MANILA – The Philippines’ national debt stood at P16.05 trillion at the end of 2024, which was P1.44 trillion or 9.8 percent higher than at the end of 2023, according to the Bureau of Treasury.

Debt continued to grow as the government borrowed P1.31 trillion through the net issuance of debt instruments in line with the government’s deficit program, the Treasury bureau said. 

The depreciation of the peso vs the US dollar added another P208.73 billion to the value of the country’s debt, but this was partly offset by P80.74 billion as the dollar’s strength also made debt in other currencies cheaper.

The treasury bureau noted that the dollar was valued at P57.847 at end December 2024, which was much higher than its P55.418 value at the end of December 2023.

Domestic borrowings made up the lion’s share of total debt stock at 68.1 percent, while external obligations accounted for the remaining 31.9 percent. 

  The national government’s (NG) total outstanding debt amounted to P16.05 trillion in December last year down by 0.24 percent from the PP16.09 trillion in November.

In a statement, the Bureau of the Treasury (BTr) said the end-year debt level is closely aligned with the 2025 Budget of Expenditures and Sources Financing projections of P16.06 trillion.

BTr data showed that domestic debt reached P10.93 trillion and external debt amounted to P5.12 trillion.

The BTr meanwhile said the corresponding debt-to-GDP (gross domestic product) ratio of 60.7 percent was slightly above the 60.6 percent revised Medium-Term Fiscal Framework estimate, due to the lower-than-expected full-year real GDP growth 5.6 percent last year.

“Nevertheless, the minimal deviation from the programmed debt underscores NG’s effective cash and debt management strategies, including its proactive management of the level and timing of its external debt issuances amidst volatile exchange rate environment,” said the BTr.