Philippines External Debt: % of GDP

1990 - 2021 | Yearly | % | CEIC Data

Key information about Philippines External Debt: % of GDP

  • Philippines External Debt accounted for 27.0 % of the country's Nominal GDP in 2021, compared with the ratio of 27.2 % in the previous year.
  • Philippines External Debt: % of Nominal GDP data is updated yearly, available from Dec 1990 to Dec 2021.
  • 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 1.0 USD bn in Sep 2022.
  • Foreign Direct Investment (FDI) increased by 922.5 USD mn in Oct 2022.
  • Philippines Direct Investment Abroad expanded by 349.9 USD mn in Sep 2022.
  • Its Foreign Portfolio Investment fell by 669.5 USD mn in Sep 2022.
  • The country's External Debt reached 107,909.7 in Sep 2022.
  • The country's Nominal GDP was reported at 93.0 USD bn in Sep 2022.

View Philippines's External Debt: % of GDP from 1990 to 2021 in the chart:

Philippines External Debt: % of GDP

What was Philippines's External Debt: % of GDP in 2021?

Philippines External Debt accounted for 27.0 % of the country's Nominal GDP in 2021, compared with the ratio of 27.2 % in the previous year. See the table below for more data.

Last Previous Min Max Unit Frequency Range
27.0 2021 27.2 2020 22.2 2019 73.9 2001 % yearly 1990 - 2021

External Debt: % of GDP by Country Comparison

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country/region Last Frequency Range
Albania (%) 63.2 2021 yearly 1991 - 2021
Algeria (%) 1.9 2021 yearly 1970 - 2021
Argentina (%) 56.6 2021 yearly 1994 - 2021
Armenia (%) 99.9 2021 yearly 2000 - 2021
Australia (%) 115.3 2021 yearly 1988 - 2021
Austria (%) 163.3 2021 yearly 1997 - 2021
Azerbaijan (%) 14.9 Dec 2021 quarterly Dec 2001 - Dec 2021
Bangladesh (%) 11.4 2017 yearly 1997 - 2017
Belarus (%) 57.7 Sep 2022 quarterly Dec 2000 - Sep 2022
Belgium (%) 258.5 2021 yearly 2007 - 2021
Bolivia (%) 38.8 2020 yearly 2006 - 2020
Bosnia and Herzegovina (%) 24.4 2021 yearly 1999 - 2021
Botswana (%) 8.0 2022 yearly 1995 - 2022
Brazil (%) 34.4 2021 yearly 1992 - 2021
Bulgaria (%) 58.4 2021 yearly 1999 - 2021
Cambodia (%) 75.1 2021 yearly 2010 - 2021
Canada (%) 135.5 2021 yearly 1990 - 2021
Chile (%) 75.4 2021 yearly 1971 - 2021
China (%) 15.4 2021 yearly 1985 - 2021
Colombia (%) 54.6 2021 yearly 1970 - 2021
Croatia (%) 77.5 2021 yearly 1998 - 2021
Cyprus (%) 699.5 2021 yearly 2004 - 2021
Czech Republic (%) 73.2 2021 yearly 1995 - 2021
Denmark (%) 151.0 2021 yearly 2005 - 2021
Ecuador (%) 54.1 2021 yearly 1970 - 2021
Egypt (%) 32.6 Jun 2022 quarterly Jun 1999 - Jun 2022
Estonia (%) 84.7 2021 yearly 1996 - 2021
European Union (%) 129.2 2021 yearly 2008 - 2021
Finland (%) 208.1 2021 yearly 1991 - 2021
France (%) 256.2 2021 yearly 2004 - 2021
Georgia (%) 117.8 2021 yearly 1999 - 2021
Germany (%) 169.4 2021 yearly 1999 - 2021
Ghana (%) 35.8 2021 yearly 1999 - 2021
Greece (%) 305.3 2021 yearly 2003 - 2021
Hong Kong SAR, China (%) 508.5 2021 yearly 2001 - 2021
Hungary (%) 157.7 2021 yearly 2006 - 2021
Iceland (%) 84.8 2021 yearly 1989 - 2021
India (%) 19.9 2022 yearly 1970 - 2022
Indonesia (%) 35.0 2021 yearly 2003 - 2021
Iran (%) 0.9 2021 yearly 1994 - 2021
Ireland (%) 681.1 2021 yearly 2002 - 2021
Israel (%) 33.1 2021 yearly 1998 - 2021
Italy (%) 138.0 2021 yearly 2002 - 2021
Ivory Coast (%) 31.4 2021 yearly 1994 - 2021
Japan (%) 96.4 2021 yearly 2003 - 2021
Jordan (%) 85.7 2021 yearly 1970 - 2021
Kazakhstan (%) 74.7 Sep 2022 quarterly Mar 2002 - Sep 2022
Kenya (%) 34.5 2021 yearly 2006 - 2021
South Korea (%) 34.9 2021 yearly 1994 - 2021
Kosovo (%) 37.4 2021 yearly 2007 - 2021
Kuwait (%) 58.5 2020 yearly 2014 - 2020
Kyrgyzstan (%) 106.1 2021 yearly 2003 - 2021
Laos (%) 53.8 2021 yearly 1996 - 2021
Latvia (%) 101.5 Sep 2022 quarterly Mar 2000 - Sep 2022
Lebanon (%) 53.0 2020 yearly 2007 - 2020
Lithuania (%) 77.0 2021 yearly 1996 - 2021
Luxembourg (%) 4,874.0 2021 yearly 2002 - 2021
North Macedonia (%) 81.9 2021 yearly 2004 - 2021
Malawi (%) 39.4 2014 yearly 2006 - 2014
Malaysia (%) 70.0 2021 yearly 2009 - 2021
Malta (%) 620.7 2021 yearly 2004 - 2021
Mauritius (%) 2,070.9 2021 yearly 2009 - 2021
Mexico (%) 47.1 2021 yearly 2002 - 2021
Moldova (%) 64.1 2021 yearly 2000 - 2021
Mongolia (%) 221.1 2021 yearly 1992 - 2021
Montenegro (%) 180.1 2021 yearly 2006 - 2021
Morocco (%) 46.9 2021 yearly 1970 - 2021
Mozambique (%) 71.7 2020 yearly 1985 - 2020
Myanmar (%) 16.7 2020 yearly 2018 - 2020
Nepal (%) 17.3 2016 yearly 2001 - 2016
Netherlands (%) 412.2 2021 yearly 2003 - 2021
New Zealand (%) 87.2 2021 yearly 1993 - 2021
Nigeria (%) 8.8 2021 yearly 1985 - 2021
Norway (%) 152.8 2021 yearly 2003 - 2021
Pakistan (%) 34.5 2022 yearly 2000 - 2022
Palestinian Territory (%) 11.9 2021 yearly 2012 - 2021
Panama (%) 177.4 2021 yearly 2014 - 2021
Paraguay (%) 51.9 2021 yearly 2000 - 2021
Peru (%) 45.2 2021 yearly 1980 - 2021
Philippines (%) 27.0 2021 yearly 1990 - 2021
Poland (%) 56.6 2021 yearly 1995 - 2021
Portugal (%) 190.6 2021 yearly 1996 - 2021
Qatar (%) 106.1 2018 yearly 2000 - 2018
Romania (%) 56.6 2021 yearly 1995 - 2021
Russia (%) 26.2 2021 yearly 1993 - 2021
Serbia (%) 68.5 2021 yearly 2000 - 2021
Singapore (%) 448.3 2021 yearly 2003 - 2021
Slovakia (%) 135.1 2021 yearly 1995 - 2021
Slovenia (%) 97.3 2021 yearly 2001 - 2021
South Africa (%) 38.3 2021 yearly 1985 - 2021
Spain (%) 192.9 2021 yearly 1995 - 2021
Sri Lanka (%) 57.7 2020 yearly 1998 - 2020
Sudan (%) 105.1 2020 yearly 2001 - 2020
Sweden (%) 170.4 2021 yearly 1997 - 2021
Switzerland (%) 295.8 2021 yearly 1999 - 2021
Taiwan (%) 27.5 2021 yearly 1999 - 2021
Tajikistan (%) 40.6 2020 yearly 2000 - 2020
Thailand (%) 37.0 Sep 2022 quarterly Mar 2005 - Sep 2022
Tunisia (%) 94.6 2021 yearly 2002 - 2021
Turkey (%) 54.2 2021 yearly 1989 - 2021

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Philippines Key Series

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Government and Public Finance Last Frequency Range
Consolidated Fiscal Balance: % of GDP (%) -7.3 Sep 2022 quarterly Dec 1985 - Sep 2022
Consolidated Fiscal Balance (USD mn) -2,149.593 Nov 2022 monthly Jan 1985 - Nov 2022
Tax Revenue (USD mn) 5,427.225 Nov 2022 monthly Jan 1985 - Nov 2022
Tax Revenue: % of GDP (%) 16.1 Sep 2022 quarterly Mar 1985 - Sep 2022
National Government Debt (USD mn) 240,231.1 Nov 2022 monthly Jan 1993 - Nov 2022
Government Debt: % of GDP (%) 63.7 Sep 2022 quarterly Mar 1993 - Sep 2022
Forecast: Government Expenditure (PHP bn) 7,876.655 2027 yearly 1989 - 2027
Forecast: Government Net Debt (PHP bn) 18,900.330 2027 yearly 1993 - 2027
Forecast: Government Revenue (PHP bn) 7,352.700 2027 yearly 1989 - 2027
Govt Debt: Domestic and Foreign: Outstanding: Short Term (PHP mn) 457,704.000 Oct 2022 monthly Jan 2006 - Oct 2022
Govt Debt: Domestic and Foreign: Outstanding: Long Term (PHP mn) 9,998,678.000 Oct 2022 monthly Jan 2006 - Oct 2022
Foreign Trade Last Frequency Range
Forecast: Exports of Goods Growth (%) 4.937 2027 yearly 1980 - 2027
Trade Balance (USD mn) -4,596.2 Dec 2022 monthly Jan 1957 - Dec 2022
Total Exports (USD mn) 5,667.8 Dec 2022 monthly Jan 1979 - Dec 2022
Total Exports Growth (%) 13.2 Nov 2022 monthly Jan 1980 - Nov 2022
Aluminum: Exports (USD th) 197,201.409 2021 yearly 1995 - 2021
Exports: Medicament (USD th) 48,793.567 2021 yearly 1995 - 2021
Exports: Medicinal and Pharmaceutical Product (USD th) 15,114.885 2021 yearly 1995 - 2021
Total Imports (USD mn) 10,263.9 Dec 2022 monthly Jan 1979 - Dec 2022
Total Imports Growth (%) -9.9 Dec 2022 monthly Jan 1980 - Dec 2022
Imports: Medicament (USD th) 1,465,896.403 2021 yearly 1995 - 2021
Imports: Medicinal and Pharmaceutical Product (USD th) 2,362,025.291 2021 yearly 1995 - 2021
Total Exports to USA (USD mn) 811.500 Dec 2022 monthly Jan 1978 - Dec 2022
Total Imports from USA (USD mn) 699.754 Dec 2022 monthly Jan 1986 - Dec 2022
Total Exports to China (USD mn) 980.837 Dec 2022 monthly Jan 1984 - Dec 2022
Total Imports from China (USD mn) 2,329.483 Dec 2022 monthly Jan 1986 - Dec 2022
Imports: Iron and Steel (USD mn) 382.669 Dec 2018 monthly Jan 2006 - Dec 2018
Imports: Metalliferous Ores and Metal Scrap (USD mn) 83.443 Dec 2018 monthly Jan 2006 - Dec 2018
Imports: Medicinal and Pharmaceutical Products (USD mn) 108.103 Dec 2018 monthly Jan 2006 - Dec 2018
Balance of Payments Last Frequency Range
Direct Investment Abroad (USD mn) 349.9 Sep 2022 monthly Jan 2005 - Sep 2022
Current Account Balance (USD mn) -1,034.2 Sep 2022 monthly Jan 1999 - Sep 2022
Current Account Balance: % of GDP (%) -6.2 Sep 2022 quarterly Mar 1981 - Sep 2022
Foreign Direct Investment (USD mn) 922.5 Oct 2022 monthly Jan 2005 - Oct 2022
Foreign Direct Investment: % of GDP (%) 2.0 Sep 2022 quarterly Mar 2005 - Sep 2022
Foreign Portfolio Investment (USD mn) -669.507 Sep 2022 quarterly Mar 2005 - Sep 2022
Foreign Portfolio Investment: % of GDP (%) -0.7 Sep 2022 quarterly Dec 1980 - Sep 2022
Foreign Portfolio Investment: Equity Securities (USD mn) -451.8 Sep 2022 quarterly Mar 1996 - Sep 2022
Foreign Portfolio Investment: Debt Securities (USD mn) -217.675 Sep 2022 quarterly Mar 1977 - Sep 2022
External Debt (USD mn) 107,909.7 Sep 2022 quarterly Mar 2005 - Sep 2022
External Debt: % of GDP (%) 27.0 2021 yearly 1990 - 2021
External Debt: Short Term (USD mn) 16,378.1 Sep 2022 quarterly Mar 2005 - Sep 2022
External Debt: Short Term: % of GDP (%) 3.8 2021 yearly 2005 - 2021
Forecast: Current Account Balance (USD bn) -10.247 2027 yearly 1980 - 2027
Net International Investment Position (USD mn) -30,138.441 Sep 2022 quarterly Dec 2012 - Sep 2022
BoP: FA: DI: Net Acquisition of Financial Assets (USD mn) 349.941 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: CA: Credit: Receipts (USD mn) 8.519 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: CA: Goods (USD mn) -5,672.083 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: CA: Debit: Payments (USD mn) 2.525 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: CA: Services (USD mn) 1,544.083 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: FA: Direct Investment (DI) (USD mn) -276.519 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: Change in Reserve Assets: Debit (USD mn) -2,329.584 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: FA: DI: Net Incurrence of Liabilities (USD mn) 626.460 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: Financial Account (FA) (USD mn) -680.458 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: CA: Secondary Income (USD mn) 2,621.293 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: FA: OI: Net Incurrence of Liabilities (USD mn) 2,238.930 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: CA: Export (USD mn) 13,049.668 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: Current Account (CA) (USD mn) -1,034.153 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: FA: Financial Derivatives (FD) (USD mn) -104.387 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: CA: Primary Income (USD mn) 472.553 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: FA: FD: Net Acquisition of Financial Assets (USD mn) -151.849 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: CA: Goods: Debit: Import (USD mn) 11,539.881 Jun 2022 monthly Jan 2005 - Jun 2022
BoP: FA: FD: Net Incurrence of Liabilities (USD mn) -47.462 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: FA: PI: Net Incurrence of Liabilities (USD mn) -153.514 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: FA: Other Investments (OI) (USD mn) -2,122.833 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: FA: OI: Net Acquisition of Financial Assets (USD mn) -1,540.412 Mar 2022 monthly Jan 2005 - Mar 2022
BoP: FA: Net Incurrence of Liabilities (USD mn) 2,664.413 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: CA: Goods: Credit: Export (USD mn) 5,378.235 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: Capital Account (CA) (USD mn) 5.994 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: CA: Import (USD mn) 14,083.821 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: CA: Secondary Income: Credit: Receipts (USD mn) 2,678.710 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: CA: Primary Income: Debit: Payments (USD mn) 721.565 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: CA: Services: Credit: Export (USD mn) 3,798.603 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: FA: PI: Net Acquisition of Financial Assets (USD mn) 1,669.765 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: CA: Secondary Income: Debit: Payments (USD mn) 57.417 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: CA: Services: Debit: Import (USD mn) 2,254.520 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: FA: Net Acquisition of Financial Assets (USD mn) 1,983.955 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: FA: Portfolio Investment (PI) (USD mn) 1,823.280 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: CA: Primary Income: Credit: Receipts (USD mn) 1,194.119 Sep 2022 monthly Jan 2005 - Sep 2022
External Debt: By Country Profile: Country: USA (USD mn) 3,089.035 Sep 2022 quarterly Mar 2005 - Sep 2022
External Debt: By Country Profile: Country: Japan (USD mn) 14,529.631 Mar 2022 quarterly Mar 2005 - Mar 2022
External Debt: By Country Profile: Country: France (USD mn) 1,006.236 Sep 2022 quarterly Mar 2005 - Sep 2022
External Debt: Medium and Long Term (USD mn) 91,531.624 Sep 2022 quarterly Mar 2005 - Sep 2022
External Debt: By Country Profile: Country: Germany (USD mn) 880.325 Sep 2022 quarterly Mar 2005 - Sep 2022
External Debt: By Country Profile: Country: UK (USD mn) 3,582.944 Jun 2022 quarterly Mar 2005 - Jun 2022
FDI: Approved: Transportation & Storage (PHP mn) 0.020 Sep 2022 quarterly Mar 2010 - Sep 2022
Business Closure (BC): All Industries (Unit) 3,294.000 2017 yearly 1995 - 2017
Monetary Last Frequency Range
Non Performing Loans Ratio (%) 3.3 Nov 2022 monthly Jan 2013 - Nov 2022
Household Debt: % of GDP (%) 10.1 Sep 2022 quarterly Mar 2009 - Sep 2022
Non-Performing Loans (USD mn) 7,037.960 Sep 2022 quarterly Mar 2013 - Sep 2022
Money Supply M1 (USD mn) 117,792.707 Dec 2022 monthly Dec 1988 - Dec 2022
Money Supply M2 (USD mn) 282,279.494 Dec 2022 monthly Dec 1988 - Dec 2022
M2 Growth (%) 7.3 Dec 2022 monthly Dec 1989 - Dec 2022
Reserve Requirement Ratio (%) 12.0 Jan 2023 monthly May 1986 - Jan 2023
Foreign Exchange Reserves (USD mn) 82,312.3 Dec 2022 monthly Jan 1960 - Dec 2022
Foreign Exchange Reserves: Months of Import (NA) 7.6 Nov 2022 monthly Jan 1979 - Nov 2022
Gold Reserves (USD mn) 9,282.281 Dec 2022 monthly Dec 1956 - Dec 2022
Total Deposits (USD mn) 283,823.080 Sep 2022 quarterly Mar 2008 - Sep 2022
Total Deposits Growth (%) 6.8 Sep 2022 quarterly Mar 2009 - Sep 2022
Domestic Credit (USD mn) 302,379.5 Dec 2022 monthly Dec 2001 - Dec 2022
Domestic Credit Growth (%) 12.5 Dec 2022 monthly Dec 2002 - Dec 2022
Household Debt (USD mn) 36,480.4 Sep 2022 quarterly Mar 2009 - Sep 2022
Total Loans (USD mn) 202,809.397 Nov 2022 monthly Mar 2008 - Nov 2022
Total Loans Growth (%) 11.45 Nov 2022 monthly Mar 2009 - Nov 2022
Private Debt: % of Nominal GDP (%) 48.64 Dec 2022 quarterly Dec 2001 - Dec 2022
DCS: LA: M4: M3: M2: M1 (PHP mn) 6,610,526.714 Dec 2022 monthly Dec 2001 - Dec 2022
DCS: LA: M4: M3 (PHP mn) 16,326,499.045 Dec 2022 monthly Dec 2001 - Dec 2022
DCS: LA: M4: M3: M2 (PHP mn) 15,841,525.179 Dec 2022 monthly Dec 2001 - Dec 2022
DCS: Domestic Claims (DC) (PHP mn) 16,969,539.352 Dec 2022 monthly Dec 2001 - Dec 2022
ORA: Other Reserve Assets (USD mn) 1,552.07 Jun 2018 monthly Apr 2000 - Jun 2018
Reserve Requirement Ratio: Commercial Banks: Local Currency Deposits (%) 12.000 Jan 2023 monthly May 1986 - Jan 2023
CL: PBS: Real Estate: Residential (PHP bn) 927.287 Sep 2022 quarterly Mar 2009 - Sep 2022
Consumer Loans (CL): Philippine Banking System (PBS) (PHP bn) 2,149.063 Sep 2022 quarterly Mar 2009 - Sep 2022
Business and Economic Survey Last Frequency Range
Global Competitiveness Index (Score) 61.869 2019 yearly 2017 - 2019
Business Confidence Growth (% Point) -26.1 Dec 2022 quarterly Jun 2002 - Dec 2022
PH: Ease of Doing Business Rank: 1=Most Business-friendly Regulations (NA) 95.000 2019 yearly 2019 - 2019

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