MANILA, Philippines — The Philippines’ total outstanding debt reached a record-high of ₱17.65 trillion as of the end of November 2025, according to the latest data from the Bureau of the Treasury. This figure represents an increase of ₱85.84 billion from October, primarily driven by new issuances of both domestic and foreign borrowings. While the strengthening peso slightly reduced the peso-equivalent value of foreign currency-denominated debt, the overall trend reflects a continuing reliance on government borrowing to fund expenditures.

Domestic debt remains the largest component, amounting to ₱12.12 trillion or 68.66% of the total, while external debt stands at ₱5.53 trillion, representing 31.34% of the national obligation. Analysts note that borrowing can be a double-edged sword: while it provides the government with resources for infrastructure, social programs, and pandemic recovery, it also creates pressure for future budgets to allocate increasing amounts to debt servicing.

The record-high debt raises broader questions about fiscal sustainability and economic strategy. Is the country borrowing responsibly, or are short-term needs outweighing long-term stability? As interest payments grow and global financial conditions fluctuate, the challenge for policymakers is to balance development priorities with prudent debt management.

Beyond numbers and percentages, this issue has real-life implications for Filipinos: higher national debt can influence inflation, tax policies, and the government’s capacity to fund essential services. The crucial discourse centers not only on how the debt is managed today, but also on how the economy will withstand growing obligations in the future.

With the Philippines’ debt trajectory continuing upward, one must ask: at what point does borrowing become a threat to the country’s economic sovereignty and future growth? (Larawan: Bongbong Marcos / Facebook)