Philippines External Debt: % of GDP

1990 - 2024 | Yearly | % | CEIC Data

Key information about Philippines External Debt: % of GDP

  • Philippines External Debt accounted for 29.8 % of the country's Nominal GDP in 2024, compared with the ratio of 28.7 % in the previous year.
  • Philippines External Debt: % of Nominal GDP data is updated yearly, available from Dec 1990 to Dec 2024.
  • 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 1.7 USD bn in Jun 2025.
  • Foreign Direct Investment (FDI) increased by 493.7 USD mn in Aug 2025.
  • Philippines Direct Investment Abroad expanded by 305.3 USD mn in Jun 2025.
  • Its Foreign Portfolio Investment increased by 942.8 USD mn in Jun 2025.
  • The country's External Debt reached 148,873.0 in Jun 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 2024 in the chart:

Philippines External Debt: % of GDP

What was Philippines's External Debt: % of GDP in 2024?

Philippines External Debt accounted for 29.8 % of the country's Nominal GDP in 2024, compared with the ratio of 28.7 % in the previous year. See the table below for more data.

Last Previous Min Max Unit Frequency Range
29.8 2024 28.7 2023 22.2 2019 73.9 2001 % yearly 1990 - 2024

External Debt: % of GDP by Country Comparison

country/region Last Frequency Range
Albania (%) 40.5 2024 yearly 1991 - 2024
Algeria (%) 1.1 2024 yearly 1970 - 2024
Argentina (%) 43.5 2024 yearly 1994 - 2024
Armenia (%) 62.9 2024 yearly 2000 - 2024
Australia (%) 112.8 2024 yearly 1988 - 2024
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 (%) 42.9 Sep 2025 quarterly Dec 2000 - Sep 2025
Belgium (%) 242.6 2024 yearly 2007 - 2024
Bolivia (%) 33.0 2024 yearly 2006 - 2024
Bosnia and Herzegovina (%) 17.0 2024 yearly 1999 - 2024
Botswana (%) 7.8 2025 yearly 1995 - 2025
Brazil (%) 27.6 2024 yearly 1992 - 2024
Bulgaria (%) 47.6 2024 yearly 1999 - 2024
Cambodia (%) 45.4 2024 yearly 2010 - 2024
Canada (%) 146.4 2024 yearly 1990 - 2024
Chile (%) 74.2 2024 yearly 1971 - 2024
China (%) 12.9 2024 yearly 1985 - 2024
Colombia (%) 51.3 2024 yearly 1970 - 2024
Croatia (%) 74.3 2022 yearly 1998 - 2022
Cyprus (%) 674.2 2024 yearly 2004 - 2024
Czech Republic (%) 65.4 2024 yearly 1995 - 2024
Denmark (%) 142.2 2024 yearly 2005 - 2024
Ecuador (%) 48.2 2024 yearly 1970 - 2024
Egypt (%) 44.2 Jun 2025 quarterly Jun 1999 - Jun 2025
Estonia (%) 97.8 2024 yearly 1996 - 2024
European Union (%) 109.7 2024 yearly 2008 - 2024
Finland (%) 203.6 2024 yearly 1991 - 2024
France (%) 250.2 2024 yearly 2004 - 2024
Georgia (%) 73.6 2024 yearly 1999 - 2024
Germany (%) 147.6 2024 yearly 1999 - 2024
Ghana (%) 34.4 2024 yearly 1999 - 2024
Greece (%) 243.2 2024 yearly 2003 - 2024
Hong Kong SAR, China (%) 467.1 2024 yearly 2001 - 2024
Hungary (%) 142.9 2024 yearly 2006 - 2024
Iceland (%) 71.9 2024 yearly 1989 - 2024
India (%) 19.1 2025 yearly 1970 - 2025
Indonesia (%) 30.4 2024 yearly 2003 - 2024
Iran (%) 0.8 2025 yearly 1994 - 2025
Ireland (%) 544.0 2024 yearly 2002 - 2024
Israel (%) 27.2 2024 yearly 1998 - 2024
Italy (%) 120.8 2024 yearly 2002 - 2024
Ivory Coast (%) 34.4 2022 yearly 1994 - 2022
Japan (%) 108.0 2024 yearly 2003 - 2024
Jordan (%) 80.3 2024 yearly 1970 - 2024
Kazakhstan (%) 59.2 Jun 2025 quarterly Mar 2002 - Jun 2025
Kenya (%) 31.2 2024 yearly 2006 - 2024
South Korea (%) 35.9 2024 yearly 1994 - 2024
Kosovo (%) 40.7 2024 yearly 2007 - 2024
Kuwait (%) 41.5 2024 yearly 2014 - 2024
Kyrgyzstan (%) 70.8 2024 yearly 2003 - 2024
Laos (%) 68.7 2024 yearly 1996 - 2024
Latvia (%) 104.4 Sep 2025 quarterly Mar 2000 - Sep 2025
Lebanon (%) 17.4 2023 yearly 2007 - 2023
Lithuania (%) 77.4 2024 yearly 1996 - 2024
Luxembourg (%) 4,148.6 2024 yearly 2002 - 2024
North Macedonia (%) 79.2 2024 yearly 2004 - 2024
Malawi (%) 60.1 2021 yearly 2006 - 2021
Malaysia (%) 69.9 2024 yearly 2009 - 2024
Malta (%) 836.7 2024 yearly 2004 - 2024
Mauritius (%) 1,221.8 2024 yearly 2009 - 2024
Mexico (%) 32.2 2024 yearly 2002 - 2024
Moldova (%) 56.7 2024 yearly 2000 - 2024
Mongolia (%) 157.9 2024 yearly 1992 - 2024
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 (%) 349.4 2024 yearly 2003 - 2024
New Zealand (%) 94.7 2024 yearly 1993 - 2024
Nigeria (%) 18.6 2024 yearly 1985 - 2024
Norway (%) 155.3 2024 yearly 2003 - 2024
Pakistan (%) 33.1 2025 yearly 2000 - 2025
Palestinian Territory (%) 15.3 2024 yearly 2012 - 2024
Panama (%) 169.8 2021 yearly 2014 - 2021
Paraguay (%) 58.8 2024 yearly 2000 - 2024
Peru (%) 36.7 2024 yearly 1980 - 2024
Philippines (%) 29.8 2024 yearly 1990 - 2024
Poland (%) 51.8 2024 yearly 1995 - 2024
Portugal (%) 144.8 2024 yearly 1996 - 2024
Qatar (%) 106.1 2018 yearly 2000 - 2018
Romania (%) 57.5 2024 yearly 1995 - 2024
Russia (%) 13.3 2024 yearly 1993 - 2024
Serbia (%) 60.5 2024 yearly 2000 - 2024
Singapore (%) 407.1 2024 yearly 2003 - 2024
Slovakia (%) 100.9 2024 yearly 1995 - 2024
Slovenia (%) 87.9 2024 yearly 1995 - 2024
South Africa (%) 42.0 2024 yearly 1985 - 2024
Spain (%) 162.5 2024 yearly 1995 - 2024
Sri Lanka (%) 75.0 2022 yearly 1998 - 2022
Sudan (%) 202.2 2021 yearly 2001 - 2021
Sweden (%) 168.1 2024 yearly 1997 - 2024
Switzerland (%) 235.3 2024 yearly 1999 - 2024
Taiwan, China (%) 27.4 2024 yearly 1999 - 2024
Tajikistan (%) 37.7 2021 yearly 2000 - 2021
Thailand (%) 35.5 Jun 2025 quarterly Mar 2005 - Jun 2025
Tunisia (%) 83.8 2024 yearly 2002 - 2024
Turkey (%) 38.2 2024 yearly 1989 - 2024

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Philippines Key Series

Government and Public Finance Last Frequency Range
Consolidated Fiscal Balance: % of GDP (%) -6.0 Sep 2025 quarterly Dec 1985 - Sep 2025
Consolidated Fiscal Balance (USD mn) 191.324 Oct 2025 monthly Jan 1985 - Oct 2025
Tax Revenue (USD mn) 7,109.904 Oct 2025 monthly Jan 1985 - Oct 2025
Tax Revenue: % of GDP (%) 15.6 Sep 2025 quarterly Mar 1985 - Sep 2025
National Government Debt (USD mn) 297,648.2 Oct 2025 monthly Jan 1993 - Oct 2025
Government Debt: % of GDP (%) 63.1 Sep 2025 quarterly Mar 1993 - Sep 2025
Forecast: Government Expenditure (PHP bn) 9,538.160 2030 yearly 1989 - 2030
Forecast: Government Net Debt (PHP bn) 23,834.650 2030 yearly 1993 - 2030
Forecast: Government Revenue (PHP bn) 8,774.629 2030 yearly 1989 - 2030
Govt Debt: Domestic and Foreign: Outstanding: Long Term (PHP mn) 14,437,106.000 Oct 2025 monthly Jan 2006 - Oct 2025
Govt Debt: Domestic and Foreign: Outstanding: Short Term (PHP mn) 938,368.000 Oct 2025 monthly Jan 2006 - Oct 2025
Foreign Trade Last Frequency Range
Forecast: Exports of Goods Growth (%) 5.556 2028 yearly 1980 - 2028
Trade Balance (USD mn) -3,827.8 Oct 2025 monthly Jan 1957 - Oct 2025
Total Exports (USD mn) 7,391.9 Oct 2025 monthly Jan 1979 - Oct 2025
Total Exports Growth (%) 19.4 Oct 2025 monthly Jan 1980 - Oct 2025
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 (%) -6.5 Oct 2025 monthly Jan 1980 - Oct 2025
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) 1,161.615 Oct 2025 monthly Jan 1978 - Oct 2025
Total Imports from USA (USD mn) 690.708 Oct 2025 monthly Jan 1986 - Oct 2025
Total Exports to China (USD mn) 868.438 Oct 2025 monthly Jan 1984 - Oct 2025
Total Imports from China (USD mn) 3,408.777 Oct 2025 monthly Jan 1986 - Oct 2025
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
Import Value Index (2015=100) 166.404 2021 yearly 1980 - 2021
Export Value Index (2015=100) 126.842 2021 yearly 1980 - 2021
Balance of Payments Last Frequency Range
Direct Investment Abroad (USD mn) 154.2 Sep 2025 monthly Jan 2005 - Sep 2025
Current Account Balance (USD mn) -1,678.8 Jun 2025 monthly Jan 1999 - Jun 2025
Current Account Balance: % of GDP (%) -4.0 Jun 2025 quarterly Mar 1981 - Jun 2025
Foreign Direct Investment (USD mn) 320.4 Sep 2025 monthly Jan 2005 - Sep 2025
Foreign Direct Investment: % of GDP (%) 1.8 Sep 2025 quarterly Mar 2005 - Sep 2025
Foreign Portfolio Investment (USD mn) 942.773 Jun 2025 quarterly Mar 2005 - Jun 2025
Foreign Portfolio Investment: % of GDP (%) 2.4 Sep 2025 quarterly Mar 1981 - Sep 2025
Foreign Portfolio Investment: Equity Securities (USD mn) -17.9 Sep 2025 quarterly Mar 1996 - Sep 2025
Foreign Portfolio Investment: Debt Securities (USD mn) 2,769.125 Sep 2025 quarterly Mar 1977 - Sep 2025
External Debt (USD mn) 149,093.4 Sep 2025 quarterly Mar 2005 - Sep 2025
External Debt: % of GDP (%) 29.8 2024 yearly 1990 - 2024
External Debt: Short Term (USD mn) 21,409.3 Jun 2025 quarterly Mar 2005 - Jun 2025
External Debt: Short Term: % of GDP (%) 4.5 2024 yearly 2005 - 2024
Forecast: Current Account Balance (USD bn) -13.928 2030 yearly 1980 - 2030
Net International Investment Position (USD mn) -68,284.036 Jun 2025 quarterly Dec 2012 - Jun 2025
BoP: CA: Services: Credit: Export (USD mn) 4,807.548 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: FA: Net Incurrence of Liabilities (USD mn) 6,143.334 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: FA: Net Acquisition of Financial Assets (USD mn) 4,670.531 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: FA: FD: Net Incurrence of Liabilities (USD mn) -61.661 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: FA: Financial Derivatives (FD) (USD mn) -29.120 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: Capital Account (CA) (USD mn) 10.254 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: CA: Debit: Payments (USD mn) 0.283 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: FA: OI: Net Incurrence of Liabilities (USD mn) 5,699.529 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: FA: OI: Net Acquisition of Financial Assets (USD mn) -360.950 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: FA: DI: Net Acquisition of Financial Assets (USD mn) 154.217 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: FA: DI: Net Incurrence of Liabilities (USD mn) 320.399 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: CA: Primary Income (USD mn) 421.148 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: FA: PI: Net Acquisition of Financial Assets (USD mn) 4,968.045 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: Financial Account (FA) (USD mn) -1,472.803 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: CA: Credit: Receipts (USD mn) 10.537 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: FA: FD: Net Acquisition of Financial Assets (USD mn) -90.781 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: CA: Secondary Income: Debit: Payments (USD mn) 128.654 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: CA: Goods: Credit: Export (USD mn) 5,296.719 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: CA: Goods (USD mn) -5,934.380 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: CA: Services: Debit: Import (USD mn) 3,034.172 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: CA: Secondary Income (USD mn) 2,813.316 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: FA: PI: Net Incurrence of Liabilities (USD mn) 185.068 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: Change in Reserve Assets: Debit (USD mn) 94.282 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: FA: Portfolio Investment (PI) (USD mn) 4,782.977 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: CA: Primary Income: Debit: Payments (USD mn) 1,092.827 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: CA: Goods: Debit: Import (USD mn) 11,231.099 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: Current Account (CA) (USD mn) -926.540 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: CA: Secondary Income: Credit: Receipts (USD mn) 2,941.969 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: CA: Primary Income: Credit: Receipts (USD mn) 1,513.975 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: FA: Direct Investment (DI) (USD mn) -166.182 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: FA: Other Investments (OI) (USD mn) -6,060.478 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: CA: Export (USD mn) 14,560.212 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: CA: Services (USD mn) 1,773.376 Sep 2025 monthly Jan 2005 - Sep 2025
BoP: CA: Import (USD mn) 15,486.752 Sep 2025 monthly Jan 2005 - Sep 2025
External Debt: By Country Profile: Country: France (USD mn) 2,632.733 Sep 2025 quarterly Mar 2005 - Sep 2025
External Debt: By Country Profile: Country: USA (USD mn) 3,360.037 Sep 2025 quarterly Mar 2005 - Sep 2025
External Debt: By Country Profile: Country: Germany (USD mn) 2,159.034 Sep 2025 quarterly Mar 2005 - Sep 2025
External Debt: Medium and Long Term (USD mn) 128,181.445 Sep 2025 quarterly Mar 2005 - Sep 2025
External Debt: By Country Profile: Country: Japan (USD mn) 16,059.355 Sep 2025 quarterly Mar 2005 - Sep 2025
External Debt: By Country Profile: Country: UK (USD mn) 2,597.218 Sep 2025 quarterly Mar 2005 - Sep 2025
Business Closure (BC): All Industries (Unit) 3,294.000 2017 yearly 1995 - 2017
FDI: Approved: Information & Communication (PHP mn) 265.529 Dec 2024 quarterly Mar 2010 - Dec 2024
FDI: Approved: Real Estate Activities (PHP mn) 2,515.437 Dec 2024 quarterly Mar 2010 - Dec 2024
FDI: Approved: Manufacturing (PHP mn) 30,550.029 Dec 2024 quarterly Mar 2010 - Dec 2024
FDI: Approved: Transportation & Storage (PHP mn) 11,869.695 Dec 2024 quarterly Mar 2010 - Dec 2024
FDI: Approved: Administrative & Support Services (PHP mn) 3,327.175 Dec 2024 quarterly Mar 2010 - Dec 2024
Monetary Last Frequency Range
Non Performing Loans Ratio (%) 3.3 Oct 2025 monthly Mar 2008 - Oct 2025
Household Debt: % of GDP (%) 12.8 Sep 2025 quarterly Mar 2009 - Sep 2025
Non-Performing Loans (USD mn) 9,285.066 Sep 2025 quarterly Mar 2008 - Sep 2025
Money Supply M1 (USD mn) 127,138.042 Oct 2025 monthly Dec 1988 - Oct 2025
Money Supply M2 (USD mn) 317,145.401 Oct 2025 monthly Dec 1988 - Oct 2025
M2 Growth (%) 8.8 Oct 2025 monthly Dec 1989 - Oct 2025
Reserve Requirement Ratio (%) 5.0 Nov 2025 monthly May 1986 - Nov 2025
Foreign Exchange Reserves (USD mn) 88,587.9 Nov 2025 monthly Jan 1960 - Nov 2025
Foreign Exchange Reserves: Months of Import (NA) 7.9 Oct 2025 monthly Jan 1979 - Oct 2025
Gold Reserves (USD mn) 18,025.841 Nov 2025 monthly Dec 1956 - Nov 2025
Total Deposits (USD mn) 362,936.341 Sep 2025 quarterly Mar 2008 - Sep 2025
Total Deposits Growth (%) 7.6 Sep 2025 quarterly Mar 2009 - Sep 2025
Domestic Credit (USD mn) 365,706.8 Oct 2025 monthly Dec 2001 - Oct 2025
Domestic Credit Growth (%) 10.5 Oct 2025 monthly Dec 2002 - Oct 2025
Household Debt (USD mn) 60,938.4 Sep 2025 quarterly Mar 2009 - Sep 2025
Total Loans (USD mn) 256,125.179 Oct 2025 monthly Mar 2008 - Oct 2025
Total Loans Growth (%) 10.56 Oct 2025 monthly Mar 2009 - Oct 2025
Private Debt: % of Nominal GDP (%) 49.96 Sep 2025 quarterly Dec 2001 - Sep 2025
DCS: Domestic Claims (DC) (PHP mn) 21,577,798.580 Oct 2025 monthly Dec 2001 - Oct 2025
YoY: DCS: LA: M4: Foreign Currency Deposits of Residents (%) 8.255 Oct 2025 monthly Dec 2002 - Oct 2025
YoY: DCS: LA: M4: M3: Deposit Substitutes (%) 8.434 Oct 2025 monthly Dec 2002 - Oct 2025
YoY: DCS: LA: M4: M3: M2 (%) 9.089 Oct 2025 monthly Dec 2002 - Oct 2025
YoY: DCS: LA: M4: M3 (%) 8.820 Oct 2025 monthly Dec 2002 - Oct 2025
Reserve Requirement Ratio: Commercial Banks: Local Currency Deposits (%) 5.000 Nov 2025 monthly May 1986 - Nov 2025
ORA: Other Reserve Assets (USD mn) 1,552.07 Jun 2018 monthly Apr 2000 - Jun 2018
Consumer Loans (CL): Philippine Banking System (PBS) (PHP bn) 3,536.987 Sep 2025 quarterly Mar 2009 - Sep 2025
CL: PBS: Real Estate: Residential (PHP bn) 1,177.772 Sep 2025 quarterly Mar 2009 - Sep 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
Business Outlook: Index: Industry: Current Quarter (Point) 13.590 Dec 2025 quarterly Jun 2001 - Dec 2025
Business Outlook: Index: Services: Current Quarter (Point) 39.087 Dec 2025 quarterly Jun 2001 - Dec 2025
PH: Ease of Doing Business Rank: 1=Most Business-friendly Regulations (NA) 95.000 2019 yearly 2019 - 2019

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