The Philippines’ national debt reached ₱16.09 trillion as of November 2024, a ₱70.7 billion increase (0.4%) from October, according to the Bureau of the Treasury.
The rise was attributed to net financing and the depreciation of the peso. The peso weakened against the US dollar, falling from ₱58.198 in October to ₱58.602 by the end of November.
Domestic debt accounted for the majority of the total at 67.87%, while external debt made up 32.13%. Domestic debt increased to ₱10.92 trillion, up by ₱31.82 billion (0.3%) from the previous month.
This was mainly due to the net issuance of ₱30.67 billion in domestic securities and the effect of peso depreciation on US dollar-denominated domestic debt.
External debt grew by ₱38.88 billion (0.8%), reaching ₱5.17 trillion. The peso’s depreciation added ₱35.61 billion to the value of foreign debt, while new foreign loans increased the total by ₱8.33 billion.
However, favorable currency movements against the US dollar reduced external debt by ₱5.06 billion. Since December 2023, the national debt has increased by 12.4%.
