Gov't borrowings up 1.3% in H1 2025 to P1.59T

The national government's gross borrowings increased by 1.3% to P1.59 trillion in the first half of 2025 compared to the same period last year.

This rise was driven by a significant increase in external financing, with gross external debt ballooning to P402.3 billion from P267.4 billion.

Conversely, domestic borrowings declined by 7.7% to P1.2 trillion during the first half.

Local debt constituted over three-quarters of the gross borrowings, with external sources making up the remaining 25%.

The government's financing program is projected to increase to approximately P2.6 trillion.

However, the borrowing plan for the third quarter of 2025 was lowered to P690 billion, a 6.1% cut from the previous quarter's P735 billion, mainly due to reduced issuance of long-term debt securities.