Philippines External Debt: % of GDP

1990 - 2025 | Yearly | % | CEIC Data

Key information about Philippines External Debt: % of GDP

  • Philippines External Debt accounted for 30.3 % of the country's Nominal GDP in 2025, compared with the ratio of 29.8 % in the previous year.
  • Philippines External Debt: % of Nominal GDP data is updated yearly, available from Dec 1990 to Dec 2025.
  • The data reached an all-time high of 73.9 % in Dec 2001 and a record low of 22.2 % in Dec 2019.

CEIC calculates External Debt as % of Nominal GDP from annual External Debt and annual Nominal GDP. Bangko Sentral ng Pilipinas provides External Debt in USD. Philippine Statistics Authority provides Nominal GDP in local currency. Bangko Sentral ng Pilipinas average market exchange rate is used for currency conversions. External Debt prior to 2005 is calculated as the sum of discontinued Total External Debt, Intercompany Accounts: Phil Branches of Foreign Banks, Loans without BSP Approval and Private Sector Obligations under Capital Lease Arrangements. These three items have been included in the Total External Debt under the new reporting framework.


Related information about Philippines External Debt: % of GDP

  • In the latest reports of Philippines, Current Account recorded a deficit of 379.1 USD mn in Dec 2025.
  • Foreign Direct Investment (FDI) increased by 560.0 USD mn in Dec 2025.
  • Philippines Direct Investment Abroad expanded by 742.4 USD mn in Dec 2025.
  • Its Foreign Portfolio Investment fell by 1.8 USD bn in Dec 2025.
  • The country's External Debt reached 147,650.8 in Dec 2025.
  • The country's Nominal GDP was reported at 114.9 USD bn in Sep 2025.

View Philippines's External Debt: % of GDP from 1990 to 2025 in the chart:

Philippines External Debt: % of GDP

What was Philippines's External Debt: % of GDP in 2025?

Philippines External Debt accounted for 30.3 % of the country's Nominal GDP in 2025, compared with the ratio of 29.8 % in the previous year. See the table below for more data.

Last Previous Min Max Unit Frequency Range
30.3 2025 29.8 2024 22.2 2019 73.9 2001 % yearly 1990 - 2025

External Debt: % of GDP by Country Comparison

country/region Last Frequency Range
Albania (%) 37.8 2025 yearly 1991 - 2025
Algeria (%) 1.1 2024 yearly 1970 - 2024
Argentina (%) 46.8 2025 yearly 1994 - 2025
Armenia (%) 64.8 2025 yearly 2000 - 2025
Australia (%) 107.6 2025 yearly 1988 - 2025
Austria (%) 154.5 2024 yearly 1997 - 2024
Azerbaijan (%) 14.9 Dec 2021 quarterly Dec 2001 - Dec 2021
Bangladesh (%) 11.4 2017 yearly 1997 - 2017
Belarus (%) 40.7 Dec 2025 quarterly Dec 2000 - Dec 2025
Belgium (%) 242.8 2025 yearly 2007 - 2025
Bolivia (%) 33.0 2024 yearly 2006 - 2024
Bosnia and Herzegovina (%) 16.4 2025 yearly 1999 - 2025
Botswana (%) 7.8 2025 yearly 1995 - 2025
Brazil (%) 29.0 2025 yearly 1992 - 2025
Bulgaria (%) 50.5 2025 yearly 1999 - 2025
Cambodia (%) 45.4 2024 yearly 2010 - 2024
Canada (%) 147.8 2025 yearly 1990 - 2025
Chile (%) 77.6 2025 yearly 1971 - 2025
China (%) 11.9 2025 yearly 1985 - 2025
Colombia (%) 48.0 2024 yearly 1970 - 2024
Croatia (%) 74.3 2022 yearly 1998 - 2022
Cyprus (%) 617.2 2025 yearly 2004 - 2025
Czech Republic (%) 66.4 2025 yearly 1995 - 2025
Denmark (%) 142.9 2025 yearly 2005 - 2025
Ecuador (%) 49.6 2025 yearly 1970 - 2025
Egypt (%) 42.4 Sep 2025 quarterly Jun 1999 - Sep 2025
Estonia (%) 100.4 2025 yearly 1996 - 2025
European Union (%) 106.7 2025 yearly 2013 - 2025
Finland (%) 207.2 2025 yearly 1991 - 2025
France (%) 250.2 2024 yearly 2004 - 2024
Georgia (%) 70.3 2025 yearly 1999 - 2025
Germany (%) 151.3 2025 yearly 1999 - 2025
Ghana (%) 25.7 2025 yearly 1999 - 2025
Greece (%) 237.7 2025 yearly 2003 - 2025
Hong Kong SAR, China (%) 481.9 2025 yearly 2001 - 2025
Hungary (%) 118.0 2025 yearly 2006 - 2025
Iceland (%) 75.3 2025 yearly 1989 - 2025
India (%) 19.1 2025 yearly 1970 - 2025
Indonesia (%) 29.9 2025 yearly 2003 - 2025
Iran (%) 0.8 2025 yearly 1994 - 2025
Ireland (%) 507.4 2025 yearly 2002 - 2025
Israel (%) 26.9 2025 yearly 1998 - 2025
Italy (%) 120.8 2024 yearly 2002 - 2024
Ivory Coast (%) 34.4 2022 yearly 1994 - 2022
Japan (%) 109.3 2025 yearly 2003 - 2025
Jordan (%) 74.1 2025 yearly 1970 - 2025
Kazakhstan (%) 59.5 Dec 2025 quarterly Mar 2002 - Dec 2025
Kenya (%) 31.1 2025 yearly 2006 - 2025
South Korea (%) 40.9 2025 yearly 1994 - 2025
Kosovo (%) 40.7 2024 yearly 2007 - 2024
Kuwait (%) 41.3 2024 yearly 2014 - 2024
Kyrgyzstan (%) 68.2 2024 yearly 2003 - 2024
Laos (%) 68.7 2024 yearly 1996 - 2024
Latvia (%) 99.5 Dec 2025 quarterly Mar 2000 - Dec 2025
Lebanon (%) 21.3 2023 yearly 2007 - 2023
Lithuania (%) 93.1 2025 yearly 1996 - 2025
Luxembourg (%) 3,937.1 2025 yearly 2002 - 2025
North Macedonia (%) 72.0 2025 yearly 2004 - 2025
Malawi (%) 60.1 2021 yearly 2006 - 2021
Malaysia (%) 68.9 2025 yearly 2009 - 2025
Malta (%) 785.5 2025 yearly 2004 - 2025
Mauritius (%) 1,200.9 2025 yearly 2009 - 2025
Mexico (%) 35.1 2025 yearly 2002 - 2025
Moldova (%) 56.7 2024 yearly 2000 - 2024
Mongolia (%) 159.5 2025 yearly 1992 - 2025
Montenegro (%) 105.7 2024 yearly 2006 - 2024
Morocco (%) 50.8 2022 yearly 1970 - 2022
Mozambique (%) 49.2 2023 yearly 1985 - 2023
Myanmar (%) 18.9 2023 yearly 2018 - 2023
Nepal (%) 17.3 2016 yearly 2001 - 2016
Netherlands (%) 345.3 2025 yearly 2003 - 2025
New Zealand (%) 98.2 2025 yearly 1993 - 2025
Nigeria (%) 12.0 2025 yearly 1985 - 2025
Norway (%) 156.0 2025 yearly 2003 - 2025
Pakistan (%) 33.4 2025 yearly 2000 - 2025
Palestinian Territory (%) 13.1 2024 yearly 2012 - 2024
Panama (%) 167.4 2021 yearly 2014 - 2021
Paraguay (%) 59.8 2025 yearly 2000 - 2025
Peru (%) 33.5 2025 yearly 1980 - 2025
Philippines (%) 30.3 2025 yearly 1990 - 2025
Poland (%) 50.1 2025 yearly 1995 - 2025
Portugal (%) 145.3 2025 yearly 1996 - 2025
Qatar (%) 106.1 2018 yearly 2000 - 2018
Romania (%) 57.5 2024 yearly 1995 - 2024
Russia (%) 12.5 2025 yearly 1993 - 2025
Serbia (%) 60.5 2024 yearly 2000 - 2024
Singapore (%) 402.2 2025 yearly 2003 - 2025
Slovakia (%) 100.8 2025 yearly 1995 - 2025
Slovenia (%) 88.9 2025 yearly 1995 - 2025
South Africa (%) 46.9 2025 yearly 1985 - 2025
Spain (%) 162.9 2024 yearly 1995 - 2024
Sri Lanka (%) 75.0 2022 yearly 1998 - 2022
Sudan (%) 202.2 2021 yearly 2001 - 2021
Sweden (%) 157.5 2025 yearly 1997 - 2025
Switzerland (%) 226.4 2025 yearly 1999 - 2025
Taiwan, China (%) 26.5 2025 yearly 1999 - 2025
Tajikistan (%) 37.7 2021 yearly 2000 - 2021
Thailand (%) 35.4 Dec 2025 quarterly Mar 2005 - Dec 2025
Tunisia (%) 73.8 2025 yearly 2002 - 2025
Turkey (%) 32.6 2025 yearly 1995 - 2025

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Philippines Key Series

Government and Public Finance Last Frequency Range
Consolidated Fiscal Balance: % of GDP (%) -5.2 Mar 2026 quarterly Dec 1985 - Mar 2026
Consolidated Fiscal Balance (USD mn) -5,885.881 Mar 2026 monthly Jan 1985 - Mar 2026
Tax Revenue (USD mn) 4,654.998 Mar 2026 monthly Jan 1985 - Mar 2026
Tax Revenue: % of GDP (%) 14.0 Mar 2026 quarterly Mar 1985 - Mar 2026
National Government Debt (USD mn) 304,381.5 Mar 2026 monthly Jan 1993 - Mar 2026
Government Debt: % of GDP (%) 65.2 Mar 2026 quarterly Mar 1993 - Mar 2026
Forecast: Government Expenditure (PHP bn) 9,934.920 2031 yearly 1989 - 2031
Forecast: Government Net Debt (PHP bn) 25,111.900 2031 yearly 1993 - 2031
Forecast: Government Revenue (PHP bn) 9,229.872 2031 yearly 1989 - 2031
Govt Debt: Domestic and Foreign: Outstanding: Long Term (PHP mn) 15,391,393.000 Mar 2026 monthly Jan 2006 - Mar 2026
Govt Debt: Domestic and Foreign: Outstanding: Short Term (PHP mn) 996,803.000 Mar 2026 monthly Jan 2006 - Mar 2026
Foreign Trade Last Frequency Range
Forecast: Exports of Goods Growth (%) 5.556 2028 yearly 1980 - 2028
Trade Balance (USD mn) -4,511.8 Mar 2026 monthly Jan 1957 - Mar 2026
Total Exports (USD mn) 8,167.2 Mar 2026 monthly Jan 1979 - Mar 2026
Total Exports Growth (%) 20.4 Mar 2026 monthly Jan 1980 - Mar 2026
Aluminum: Exports (USD th) 195,030.466 2024 yearly 1995 - 2024
Exports: Medicament (USD th) 24,205.344 2024 yearly 1995 - 2024
Exports: Medicinal and Pharmaceutical Product (USD th) 12,686.801 2024 yearly 1995 - 2024
Total Imports (USD mn) 11,219.7 Oct 2025 monthly Jan 1979 - Oct 2025
Total Imports Growth (%) 12.3 Mar 2026 monthly Jan 1980 - Mar 2026
Imports: Medicament (USD th) 1,838,565.771 2024 yearly 1995 - 2024
Imports: Medicinal and Pharmaceutical Product (USD th) 626,781.378 2024 yearly 1995 - 2024
Total Exports to USA (USD mn) 1,400.522 Mar 2026 monthly Jan 1978 - Mar 2026
Total Imports from USA (USD mn) 804.230 Mar 2026 monthly Jan 1986 - Mar 2026
Total Exports to China (USD mn) 956.768 Mar 2026 monthly Jan 1984 - Mar 2026
Total Imports from China (USD mn) 3,503.224 Mar 2026 monthly Jan 1986 - Mar 2026
Imports: Metalliferous Ores and Metal Scrap (USD mn) 83.443 Dec 2018 monthly Jan 2006 - Dec 2018
Imports: Iron and Steel (USD mn) 382.669 Dec 2018 monthly Jan 2006 - Dec 2018
Imports: Medicinal and Pharmaceutical Products (USD mn) 108.103 Dec 2018 monthly Jan 2006 - Dec 2018
Export Value Index (2015=100) 126.842 2021 yearly 1980 - 2021
Import Value Index (2015=100) 179.000 2023 yearly 1980 - 2023
Balance of Payments Last Frequency Range
Direct Investment Abroad (USD mn) 742.4 Dec 2025 monthly Jan 2005 - Dec 2025
Current Account Balance (USD mn) -379.1 Dec 2025 monthly Jan 1999 - Dec 2025
Current Account Balance: % of GDP (%) -4.0 Jun 2025 quarterly Mar 1981 - Jun 2025
Foreign Direct Investment (USD mn) 590.3 Feb 2026 monthly Jan 2005 - Feb 2026
Foreign Direct Investment: % of GDP (%) 1.5 Dec 2025 quarterly Mar 2005 - Dec 2025
Foreign Portfolio Investment (USD mn) -1,798.205 Dec 2025 quarterly Mar 2005 - Dec 2025
Foreign Portfolio Investment: % of GDP (%) -1.3 Dec 2025 quarterly Mar 1981 - Dec 2025
Foreign Portfolio Investment: Equity Securities (USD mn) -157.2 Dec 2025 quarterly Mar 1996 - Dec 2025
Foreign Portfolio Investment: Debt Securities (USD mn) -1,641.004 Dec 2025 quarterly Mar 1977 - Dec 2025
External Debt (USD mn) 147,650.8 Dec 2025 quarterly Mar 2005 - Dec 2025
External Debt: % of GDP (%) 30.3 2025 yearly 1990 - 2025
External Debt: Short Term (USD mn) 21,409.3 Jun 2025 quarterly Mar 2005 - Jun 2025
External Debt: Short Term: % of GDP (%) 4.2 2025 yearly 2005 - 2025
Forecast: Current Account Balance (USD bn) -20.861 2031 yearly 1980 - 2031
Net International Investment Position (USD mn) -50,829.173 Dec 2025 quarterly Dec 2012 - Dec 2025
BoP: Change in Reserve Assets: Debit (USD mn) -836.308 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: CA: Services: Credit: Export (USD mn) 5,080.793 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: FA: OI: Net Acquisition of Financial Assets (USD mn) -402.489 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: FA: Financial Derivatives (FD) (USD mn) 9.236 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: FA: Net Incurrence of Liabilities (USD mn) 4,461.846 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: Financial Account (FA) (USD mn) 1,395.121 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: CA: Secondary Income: Debit: Payments (USD mn) 125.809 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: CA: Primary Income (USD mn) 32.767 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: CA: Credit: Receipts (USD mn) 10.278 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: FA: DI: Net Incurrence of Liabilities (USD mn) 590.279 Feb 2026 monthly Jan 2005 - Feb 2026
BoP: FA: DI: Net Acquisition of Financial Assets (USD mn) 742.394 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: CA: Goods (USD mn) -5,086.682 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: Capital Account (CA) (USD mn) 9.231 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: CA: Secondary Income (USD mn) 3,218.838 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: FA: PI: Net Acquisition of Financial Assets (USD mn) 5,578.880 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: CA: Goods: Credit: Export (USD mn) 5,281.430 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: FA: OI: Net Incurrence of Liabilities (USD mn) 5,812.189 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: CA: Goods: Debit: Import (USD mn) 10,368.112 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: FA: Net Acquisition of Financial Assets (USD mn) 5,856.967 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: CA: Debit: Payments (USD mn) 1.047 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: FA: Portfolio Investment (PI) (USD mn) 7,418.164 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: CA: Services (USD mn) 1,455.953 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: CA: Export (USD mn) 15,194.805 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: FA: PI: Net Incurrence of Liabilities (USD mn) -1,839.284 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: FA: Direct Investment (DI) (USD mn) 182.400 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: CA: Secondary Income: Credit: Receipts (USD mn) 3,344.647 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: FA: FD: Net Incurrence of Liabilities (USD mn) -71.054 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: FA: Other Investments (OI) (USD mn) -6,214.679 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: CA: Primary Income: Debit: Payments (USD mn) 1,455.168 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: Current Account (CA) (USD mn) -379.125 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: FA: FD: Net Acquisition of Financial Assets (USD mn) -61.818 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: CA: Primary Income: Credit: Receipts (USD mn) 1,487.935 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: CA: Import (USD mn) 15,573.930 Dec 2025 monthly Jan 2005 - Dec 2025
BoP: CA: Services: Debit: Import (USD mn) 3,624.841 Dec 2025 monthly Jan 2005 - Dec 2025
External Debt: By Country Profile: Country: UK (USD mn) 4,003.006 Dec 2025 quarterly Mar 2005 - Dec 2025
External Debt: By Country Profile: Country: Germany (USD mn) 1,590.827 Dec 2025 quarterly Mar 2005 - Dec 2025
External Debt: By Country Profile: Country: France (USD mn) 2,309.536 Dec 2025 quarterly Mar 2005 - Dec 2025
External Debt: Medium and Long Term (USD mn) 127,417.379 Dec 2025 quarterly Mar 2005 - Dec 2025
External Debt: By Country Profile: Country: USA (USD mn) 2,328.956 Dec 2025 quarterly Mar 2005 - Dec 2025
External Debt: By Country Profile: Country: Japan (USD mn) 16,583.303 Dec 2025 quarterly Mar 2005 - Dec 2025
Business Closure (BC): All Industries (Unit) 3,294.000 2017 yearly 1995 - 2017
FDI: Approved: Transportation & Storage (PHP mn) 4,300.624 Dec 2025 quarterly Mar 2010 - Dec 2025
FDI: Approved: Information & Communication (PHP mn) 4,764.399 Dec 2025 quarterly Mar 2010 - Dec 2025
FDI: Approved: Administrative & Support Services (PHP mn) 4,154.339 Dec 2025 quarterly Mar 2010 - Dec 2025
FDI: Approved: Manufacturing (PHP mn) 34,676.438 Dec 2025 quarterly Mar 2010 - Dec 2025
FDI: Approved: Real Estate Activities (PHP mn) 2,974.368 Dec 2025 quarterly Mar 2010 - Dec 2025
Monetary Last Frequency Range
Non Performing Loans Ratio (%) 3.3 Mar 2026 monthly Mar 2008 - Mar 2026
Household Debt: % of GDP (%) 13.6 Dec 2025 quarterly Mar 2008 - Dec 2025
Non-Performing Loans (USD mn) 9,360.452 Mar 2026 quarterly Mar 2008 - Mar 2026
Money Supply M1 (USD mn) 131,388.225 Mar 2026 monthly Dec 1988 - Mar 2026
Money Supply M2 (USD mn) 327,044.436 Mar 2026 monthly Dec 1988 - Mar 2026
M2 Growth (%) 11.2 Mar 2026 monthly Dec 1989 - Mar 2026
Reserve Requirement Ratio (%) 5.0 Apr 2026 monthly May 1986 - Apr 2026
Foreign Exchange Reserves (USD mn) 79,663.1 Apr 2026 monthly Jan 1960 - Apr 2026
Foreign Exchange Reserves: Months of Import (NA) 6.5 Mar 2026 monthly Jan 1979 - Mar 2026
Gold Reserves (USD mn) 19,779.505 Apr 2026 monthly Dec 1956 - Apr 2026
Total Deposits (USD mn) 365,783.299 Mar 2026 quarterly Mar 2008 - Mar 2026
Total Deposits Growth (%) 10.2 Mar 2026 quarterly Mar 2009 - Mar 2026
Domestic Credit (USD mn) 379,778.4 Mar 2026 monthly Dec 2001 - Mar 2026
Domestic Credit Growth (%) 11.5 Mar 2026 monthly Dec 2002 - Mar 2026
Household Debt (USD mn) 64,710.5 Dec 2025 quarterly Mar 2008 - Dec 2025
Total Loans (USD mn) 264,071.207 Mar 2026 monthly Mar 2008 - Mar 2026
Total Loans Growth (%) 11.26 Mar 2026 monthly Mar 2009 - Mar 2026
Private Debt: % of Nominal GDP (%) 52.20 Mar 2026 quarterly Dec 2001 - Mar 2026
YoY: DCS: LA: M4: Foreign Currency Deposits of Residents (%) 12.013 Mar 2026 monthly Dec 2002 - Mar 2026
DCS: Domestic Claims (DC) (PHP mn) 23,067,737.949 Mar 2026 monthly Dec 2001 - Mar 2026
YoY: DCS: LA: M4: M3 (%) 11.238 Mar 2026 monthly Dec 2002 - Mar 2026
YoY: DCS: LA: M4: M3: Deposit Substitutes (%) 9.444 Mar 2026 monthly Dec 2002 - Mar 2026
YoY: DCS: LA: M4: M3: M2 (%) 5.951 Mar 2026 monthly Dec 2002 - Mar 2026
Reserve Requirement Ratio: Commercial Banks: Local Currency Deposits (%) 5.000 Apr 2026 monthly May 1986 - Apr 2026
ORA: Other Reserve Assets (USD mn) 1,552.07 Jun 2018 monthly Apr 2000 - Jun 2018
CL: PBS: Real Estate: Residential (PHP bn) 1,193.681 Dec 2025 quarterly Mar 2008 - Dec 2025
Consumer Loans (CL): Philippine Banking System (PBS) (PHP bn) 3,805.301 Dec 2025 quarterly Mar 2008 - Dec 2025
Business and Economic Survey Last Frequency Range
Global Competitiveness Index (Score) 61.869 2019 yearly 2017 - 2019
Business Confidence Growth (% Point) -15.2 Dec 2025 quarterly Jun 2002 - Dec 2025
PH: Ease of Doing Business Rank: 1=Most Business-friendly Regulations (NA) 95.000 2019 yearly 2019 - 2019

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