NG debt slips to PHP 18.47 trillion in April

The National Government’s outstanding debt declined slightly to PHP 18.47 trillion as of end-April 2026, as domestic debt repayments outweighed the impact of a weaker peso on foreign-currency obligations, according to the Bureau of the Treasury (BTr).

The total debt stock fell by PHP 17.54 billion, or 0.09%, from PHP 18.49 trillion recorded at the end of March 2026. Despite the month-on-month decline, total debt remained PHP 762.78 billion higher than the PHP 17.71 trillion posted at the end of 2025 and PHP 1.72 trillion above the PHP 16.75 trillion level recorded in April 2025.

The BTr said the reduction was primarily driven by repayments of domestic securities, which more than offset the effects of currency depreciation on the government’s foreign-denominated obligations. Domestic debt accounted for 67.22% of the total debt stock, while external obligations comprised 32.78%.

Outstanding domestic debt stood at PHP 12.41 trillion in April, down by PHP 119.18 billion or 0.95% from PHP 12.53 trillion in March. The decline was largely attributed to a net redemption of PHP 121.64 billion during the month, as government debt issuances totaling PHP 283.24 billion were outweighed by maturities amounting to PHP 404.88 billion.

The decrease in domestic debt was partially offset by a valuation increase of PHP 2.46 billion in the peso equivalent of foreign currency-denominated domestic securities due to the peso’s depreciation against the US dollar.

Government securities continued to account for nearly all domestic obligations, amounting to PHP 12.42 trillion as of end-April 2026. This was higher than the PHP 11.59 trillion recorded a year earlier but lower than the PHP 12.53 trillion posted in March 2026.

Meanwhile, external debt rose to PHP 6.06 trillion from PHP 5.95 trillion in March, representing an increase of PHP 101.64 billion or 1.71%. The BTr attributed the increase mainly to exchange-rate movements.

Revaluation of foreign currency-denominated obligations contributed PHP 101.72 billion to the increase as the peso weakened against the US dollar and other major currencies. Net redemption during the month totaled only PHP 0.08 billion.

The peso depreciated from PHP 60.678 per US dollar at the end of March to PHP 61.540 per US dollar at the end of April, increasing the peso value of the government’s foreign debt obligations.

External loans amounted to PHP 3.00 trillion in April, up 1.86% from the previous month and 20.94% higher than the PHP 2.48 trillion recorded in April 2025. Loans availed by government agencies reached PHP 2.99 trillion, while relending to government-owned and controlled corporations stood at PHP 8.08 billion.

External debt securities climbed to PHP 3.06 trillion, reflecting a 1.56% increase from March and an 8.29% rise from the end of 2025.

US dollar bonds and notes remained the largest component of external securities at PHP 2.61 trillion, followed by euro bonds at PHP 274.57 billion, Japanese yen bonds at PHP 59.49 billion, Islamic certificates at PHP 61.54 billion, and peso global bonds at PHP 54.77 billion. The government reported no outstanding Chinese yuan bonds during the period.

Separately, National Government guaranteed obligations increased slightly to PHP 383.23 billion as of end-April 2026, up PHP 1.82 billion or 0.48% from PHP 381.41 billion a month earlier. Compared with the end-December 2025 level of PHP 344.57 billion, guaranteed obligations rose by PHP 38.65 billion or 11.22%.

The BTr said the increase in guaranteed debt was largely due to the effect of peso depreciation and third-currency movements on external guarantees, which added PHP 1.25 billion and PHP 0.62 billion, respectively, to the valuation of guaranteed obligations.

Repayments by the National Home Mortgage Finance Corporation and the National Power Corporation reduced domestic guaranteed obligations by PHP 0.05 billion during the month.

Domestic guaranteed debt totaled PHP 293.22 billion at the end of April, while external guaranteed debt stood at PHP 90.01 billion. Direct government guarantees accounted for PHP 293.08 billion of domestic guaranteed obligations and PHP 84.75 billion of external guaranteed debt.