The national government sharply ramped up its borrowing in July, raising nearly P300 billion as it turned to the domestic market for the bulk of its financing needs.
Latest data from the Bureau of the Treasury (BTr) showed that gross borrowings surged by 75 percent to P291.38 billion in July from P166.12 billion in the same month last year.
This was driven mainly by domestic borrowings, which jumped by nearly 78 percent to P271.32 billion from P152.54 billion a year earlier.
Treasury bill issuances led the increase, soaring by nearly fourfold, or 383.7 percent, to P133.2 billion from P27.54 billion in July last year.
As it is, yields on short-dated government securities mostly declined during the month, allowing the Treasury to fully award its borrowing program. The government also issued cash management bills, or shorter-term securities, in mid-July.
Meanwhile, Treasury bonds, which are longer-dated securities, rose by 10.5 percent to P138.12 billion from P125 billion a year earlier.
The government likewise increased its borrowings from foreign sources, which climbed by 47.8 percent to P20.05 billion from P13.57 billion in July 2025.
Broken down, project loans accounted for P18.64 billion of the external borrowings, while program loans amounted to P1.41 billion.
From January to July, the national government’s gross borrowings reached P2.11 trillion, up by 20.2 percent from P1.76 trillion in the same period last year.
This amount already accounts for about 77 percent of the government’s gross borrowing program for 2026. Of the January-to-July total, P1.55 trillion was sourced from domestic lenders, up by 15.4 percent from a year earlier. Meanwhile, external borrowings climbed by 35.8 percent to P564.86 billion.