NG total gross borrowings up in ‘25 to ₧2.65T By Reine Juvierre S. Alberto
T
OTAL gross borrowings of the national government rose to P2.653 trillion in 2025, as it tapped debt markets to plug its budget hole amid a weaker peso and falling interest rates. Latest data from the Bureau of the Treasury (BTr) showed the government’s gross borrowings grew by 3.46 percent to P2.653
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trillion in 2025 from P2.564 trillion in 2024. This exceeded the government’s target of P2.6 trillion for the year by 2.03 percent or P53 billion. Most, or 79.53 percent, of the government’s debt was sourced locally to reduce foreign exchange risks, while the remaining 20.47 percent came from foreign lenders. On one hand, gross domestic
borrowings increased by 9.72 percent year-on-year to P2.110 trillion from P1.923 trillion. This is slightly below the government’s target of generating P2.111 trillion for the year. Declining borrowing costs enabled the government to raise P156.3 billion in net Treasury bills, P1.229 trillion in fixed-rate Treasury bonds, P300 billion from fixed-rate Treasury notes and
P425.613 billion in retail Treasury bonds. On the other hand, gross external borrowings declined by 15.27 percent year-on-year to P543.243 billion from P641.171 billion. This comes after the P213.082billion program loans secured and the P191.965-billion multi-tranche global bonds issued by the government were both below target. See “P2.65T,” A8
BusinessMirror A broader look at today’s business
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PUBLIC BRACES FOR OIL PRICE IMPACT SHOCKS www.businessmirror.com.ph
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Monday, March 9, 2026 Vol. 21 No. 148
By Lenie Lectura @llectura
ALC GROUP CHAIRMAN D. EDGARD CABANGON PASSES AWAY AT 61
ONSUMERS should brace for spiraling fuel prices this week and possibly higher power rates that could be reflected in their succeeding electric bills.
Based on initial estimates provided by Rino Abad, DOE (Department of Energy)-Oil Industry Management Bureau director, in a radio interview on Saturday, diesel per liter may shoot up by P19, gasoline may go up by P9 per liter, and kerosene by as much as P31 per liter. The final oil price hikes will be announced Monday. Oil firms adjust their pump prices every week to reflect movements in the world
D
OMINIC Edgard Angeles Cabangon, Chairman of the ALC Group of Companies, passed away on Sunday, March 8, 2026. He was 61 years old. Born on April 9, 1964, he was the son of Antonio L. Cabangon Chua, former Ambassador to Lao PDR and founder of the ALC Group of Companies, and Bienvenida Angeles Cabangon. Cabangon led the ALC Group, a diversified conglomerate with interests in media, insurance, pre-need services, automotive dealerships, banking and finance, pawnshops, hotels, real estate, and memorial care. Among its companies are Eternal Gardens Memorial Park Corporation, Isuzu Gencars, Inc., Aliw Broadcasting Corporation, Philippines
oil market. From March 6 to 9, gasoline products range from P49 to as high as P76.5 per liter, diesel costs anywhere from P49 to P74.81 per liter, while kerosene price is at least P78.9 to as high as P99.89 per liter. “We recognize that the industry operates under challenging global conditions, and we appreciate those who continue to act responsibly. At See “Oil,” A2
VACATION INTERRUPTED: M.E. WAR DERAILS PINOYS’ TRAVELS By Ma. Stella F. Arnaldo Special to the BusinessMirror
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HE ongoing war (not war) launched by the United States and Israel against Iran, has dragged almost all the surrounding Gulf Cooperation Council states, closing airspace and stranding travelers in the region, Europe, and upsetting coming trips of Filipinos to that part of the world. Leading outbound company Rajah Travel Corp., for example, has had to work double-time to assist their clients currently stranded abroad to ensure they are able to
proceed with their trips to Europe or come home to Manila. Its president, Aileen Clemente told the BusinessMirror, for those stranded in Europe, “Luckily, we were able to move those flying via Middle East rebooked to other carriers that pass the polar routes. Others have also been extended for their hotel stays, or moved to other hotels.” She explained that those in Europe were able to refund their partially-used tickets, “then asked to be rebooked on Asian and US carriers. So for carriers, which still had large numbers of See “Vacation,” A8
SM Supermalls’ 6th International Women’s Summit: The Future is Hers. Create. Lead. Thrive. From L to R: United Nations Women Country Programme Coordinator Lenlen Mesina, host Joyce Pring-Triviño, MindNation co-founder Cat Triviño, actress and mental health advocate Gabbi Garcia, SM Prime Holdings Vice President and Head of Design, Innovation, and Strategy Jica Sy, SM Supermalls Assistant Vice President for Marketing and Leasing Hanna Carinna Sy, and program host Janina Vela. SM SUPERMALLS
Graphic, BusinessMirror, and Citystate Properties and Management Corporation, among others. He is survived by his loving partner, Sharon Tan, and his children Dominga Maritoni, Giannina Eunice, Dannica Nicole, and Antonio Carlos. Details regarding memorial services will be announced soon.
REACHING FOR COSTLIER FUEL A hand reaches for fuel nozzles hanging at a gasoline
station in Manila, March 3, 2026. Philippine motorists are bracing for a possible big-time fuel price hike as global oil markets react to escalating tensions in the Middle East. The Department of Energy warns diesel prices could rise by at least P19 per liter and gasoline by about P9 per liter next week, with diesel pump prices potentially exceeding P80 per liter if increases are implemented in full. AP/AARON FAVILA
Will US Mideast focus put Indo-Pacific stakes at risk? By Malou Talosig-Bartolome
A
FORMER senior US State Department official warned that Washington’s military attention and assets are being “pulled dramatically towards the Middle East and Latin America,” draining vital resources from the Indo-Pacific command. Against this backdrop of uncertain US prioritization, defense and business leaders are urgently shifting focus to protecting the region’s critical infrastructure—undersea cables and energy transit routes—that underpin global economic survival.
Maritime security
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DANNY Russel, fellow at the Asia Society Policy Institute in New York, emphasized that maritime security is no longer just about naval ships; it is the “circulatory system” of the region. This system encompasses ports, logistics hubs, energy flows, and resilient undersea and digital infrastructure, which serve as the “lifeblood of IndoPacific security and global prosperity.” In a forum on Friday, sponsored
by think tanks Stratbase ADR Institute and Japan Institute for International Affairs, Russel warned of a sharp disconnect in Washington. Aggressive tariffs and rhetoric labeling allies as “freeloaders” have eroded trust in the US’ commitment to a Free and Open Indo-Pacific. As a result, nations are hedging— self-censoring to avoid Chinese retaliation and dealing with Beijing bilaterally, a dynamic that leaves individual states at a disadvantage. He further cautioned that the upcoming US presidential visit to Beijing will serve as a “stress test” for the region. He predicted the administration would likely focus on limited commercial deals—commodity sales and Boeing aircraft transactions— rather than addressing structural geopolitical challenges. “Stabilizing isn’t the same as stability,” Russel said, warning that trade truces merely provide breathing space for military buildups.
Economic stakes too high to ignore
PHILIPPINE National Security Ad-
visor Eduardo Año highlighted the scale of dependency: “Over 60 per-
cent of global trade moves through See “Indo-Pacific,” A2
CHEERS TO 50 YEARS
OF GEOTHERMAL EXCELLENCE A5 First Gen President and COO Francis Giles Puno, Securities and Exchange Commission Chairperson Francis Lim, Acting Environment and Natural Resources Secretary Mitch Cuna, Energy Secretary Sharon Garin, First Gen Chairman and CEO Federico Lopez, Ormoc City, Leyte Mayor Lucy Torres-Gomez, and EDC President and COO Jerome Cainglet toast to Energy Development Corporation's 50th anniversary and the launch of First Gen Group's new brand, which unifies its power generation, supply, and solutions portfolio to reinforce its leadership in the renewable energy industry.
PESO EXCHANGE RATES n US 58.4690 n JAPAN 0.3710 n UK 78.1204 n HK 7.4780 n CHINA 8.4584 n SINGAPORE 45.6539 n AUSTRALIA 40.9634 n EU 67.8825 n KOREA 0.0395 n SAUDI ARABIA 15.5784 Source: BSP (March 6, 2026)