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Government debt slightly down in December
The Philippine national government’s total outstanding debt reached PHP 16.05 trillion in December 2023, marking a 0.24% decrease from PHP 16.09 trillion in the previous month. According to the Bureau of the Treasury (BTr), this figure closely aligns with the 2025 Budget of Expenditures and Sources Financing projection of PHP 16.06 trillion. Data from the BTr revealed that PHP10.93 trillion of the total debt came from domestic sources, while PHP5.12 trillion was borrowed externally. Meanwhile, the debt-to-GDP ratio stood at 60.7%, slightly exceeding the revised Medium-Term Fiscal Framework estimate of 60.6% due to a lower-than-expected full-year GDP growth rate of 5.6% in 2023. Despite this minor variance, the BTr highlighted the government’s proactive debt management approach, ensuring effective timing and issuance of external loans amid fluctuations in the exchange rate.
MANILA – The total outstanding debt of the national government (NG) reached PHP16.05 trillion in December 2023, reflecting a 0.24% decline from PHP16.09 trillion in November.
In a statement on Tuesday, the Bureau of the Treasury (BTr) noted that this debt level is closely aligned with the 2025 Budget of Expenditures and Sources Financing projection of PHP16.06 trillion.
According to BTr data, PHP10.93 trillion of the debt was domestic, while PHP5.12 trillion was borrowed externally.
The BTr also reported that the debt-to-GDP ratio stood at 60.7%, slightly exceeding the revised Medium-Term Fiscal Framework estimate of 60.6%, primarily due to lower-than-expected GDP growth of 5.6% in 2023.
Despite this small deviation, the BTr emphasized that the national government has implemented effective cash and debt management strategies, particularly in timing and handling external debt issuances amid exchange rate fluctuations.
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