestic securities and a P1.15 billion effect of peso depreciation on US dollar-denominated domestic debt. The government’s external debt stood at P5.17 trillion, reflecting a 0.8 percent or P38.88 billion increase from the end of October 2024 level. The significant depreciation of the peso led to a P35.61-billion escalation in the local valuation of US dollar-denominated debt, while net foreign loan availments added P8.33 billion. Meanwhile, favorable third-currency movements relative to the US dollar reduced external debt by P5.06 billion. Since the start of the year, external debt has risen by 12.4 percent or P570.97 billion compared with the end of December 2023 level. Government-guaranteed obligations totaled P422.04 billion as of the end of November 2024, reflecting a 2.5 percent or P10.28 billion increase from its end of October 2024 level
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