Manila, Oct. 30 -- The national government's total outstanding debt continued its downward trajectory, declining to PHP17.46 trillion as of end-September this year, the Bureau of the Treasury (BTr) said Thursday.

The BTr said the total debt eased from the PHP17.47 trillion recorded as of end-August 2025.

"The continued decrease reflects the government's sound fiscal discipline, strategic borrowing strategy, and proactive liability management, supported by steady market conditions and robust domestic investor confidence," the BTr said in a statement.

Domestic borrowings continued to account for more than 60 percent of the total debt, consistent with the government's policy of reducing foreign exchange risk while deepening domestic capit...