PH gov't debt hits record P17.65 trillion as of Nov 2025

The Philippines' national government debt reached a new record high of P17.65 trillion as of the end of November 2025.

This represents a 0.49% increase from the previous month and surpasses the year-end projection by 1.7%.

The debt has also grown by 9.94% compared to the P16.05 trillion recorded at the end of November 2024.

The increase in debt was primarily driven by new domestic and external debt issuances.

However, the appreciation of the Philippine peso against the US dollar slightly offset the debt increase by lowering the valuation of foreign currency-denominated obligations.

Despite this temporary offset, the peso has recently breached the P59 to a US dollar mark multiple times and reached record lows in December and early January.