NG pays ₧1.9T for debts from Jan-Oct By Reine Juvierre S. Alberto
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HE national government has paid P1.934 trillion for some of its debts from January to October this year, settling 94 percent of its programmed debt service for 2025. Latest data from the Bureau of the Treasury (BTr) showed the government’s debt payments grew by 3.97 percent to P1.934 trillion during the 11-month period from P1.860 trillion in the same period last year. Of the total debt service, about 62.61 percent of the amount, or P1.211 trillion, was accounted for by amortization payments, which
DEVOTEES put up finishing touches on different Immaculate Conceptions of the Blessed Virgin Mary figure before it goes on parade to celebrate the feast of the solemnity of the Immaculate Conception in Intramuros, Manila. The feast celebrates the belief that Marywas kept free from all stain of original sin from the first moment of her conception. NONIE REYES
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marginally declined by 0.86 percent from P1.221 trillion a year ago. Most of the amortization went to domestic creditors, totaling P1.008 trillion during the 11-month period. This is slightly higher by 0.91 percent compared to the P999.739 billion paid in the same period last year. The government has also paid out P202.412 billion to foreign financiers as of end-October 2025, down by 8.91 percent year-onyear from P222.219 billion. Meanwhile, interest payments reached P723.216 billion during the 11-month period, 13.23 percent higher than the P638.681 billion recorded during the January to October period of 2024.
On one hand, the state’s domestic interest payments jumped by 18.24 percent year-on-year to P536.190 billion from P453.460 billion, according to the Treasury. This consisted of P367.075 billion for fixed-rate treasury bonds, P122.465 billion for retail treasury bonds, P38.209 billion for treasury bills and P8.441 billion for other liabilities. On the other hand, foreign interest payments slightly increased by 0.97 percent on an annual basis to P187.026 billion from P185.221 billion.
‘Weak peso raises foreign debt servicing’
ACCORDING to John Paolo R.
Rivera, senior research fellow at state-run Philippine Institute for Development Studies, the peso’s recent weakness against the US dollar raises the government’s debt servicing costs for foreigncurrency debts. “Every USD of amortization or interest now requires more PHP to pay. Even if the actual amount of external debt does not change, the PHP value of those payments increases, which can strain the budget,” Rivera told the BusinessMirror. He added that if the PHP stays near its recent lows, higher PHP-denominated debt servicing costs should be expected in the coming months. See “Debts,” A2
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Monday, December 8, 2025 Vol. 21 No. 61
P25.00 nationwide | 2 sections 20 pages | 7 DAYS A WEEK
By Reine Juvierre S. Alberto @reine_alberto
ECORD-HIGH gold holdings pushed the country’s gross international reserves (GIR) to a 13-month high as of end-November, according to the Bangko Sentral ng Pilipinas (BSP). Preliminary BSP data showed the GIR inched up 0.75 percent month-on-month to $111.077 billion as of end-November 2025 from $110.249 billion. This is the highest level in 13 months, since the $111.083 billion recorded in October 2024. On a year-on-year basis, the GIR is also 2.38 percent higher than the $108.488 billion as of endNovember 2024. The BSP said the latest GIR level provides a “robust” external liquidity buffer, equivalent to
7.4 months’ worth of imports of goods and payments of services and primary income. The GIR is viewed to be adequate if it can finance at least three months’ worth of the country’s imports of goods and payments of services and primary income, the BSP said. The country’s dollar defenses are also enough to cover about 3.8 times its short-term external debt based on residual maturity. A GIR level is deemed adequate if it can See “Imports,” A2
THINK TANK: CROPS, POULTRY OUTPUT TO LIFT AGRI GROWTH By Ada Pelonia
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@adapelonia
HE robust performance of the crops and poultry subsectors will allow Philippine agriculture to post a growth rate of between 3 and 4 percent by yearend, according to a unit of the University of Asia and the Pacific (UA&P). UA&P Center for Food and Agribusiness (CFA) Executive Director Marie Annette GalvezDacul said the gross value added (GVA) of agriculture and fisheries will recover from the 1.5 percent contraction posted in 2024.
“We expect a rebound in agricultural output mainly because we were recovering from a low production base the previous year, wherein weather disruptions and supply issues held back crop yields, especially for rice, sugarcane, and corn,” Dacul said in the center’s recent yearend conference. She noted, however, that certain factors could dampen the sector’s growth. “High input costs and logistic costs from fertilizer to fuel to transport continues to squeeze farmer margins. We continue See “Agri,” A8
SHINING THROUGH THE SEASON Different barangays of Candon City, Ilocos Sur rolled out their vibrant and creatively lit entries for the 2025 Electric Float Parade, filling the streets with festive cheer as part of this year’s Feria de Candon celebration Residents and visitors lined the streets to witness the community’s dazzling creativity, turning the city center into a glowing showcase of local pride and holiday spirit. MAU VICTA
‘High fees, red tape crimp EU-PHL trade’ By Andrea E. San Juan
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@andreasanjuan
IGH import charges, red tape, lack of transparency and unclear standards for environmental compliance are hampering cross-border trade between the 27-member bloc European Union (EU) and the Philippines, according to a survey conducted by the European Chamber of Commerce of the Philippines (ECCP). In its 2025 Business Sentiment Survey Report, ECCP said crossborder trade between the EU and the Philippines continues to face a range of challenges that can hinder efficiency, limit investment and affect overall business performance. Survey results indicate that businesses encounter multiple market
access challenges in EU-Philippines trade. “Administrative hurdles and red tape are the most frequently cited, affecting 47.7 percent of respondents, followed by tariffs at 38.4 percent and onerous customs procedures at 24.4. percent,” the European-Philippine business community said. Technical barriers to trade and sanitary or phytosanitary checks were reported by smaller shares, at 20.9 percent and 9.9 percent, respectively. ECCP said these findings highlight that procedural inefficiencies and high import costs remain the “primary constraints,” signaling the need for streamlined processes and enhanced trade facilitation measures to improve cross-border
efficiency and competitiveness. Under the regulatory and policy barriers component of the survey, the European-Philippine business community pointed out that import charges were the most cited challenge at 40.7 percent, while licensing or certification requirements affected 32.6 percent, and limited access to public procurement opportunities impacted 25.6 percent of companies. Weak intellectual property protection was noted by 16.9 percent of respondents, reflecting concerns over safeguarding innovations. “Taken together, these results underscore that complex regulatory frameworks and uneven policy implementation can hinder market entry and operational efficiency, emphasizing the need for clearer,
more predictable rules to foster investor confidence and sustainable growth,” the ECCP survey noted. Meanwhile, the study showed that institutional and structural challenges remain a “pressing concern” for businesses operating between the EU and the Philippines. Nearly half of respondents (49.4 percent) cited a lack of transparency as a key barrier, while 40.1 percent noted limited digitalization in trade facilitation, and 37.2 percent reported “inconsistent” application of rules. Collectively, ECCP noted: “These issues highlight the urgent need for stronger governance, standardized procedures, and digital transformation to streamline trade processes.” See “High fees,” A2
PESO EXCHANGE RATES n US 59.0700 n JAPAN 0.3809 n UK 78.7285 n HK 7.5904 n CHINA 8.3539 n SINGAPORE 45.5998 n AUSTRALIA 39.0394 n EU 68.7870 n KOREA 0.0400 n SAUDI ARABIA 15.7415 Source: BSP (December 5, 2025)