NATIONAL OUTSTANDING debts leapt to P17.6 trillion in October 2025– exceeding the government’s forecast of P17.36 trillion all pork barrel projects of the Marcos administration.
Worse, a big chunk of the budget goes to pork barrel and corruption, so much borrowed money did not even go to vital social services and social protection for millions of poor and vulnerable Filipino families, helping distressed farmers and fisherfolk or supporting hundreds of thousands of struggling small businesses.
Think tank IBON Foundation said outstanding national government debt ballooned to P17.6 trillion with no clear indications of paring or reducing debt in just a few weeks before 2026.
From June 2022, debt jumped from P12.79 trillion in June 2022 (at the start of the Marcos administration) to its current level of P17.6 trillion, or by P4.8 trillion (37.3%).
P208.3-B Monthly Debt
The administration’s gross borrowings are at a record P208.3 billion per month, which is at a faster rate than Duterte’s P130.6 billion and Noynoy Aquino’s P61.5 billion combined.
The huge increase in debt corresponds to huge increases in controversial budgetary indicators of pork barrel under Marcos Jr.
For instance, unprogrammed appropriations – projects and programs without earmarked funds suspected to bloat because of pork barrel projects – spiked from P251 billion in 2022 to P807 billion in 2023, P731.5 billion in 2024 and P531.7 billion in 2025.
Flood Control As Usual
The biggest budget increase in flood control projects also happened under Marcos Jr. — P68.3 billion in 2023 and P69.6 billion in 2024. The flood control project budgets of P283.2 billion in 2023, P352.8 billion in 2024 and P350.5 billion in 2025 are the largest flood control project allocations in the budget’s history.
Still, the unfolding corruption exposés confirm that hundreds of billions of pesos in government funds, including borrowing, has not gone towards improving the people’s welfare or ensuring genuine development.
These funds are instead going to the pockets of the powerful and wealthy few via pork barrel insertions throughout the budget process.
P695-B in 2026 Budget
The Makabayan bloc estimates that P695.8 billion of the proposed 2026 budget is presidential and legislative pork – funds that should be going to much-needed ayuda, schools and health facilities, and agriculture, among others.
Left unchecked, corruption will keep the debt growing needlessly just to accrue even more wealth for the president and his cronies, when every peso of government finances should be going to uplifting Filipinos’ welfare and strengthening development.
Corruption Drives Economy
IBON Foundation said the Philippine economy is driven by corruption and exclusionary growth, with ballooning government debt used for pork barrels, worsening jobs crisis despite labor participation, and slow Q3 2025 growth (4%) due to lack of investment in agriculture/industry.
Recent news highlights include exposing privatization as “systemic theft,” criticizing the Marcos Jr. admin for failing farmers, and warning about rising debt from “pork barrel addiction” and corruption-driven budgets.
The foundation also criticized the administration’s focus on market-driven policies and lack of support for domestic development. It also called for anti- corruption crackdowns and higher wages.