The debt stock is expected to rise 8.7% from the P19.77 trillion projected for end-2026, which is 11.6% higher than the P17.71 trillion posted at end-2025. Domestic sources will account for 72% of total gross borrowings, with domestic debt issuance projected at P2.39 trillion, up 24.5% from this year. The increase in gross borrowing, however, is largely due to the government’s rising debt repayments rather than a sharp increase in fresh financing needs. The government projects revenues to rise 8.3% to P5.21 trillion in 2027, while disbursements are expected to increase 6.7% to P6.9 trillion. The National Government’s (NG) outstanding debt rose 2.8% to P19.07 trillion at end-June from P18.55 trillion a month earlier.