With gross borrowings at over two and a half trillion pesos, the sale of government bonds remains a critical component of the financing strategy of the Philippine government. Slowing economic growth, rising prices, and political turmoil, however, contribute significant pressure on bond yields and complicate the underlying financing calculus of the national government. This study examines the constraints imposed by prevailing macroeconomic conditions on government borrowing and, more broadly, economic policymaking. It surfaces the risks associated with maintaining current levels of borrowing given the present fiscal position of the government, sociopolitical uncertainty, and macroeconomic headwinds. The study emphasizes the importance of making the most out of every peso spent by the government given tightening fiscal conditions and a challenging macroeconomic environment.