The Philippine government’s debt climbed to a record P19.61 trillion in August, nearing its full-year target as continued borrowing and a weaker peso pushed it higher.
On Wednesday, the Bureau of Treasury said total outstanding debt rose 1.12 percent from the previous month.
The debt pile has grown 10.72 percent, or nearly P1.9 trillion, since the start of the year.
August’s total was equivalent to 99 percent of the government’s P19.77-trillion year-end target for 2026, underscoring the fast pace of borrowing as the administration seeks to finance its budget deficit and refinance maturing obligations.