Philippine national debt reaches record P19.07 trillion

The Philippine national government debt reached a new record of P19.07 trillion at the end of June, according to the Bureau of the Treasury. This represents a 2.8 percent increase from the P18.55 trillion recorded in May.

Debt servicing costs also rose, with total payments amounting to P77.2 billion in June, an 18.5 percent increase compared to the same month last year. This surge was primarily driven by a 91.5 percent spike in amortization and rising interest costs. For the first half of the year, total debt payments reached P1.226 trillion, nearly a 60 percent increase over the same period in the previous year.

Domestic debt stands at P12.84 trillion, making up 67.33 percent of the total debt stock, while external debt accounts for 32.67 percent at P6.23 trillion. The government continues to favor domestic borrowing to mitigate foreign exchange risks, though favorable exchange rate movements helped temper some of the overall increase.