Table of Contents
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 18-K

 

 

For Foreign Governments and Political Subdivisions Thereof

ANNUAL REPORT

of

REPUBLIC OF THE PHILIPPINES

(Name of Registrant)

 

 

Date of end of last fiscal year: December 31, 2025

 

 

SECURITIES REGISTERED*

(As of the close of the fiscal year)

 

 

 

 

Title of Issue  

Amount as to

Which Registration

is Effective

 

Names of

Exchanges on

Which Registered

N/A   N/A   N/A

 

 

Name and address of person authorized to receive notices

and communications from the Securities and Exchange Commission:

Senen T. Mangalile

Consul General

Philippine Consulate General

556 Fifth Avenue

New York, New York 10036-5095

It is requested that copies of notices and communications from the

Securities and Exchange Commission be sent to:

Felipe Duque, Esq.

Allen Overy Shearman Sterling (Asia) Pte. Ltd.

2 Central Boulevard

#45-01 West Tower

IOI Central Boulevard Towers

Singapore 018916

 

 

 

*

The Registrant is filing this annual report on a voluntary basis.

 

 
 


Table of Contents

The information set forth below is to be furnished:

 

1.

In respect of each issue of securities of the registrant registered, a brief statement as to:

 

  (a)

The general effect of any material modifications, not previously reported, of the rights of the holders of such securities. There have been no such modifications.

 

  (b)

The title and the material provisions of any law, decree or administrative action, not previously reported, by reason of which the security is not being serviced in accordance with the terms thereof.

 

  (c)

The circumstances of any other failure, not previously reported, to pay principal, interest, or any sinking fund or amortization installment.

There has been no such law, decree or administrative action.

There has been no such failure.

 

2.

A statement as of the close of the last fiscal year of the registrant giving the total outstanding of:

 

  (a)

Internal funded debt of the registrant. (Total to be stated in the currency of the registrant. If any internal funded debt is payable in foreign currency it should not be included under this paragraph (a), but under paragraph (b) of this item.)

See “Direct Domestic Debt of the Republic-Outstanding Direct Domestic Debt of the Republic as of December 31, 2025”, page D-113 of Exhibit 99.D, which is hereby incorporated by reference herein.

 

  (b)

External funded debt of the registrant. (Totals to be stated in the respective currencies in which payable. No statement need be furnished as to intergovernmental debt.)

See “Direct External Debt of the Republic-Summary of Outstanding Direct External Debt of the Republic by Currency as of December 31, 2025,” page D-115 of Exhibit 99.D, which is hereby incorporated by reference herein.

 

3.

A statement giving the title, date of issue, date of maturity, interest rate and amount outstanding, together with the currency or currencies in which payable, of each issue of funded debt of the registrant outstanding as of the close of the last fiscal year of the registrant.

See “Debt Tables of the Republic of the Philippines,” pages D-119 to D-140 of Exhibit 99.D, which is hereby incorporated by reference herein.

4.

 

  (a)

As to each issue of securities of the registrant which is registered, there should be furnished a break-down of the total amount outstanding, as shown in Item 3, into the following:

 

  (1)

Total amount held by or for the account of the registrant.

As of December 31, 2025:

 

Series

   Date of Maturity      Interest
Rate
    Total amount outstanding
held by or for the account
of the registrant
(US$)
 

$1.5B 5.50% GB due 2026

     March 30, 2026        5.500     39,291,000.00  

$500M 3.23% GB due 2027

     March 29, 2027        3.229     15,628,000.00  

$500M 5.17% GB due 2027

     October 13, 2027        5.170     5,000,000.00  

$2.0B 3.00% GB due 2028

     February 1, 2028        3.000     26,630,000.00  

$500M 4.63% GB due 2028

     July 17, 2028        4.625     9,000,000.00  

$1.50B 3.75% GB due 2029

     January 14, 2029        3.750     39,947,000.00  

$1.0B 5.045% Trust Certificates due 2029

     June 6, 2029        5.045     5,000,000.00  

$1.0B 2.457% GB due 2030

     May 5, 2030        2.457     44,000,000.00  

$2.0B 9.5% GB due 2030

     February 2, 2030        9.500     87,874,000.00  

$500.0M 4.375% GB due 2030

     March 5, 2030        4.375     12,000,000.00  

$2.384B 7.75% GB due 2031

     January 14, 2031        7.750     75,633,000.00  

$1.25B 1.648% GB due 2031

     June 10, 2031        1.648     90,500,000.00  

$1.5B 6.375% GB due 2032

     January 15, 2032        6.375     105,719,000.00  

$750.0M 1.950% GB due 2032

     January 6, 2032        1.950     22,000,000.00  

$750.0M 3.556% GB due 2032

     September 29, 2032        3.556     14,000,000.00  

$750.0M 5.609% GB due 2033

     April 13, 2033        5.609     2,000,000.00  

 

2


Table of Contents

Series

   Date of Maturity      Interest
Rate
    Total amount outstanding
held by or for the account
of the registrant
(US$)
 

$1.25B 5.00% GB due 2033

     July 17, 2033        5.000     35,000,000.00  

$2.847B 6.375% GB due 2034

     October 23, 2034        6.375     61,800,000.00  

$1.0B 5.25% GB due 2034

     May 14, 2034        5.250     36,000,000.00  

$1.25B 5.50% GB due 2035

     February 4, 2035        5.500     46,000,000.00  

$1.1B 4.75% GB due 2035

     March 5, 2035        4.750     77,000,000.00  

$1.5B 5% GB due 2037

     January 13, 2037        5.000     13,600,000.00  

$2.0B 3.95% GB due 2040

     January 20, 2040        3.950     61,500,000.00  

$2.0B 3.700% GB due 2041

     March 1, 2041        3.700     73,615,000.00  

$2.0B 3.700% GB due 2042

     February 2, 2042        3.700     74,600,000.00  

$1.35B 2.95% GB due 2045

     May 5, 2045        2.950     57,450,000.00  

$1.5B 2.650% GB due 2045

     December 10, 2045        2.650     52,400,000.00  

$2.25B 3.200% GB due 2046

     July 6, 2046        3.200     25,250,000.00  

$1.0B 4.200% GB due 2047

     March 29, 2047        4.200     7,000,000.00  

$750.0M 5.950% GB due 2047

     October 13, 2047        5.950     9,000,000.00  

$1.25B 5.50% GB due 2048

     January 17, 2048        5.500     46,500,000.00  

$1.0B 5.60% GB due 2049

     May 14, 2049        5.600     21,000,000.00  

$900.0M 5.175% GB due 2049

     September 5, 2049        5.175     53,000,000.00  

$1.0B 5.90% GB due 2050

     February 4, 2050        5.900     65,000,000.00  

 

  (2)

Total estimated amount held by nationals of the registrant (or if registrant is other than a national government by the nationals of its national government); this estimate need be furnished only if it is practicable to do so.

Not practicable to furnish.

 

  (3)

Total amount otherwise outstanding.

As of December 31, 2025:

 

Series

   Date of Maturity      Interest
Rate
    Total amount
otherwise
outstanding
(US$)
 

$1.5B 5.50% GB due 2026

     March 30, 2026        5.500     1,500,000,000.00  

$500M 3.23% GB due 2027

     March 29, 2027        3.229     500,000,000.00  

$500M 5.17% GB due 2027

     October 13, 2027        5.170     500,000,000.00  

$2.0B 3.00% GB due 2028

     February 1, 2028        3.000     2,000,000,000.00  

$500M 4.63% GB due 2028

     July 17, 2028        4.625     500,000,000.00  

$1.50B 3.75% GB due 2029

     January 14, 2029        3.750     1,500,000,000.00  

$1.0B 5.045% Trust Certificates due 2029

     June 6, 2029        5.045     1,000,000,000.00  

$1.0B 2.457% GB due 2030

     May 5, 2030        2.457     1,000,000,000.00  

$2.0B 9.5% GB due 2030

     February 2, 2030        9.500     2,000,000,000.00  

$500.0M 4.375% GB due 2030

     March 5, 2030        4.375     500,000,000.00  

$2.384B 7.75% GB due 2031

     January 14, 2031        7.750     1,744,446,000.00  

$1.25B 1.648% GB due 2031

     June 10, 2031        1.648     1,250,000,000.00  

$1.5B 6.375% GB due 2032

     January 15, 2032        6.375     1,022,248,000.00  

$750.0M 1.950% GB due 2032

     January 6, 2032        1.950     750,000,000.00  

$750.0M 3.556% GB due 2032

     September 29, 2032        3.556     750,000,000.00  

$750.0M 5.609% GB due 2033

     April 13, 2033        5.609     750,000,000.00  

$1.25B 5.00% GB due 2033

     July 17, 2033        5.000     1,250,000,000.00  

$2.847B 6.375% GB due 2034

     October 23, 2034        6.375     1,900,131,000.00  

 

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Series

   Date of Maturity      Interest
Rate
    Total amount
otherwise
outstanding
(US$)
 

$1.0B 5.25% GB due 2034

     May 14, 2034        5.250     1,000,000,000.00  

$1.25B 5.50% GB due 2035

     February 4, 2035        5.500     1,250,000,000.00  

$1.1B 4.75% GB due 2035

     March 5, 2035        4.750     1,100,000,000.00  

$1.5B 5% GB due 2037

     January 13, 2037        5.000     1,330,799,000.00  

$2.0B 3.95% GB due 2040

     January 20, 2040        3.950     2,000,000,000.00  

$2.0B 3.700% GB due 2041

     March 1, 2041        3.700     2,000,000,000.00  

$2.0B 3.700% GB due 2042

     February 2, 2042        3.700     2,000,000,000.00  

$1.35B 2.95% GB due 2045

     May 5, 2045        2.950     1,350,000,000.00  

$1.5B 2.650% GB due 2045

     December 10, 2045        2.650     1,500,000,000.00  

$2.25B 3.200% GB due 2046

     July 6, 2046        3.200     2,250,000,000.00  

$1.0B 4.200% GB due 2047

     March 29, 2047        4.200     1,000,000,000.00  

$750.0M 5.950% GB due 2047

     October 13, 2047        5.950     750,000,000.00  

$1.25B 5.50% GB due 2048

     January 17, 2048        5.500     1,250,000,000.00  

$1.0B 5.60% GB due 2049

     May 14, 2049        5.600     1,000,000,000.00  

$900.0M 5.175% GB due 2049

     September 5, 2049        5.175     900,000,000.00  

$1.0B 5.90% GB due 2050

     February 4, 2050        5.900     1,000,000,000.00  

 

  (b)

If a substantial amount is set forth in answer to paragraph (a)(1) above, describe briefly the method employed by the registrant to reacquire such securities.

As of December 31, 2025:

From Acquisitions from Primary and Secondary Market Transactions:

 

Series

   Date of Maturity      Interest
Rate
    Total amount outstanding
held by or for the account
of the registrant
(US$)
 

$1.5B 5.50% GB due 2026

     March 30, 2026        5.500     39,291,000.00  

$500M 3.23% GB due 2027

     March 29, 2027        3.229     15,628,000.00  

$500M 5.17% GB due 2027

     October 13, 2027        5.170     5,000,000.00  

$2.0B 3.00% GB due 2028

     February 1, 2028        3.000     26,630,000.00  

$500M 4.63% GB due 2028

     July 17, 2028        4.625     9,000,000.00  

$1.50B 3.75% GB due 2029

     January 14, 2029        3.750     39,947,000.00  

$1.0B 5.045% Trust Certificates due 2029

     June 6, 2029        5.045     5,000,000.00  

$1.0B 2.457% GB due 2030

     May 5, 2030        2.457     44,000,000.00  

$2.0B 9.5% GB due 2030

     February 2, 2030        9.500     14,000,000.00  

$500.0M 4.375% GB due 2030

     March 5, 2030        4.375     12,000,000.00  

$2.384B 7.75% GB due 2031

     January 14, 2031        7.750     34,697,000.00  

$1.25B 1.648% GB due 2031

     June 10, 2031        1.648     90,500,000.00  

$1.5B 6.375% GB due 2032

     January 15, 2032        6.375     25,500,000.00  

$750.0M 1.950% GB due 2032

     January 6, 2032        1.950     22,000,000.00  

$750.0M 3.556% GB due 2032

     September 29, 2032        3.556     14,000,000.00  

$750.0M 5.609% GB due 2033

     April 13, 2033        5.609     2,000,000.00  

$1.25B 5.00% GB due 2033

     July 17, 2033        5.000     35,000,000.00  

$2.847B 6.375% GB due 2034

     October 23, 2034        6.375     61,800,000.00  

$1.0B 5.25% GB due 2034

     May 14, 2034        5.250     36,000,000.00  

$1.25B 5.50% GB due 2035

     February 4, 2035        5.500     46,000,000.00  

$1.1B 4.75% GB due 2035

     March 5, 2035        4.750     77,000,000.00  

$1.5B 5% GB due 2037

     January 13, 2037        5.000     13,600,000.00  

 

4


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Series

   Date of Maturity      Interest
Rate
    Total amount outstanding
held by or for the account
of the registrant
(US$)
 

$2.0B 3.95% GB due 2040

     January 20, 2040        3.950     61,500,000.00  

$2.0B 3.700% GB due 2041

     March 1, 2041        3.700     73,615,000.00  

$2.0B 3.700% GB due 2042

     February 2, 2042        3.700     74,600,000.00  

$1.35B 2.95% GB due 2045

     May 5, 2045        2.950     57,450,000.00  

$1.5B 2.650% GB due 2045

     December 10, 2045        2.650     52,400,000.00  

$2.25B 3.200% GB due 2046

     July 6, 2046        3.200     25,250,000.00  

$1.0B 4.200% GB due 2047

     March 29, 2047        4.200     7,000,000.00  

$750.0M 5.950% GB due 2047

     October 13, 2047        5.950     9,000,000.00  

$1.25B 5.50% GB due 2048

     January 17, 2048        5.500     46,500,000.00  

$1.0B 5.60% GB due 2049

     May 14, 2049        5.600     21,000,000.00  

$900.0M 5.175% GB due 2049

     September 5, 2049        5.175     53,000,000.00  

$1.0B 5.90% GB due 2050

     February 4, 2050        5.900     65,000,000.00  

From Liability Management Transactions:

 

Series

   Date of Maturity      Interest
Rate
    Total amount outstanding
held by or for the account
of the registrant
(US$)
 

$2.0B 9.5% GB due 2030

     February 2, 2030        9.50     73,874,000.00  

$2.384B 7.75% GB due 2031

     January 14, 2031        7.75     40,936,000.00  

$1.5B 6.375% GB due 2032

     January 15, 2032        6     80,219,000.00  

 

5.

A statement as of the close of the last fiscal year of the registrant giving the estimated total of:

 

  (a)

Internal floating indebtedness of the registrant. (Total to be stated in the currency of the registrant.)

See “Debt Tables of the Republic of the Philippines” pages D-119 to D-140 of Exhibit 99.D, which is hereby incorporated by reference herein.

 

  (b)

External floating indebtedness of the registrant. (Total to be stated in the respective currencies in which payable.)

See “Debt Tables of the Republic of the Philippines” pages D-119 to D-140 of Exhibit 99.D, which is hereby incorporated by reference herein.

 

6.

Statements of the receipts, classified by source, and of the expenditures, classified by purpose, of the registrant for each fiscal year of the registrant ended since the close of the latest fiscal year for which such information was previously reported. These statements should be so itemized as to be reasonably informative and should cover both ordinary and extraordinary receipts and expenditures; there should be indicated separately, if practicable, the amount of receipts pledged or otherwise specifically allocated to any issue registered, indicating the issue.

See “Public Finance,” page D-101 of Exhibit 99.D, which is hereby incorporated by reference herein.

 

7.

 

  (a)

If any foreign exchange control, not previously reported, has been established by the registrant (or if the registrant is other than a national government, by its national government), briefly describe the effect of any such action, not previously reported.

Not applicable.

 

  (b)

If any foreign exchange control previously reported has been discontinued or materially modified, briefly describe the effect of any such action, not previously reported.

Not applicable.

 

8.

Brief statements as of a date reasonably close to the date of the filing of this report (indicating such date), in respect of the note issue and gold reserves of the central bank of issue of the registrant, and of any further gold stocks held by the registrant.

See “International Reserves,” page D-83 of Exhibit 99.D, which is hereby incorporated by reference herein.

 

5


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9.

Statements of imports and exports of merchandise for each year ended since the close of the latest year for which such information was previously reported. The statements should be reasonably itemized so far as practicable as to commodities and as to countries. They should be set forth in items of value and of weight or quantity; if statistics have been established in terms of value, such will suffice.

See “Balance of Payments,” page D-52 of Exhibit 99.D, which is hereby incorporated by reference herein.

 

10.

The balances of international payments of the registrant for each year ended since the close of the latest year for which such information was previously reported. The statements of such balances should conform, if possible, to the nomenclature and form used in the “Statistical Handbook of the League of Nations.” (These statements need to be furnished only if the registrant has published balances of international payments.)

See “Balance of Payments,” page D-52 of Exhibit 99.D, which is hereby incorporated by reference herein. This annual report comprises:

 

  (a)

Pages numbered 1 to 9 consecutively.

 

  (b)

The following exhibits:

Exhibit A - None.

Exhibit B - None.

Exhibit 99.C.1 - Republic Act No. 12314, General Appropriations Act, Fiscal Year 2026, Volume I-A

Exhibit 99.C.2 - Republic Act No. 12314, General Appropriations Act, Fiscal Year 2026, Volume I-B

Exhibit 99.C.3 - Republic Act No. 12314, General Appropriations Act, Fiscal Year 2026, Volume I-C

Exhibit 99.C.4 - Republic Act No. 12314, General Appropriations Act, Fiscal Year 2026, Volume II

Exhibit 99.D - Description of Republic of the Philippines, July 1, 2026

This annual report is filed subject to the Instructions for Form 18-K for Foreign Governments and Political Subdivisions Thereof.

 

6


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TABLE OF CONTENTS

SIGNATURE

EXHIBIT INDEX

EX-99.C.1 REPUBLIC ACT NO.  12314, GENERAL APPROPRIATIONS ACT, FISCAL YEAR 2026, VOLUME I-A

EX-99.C.2 REPUBLIC ACT NO. 12314, GENERAL APPROPRIATIONS ACT, FISCAL YEAR 2026, VOLUME I-B

EX-99.C.3 REPUBLIC ACT NO. 12314, GENERAL APPROPRIATIONS ACT, FISCAL YEAR 2026, VOLUME I-C

EX-99.C.4 REPUBLIC ACT NO. 12314, GENERAL APPROPRIATIONS ACT, FISCAL YEAR 2026, VOLUME II

EX-99.D DESCRIPTION OF REPUBLIC OF THE PHILIPPINES, DATED JULY 1, 2026

 

7


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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Republic of the Philippines has duly caused this Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Manila, Republic of the Philippines on the 1st day of July 2026.

 

REPUBLIC OF THE PHILIPPINES

By

 

/s/ Sharon P. Almanza

  Sharon P. Almanza
    Treasurer of the Philippines

 

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Table of Contents

EXHIBIT INDEX

 

Exhibit

  

Description

99.C.1:    Republic Act No. 12314, General Appropriations Act, Fiscal Year 2026, Volume I-A
99.C.2:    Republic Act No. 12314, General Appropriations Act, Fiscal Year 2026, Volume I-B
99.C.3:    Republic Act No. 12314, General Appropriations Act, Fiscal Year 2026, Volume I-C
99.C.4:    Republic Act No. 12314, General Appropriations Act, Fiscal Year 2026, Volume II
99.D:    Description of Republic of the Philippines, dated July 1, 2026

 

9


ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EX-99.(C)(1)

EX-99.(C)(2)

EX-99.(C)(3)

EX-99.(C)(4)

EX-99.(D)