New record-high: Gov’t debt rose to P16.31T in January

MANILA, Philippines — The government’s outstanding debt rose to a new record-high of P16.31 trillion in January, after the state added more borrowings while the peso is weak.

Latest data from the Bureau of the Treasury showed the debt pile increased by 1.63 percent or P261.47 billion month-on-month in January.

READ: New high: Gov’t debt topped P16 trillion in November

Explaining the increase, the Treasury said local obligations rose by 1.41 percent to P11.08 trillion, accounting for the bulk of the total liabilities.

External debt, meanwhile, grew by 2.10 percent to P5.23 trillion.

“The month-over-month rise in debt stock was due to the net incurrence of new domestic and external debt, as well as the impact of peso depreciation against the US dollar from P57.847 at the end of 2024 to P58.375 at the end of January 2025,” the Treasury said.