Philippines Government Debt: % of GDP

1993 - 2023 | Quarterly | % | CEIC Data

Key information about Philippines Government Debt: % of GDP

  • Philippines Government debt accounted for 60.2 % of the country's Nominal GDP in Sep 2023, compared with the ratio of 61.0 % in the previous quarter.
  • Philippines government debt to GDP ratio data is updated quarterly, available from Mar 1993 to Sep 2023.
  • The data reached an all-time high of 72.3 % in Sep 2004 and a record low of 39.6 % in Dec 2019.

CEIC calculates quarterly Government Debt as % of Nominal GDP from monthly Government Debt and rolling sum of quarterly Nominal GDP. The Bureau of Treasury provides Government Debt in local currency. The Philippine Statistics Authority provides Nominal GDP in local currency. Government Debt covers Central Government only.


Related information about Philippines Government Debt: % of GDP

  • In the latest reports, Philippines National Government Debt reached 250.5 USD bn in Sep 2023.
  • The country's Nominal GDP reached 102.1 USD bn in Mar 2023.

View Philippines's Government Debt: % of GDP from Mar 1993 to Sep 2023 in the chart:

Philippines Government Debt: % of GDP

What was Philippines's Government Debt: % of GDP in Sep 2023?

Philippines Government debt accounted for 60.2 % of the country's Nominal GDP in Sep 2023, compared with the ratio of 61.0 % in the previous quarter. See the table below for more data.

Last Previous Min Max Unit Frequency Range
60.2 Sep 2023 61.0 Jun 2023 39.6 Dec 2019 72.3 Sep 2004 % quarterly Mar 1993 - Sep 2023

Government Debt: % of GDP by Country Comparison

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country/region Last Frequency Range
Albania (%) 61.2 Jun 2023 quarterly Sep 2010 - Jun 2023
Algeria (%) 62.1 2021 yearly 1997 - 2021
Argentina (%) 80.3 Mar 2023 quarterly Dec 2004 - Mar 2023
Armenia (%) 47.5 Jun 2023 quarterly Dec 2013 - Jun 2023
Australia (%) 42.3 2022 yearly 1999 - 2022
Austria (%) 78.6 Jun 2023 quarterly Mar 2000 - Jun 2023
Azerbaijan (%) 16.8 2021 yearly 2008 - 2021
Bahrain (%) 85.2 Mar 2023 quarterly Dec 2007 - Mar 2023
Bangladesh (%) 24.1 2023 yearly 2010 - 2023
Belarus (%) 36.1 Mar 2022 quarterly Dec 2003 - Mar 2022
Belgium (%) 106.0 Jun 2023 quarterly Dec 1980 - Jun 2023
Bolivia (%) 27.2 2014 yearly 1998 - 2014
Bosnia and Herzegovina (%) 24.4 2021 yearly 2007 - 2021
Botswana (%) 17.9 Dec 2021 quarterly Jun 2014 - Dec 2021
Brazil (%) 74.4 Sep 2023 quarterly Dec 2006 - Sep 2023
Bulgaria (%) 21.5 Jun 2023 quarterly Mar 2007 - Jun 2023
Cambodia (%) 33.7 2022 yearly 2013 - 2022
Canada (%) 68.6 2023 yearly 1962 - 2023
Chile (%) 37.1 Jun 2023 quarterly Mar 2002 - Jun 2023
China (%) 21.5 Jun 2023 quarterly Mar 2014 - Jun 2023
Colombia (%) 61.3 Mar 2023 quarterly Dec 2005 - Mar 2023
Croatia (%) 68.8 Dec 2022 quarterly Dec 1995 - Dec 2022
Cyprus (%) 85.3 Jun 2023 quarterly Dec 2010 - Jun 2023
Czech Republic (%) 44.3 Jun 2023 quarterly Mar 2000 - Jun 2023
Denmark (%) 30.2 Jun 2023 quarterly Mar 2000 - Jun 2023
Ecuador (%) 64.1 Jun 2023 quarterly Dec 2005 - Jun 2023
Egypt (%) 68.6 Jun 2020 quarterly Jun 2006 - Jun 2020
Estonia (%) 18.5 Jun 2023 quarterly Mar 2000 - Jun 2023
European Union (%) 83.1 Jun 2023 quarterly Mar 2000 - Jun 2023
Finland (%) 74.6 Jun 2023 quarterly Mar 2000 - Jun 2023
France (%) 111.8 Jun 2023 quarterly Dec 1995 - Jun 2023
Georgia (%) 38.3 Jun 2023 quarterly Mar 2006 - Jun 2023
Germany (%) 64.6 Jun 2023 quarterly Mar 2000 - Jun 2023
Ghana (%) 70.7 2022 yearly 2006 - 2022
Greece (%) 166.5 Jun 2023 quarterly Dec 1999 - Jun 2023
Hong Kong SAR, China (%) 47.6 2022 yearly 2003 - 2022
Hungary (%) 71.7 Jun 2023 quarterly Dec 1990 - Jun 2023
Iceland (%) 68.7 2022 yearly 1998 - 2022
India (%) 58.3 Jun 2023 quarterly Mar 2012 - Jun 2023
Indonesia (%) 38.1 Sep 2023 quarterly Jun 2015 - Sep 2023
Iran (%) 8.9 Mar 2023 quarterly Mar 1998 - Mar 2023
Ireland (%) 43.1 Jun 2023 quarterly Mar 2000 - Jun 2023
Israel (%) 67.1 2021 yearly 1995 - 2021
Italy (%) 142.4 Jun 2023 quarterly Dec 1995 - Jun 2023
Ivory Coast (%) 8.6 2015 yearly 1975 - 2015
Japan (%) 220.6 Sep 2023 quarterly Dec 1994 - Sep 2023
Jordan (%) 88.5 Jun 2023 quarterly Mar 2002 - Jun 2023
Kazakhstan (%) 23.2 Jun 2023 quarterly Mar 2005 - Jun 2023
Kenya (%) 68.3 Mar 2023 quarterly Dec 2009 - Mar 2023
South Korea (%) 49.7 Jun 2023 quarterly Sep 2002 - Jun 2023
Kosovo (%) 19.9 2022 yearly 2009 - 2022
Kuwait (%) 3.2 Dec 2020 quarterly Dec 2010 - Dec 2020
Kyrgyzstan (%) 46.9 Sep 2023 quarterly Mar 2011 - Sep 2023
Latvia (%) 39.5 Jun 2023 quarterly Mar 2000 - Jun 2023
Lebanon (%) 150.6 2020 yearly 1998 - 2020
Lithuania (%) 38.1 Jun 2023 quarterly Mar 2000 - Jun 2023
Luxembourg (%) 28.2 Jun 2023 quarterly Dec 1997 - Jun 2023
North Macedonia (%) 53.2 Jun 2023 quarterly Dec 2009 - Jun 2023
Malawi (%) 66.0 2014 yearly 2010 - 2014
Malaysia (%) 63.3 Jun 2023 quarterly Dec 2010 - Jun 2023
Malta (%) 50.7 Jun 2023 quarterly Dec 2000 - Jun 2023
Mauritius (%) 69.2 Jun 2023 quarterly Jun 2003 - Jun 2023
Mexico (%) 53.3 Jun 2023 quarterly Dec 2005 - Jun 2023
Moldova (%) 35.0 Jun 2023 quarterly Mar 2007 - Jun 2023
Mongolia (%) 59.4 Dec 2021 quarterly Dec 2017 - Dec 2021
Montenegro (%) 63.1 Jun 2023 quarterly Dec 2010 - Jun 2023
Morocco (%) 71.6 2022 yearly 1994 - 2022
Nepal (%) 27.2 2019 yearly 1990 - 2019
Netherlands (%) 46.9 Jun 2023 quarterly Dec 1999 - Jun 2023
New Zealand (%) 34.3 Jun 2023 quarterly Dec 2006 - Jun 2023
Nigeria (%) 38.4 Jun 2023 quarterly Dec 2010 - Jun 2023
Norway (%) 37.4 2022 yearly 1995 - 2022
Oman (%) 40.2 2022 yearly 1990 - 2022
Pakistan (%) 71.6 2022 yearly 2000 - 2022
Palestinian Territory (%) 78.4 Jun 2023 quarterly Dec 2010 - Jun 2023
Panama (%) 62.3 Sep 2022 quarterly Dec 2007 - Sep 2022
Paraguay (%) 32.9 Jun 2023 quarterly Dec 2014 - Jun 2023
Peru (%) 32.2 Jun 2023 quarterly Mar 1999 - Jun 2023
Philippines (%) 60.2 Sep 2023 quarterly Mar 1993 - Sep 2023
Poland (%) 48.4 Jun 2023 quarterly Dec 2002 - Jun 2023
Portugal (%) 107.5 Sep 2023 quarterly Dec 1995 - Sep 2023
Qatar (%) 15.0 2012 yearly 2006 - 2012
Romania (%) 48.2 Jun 2023 quarterly Dec 2011 - Jun 2023
Russia (%) 16.1 Jun 2023 quarterly Dec 2011 - Jun 2023
Saudi Arabia (%) 24.3 Jun 2023 quarterly Dec 2016 - Jun 2023
Serbia (%) 55.6 Jun 2023 quarterly Sep 2004 - Jun 2023
Singapore (%) 171.1 Jun 2023 quarterly Mar 1990 - Jun 2023
Slovakia (%) 59.5 Jun 2023 quarterly Mar 2000 - Jun 2023
Slovenia (%) 70.5 Jun 2023 quarterly Dec 1999 - Jun 2023
South Africa (%) 72.7 Jun 2023 quarterly Dec 1960 - Jun 2023
Spain (%) 111.2 Jun 2023 quarterly Mar 1995 - Jun 2023
Sri Lanka (%) 101.1 Jun 2023 quarterly Mar 2014 - Jun 2023
Sweden (%) 29.8 Jun 2023 quarterly Mar 1996 - Jun 2023
Switzerland (%) 25.1 2026 yearly 1990 - 2026
Taiwan (%) 29.7 2022 yearly 1996 - 2022
Tajikistan (%) 36.3 2021 yearly 1999 - 2021
Thailand (%) 53.9 Jun 2023 quarterly Dec 1997 - Jun 2023
Tunisia (%) 79.7 Dec 2021 monthly Apr 2011 - Dec 2021
Turkey (%) 34.0 Jun 2023 quarterly Dec 2001 - Jun 2023
Ukraine (%) 71.6 Dec 2022 quarterly Dec 2010 - Dec 2022

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Philippines Key Series

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Includes 245 key indicators for Philippines, curated by CEIC analysts. Instant access to full history data in excel.
Government and Public Finance Last Frequency Range
Consolidated Fiscal Balance: % of GDP (%) -6.7 Sep 2023 quarterly Dec 1985 - Sep 2023
Consolidated Fiscal Balance (USD mn) -4,418.995 Sep 2023 monthly Jan 1985 - Sep 2023
Tax Revenue (USD mn) 4,111.846 Sep 2023 monthly Jan 1985 - Sep 2023
Tax Revenue: % of GDP (%) 15.2 Sep 2023 quarterly Mar 1985 - Sep 2023
National Government Debt (USD mn) 250,498.9 Sep 2023 monthly Jan 1993 - Sep 2023
Government Debt: % of GDP (%) 60.2 Sep 2023 quarterly Mar 1993 - Sep 2023
Forecast: Government Expenditure (PHP bn) 9,083.350 2028 yearly 1989 - 2028
Forecast: Government Net Debt (PHP bn) 19,652.197 2028 yearly 1993 - 2028
Forecast: Government Revenue (PHP bn) 8,212.063 2028 yearly 1989 - 2028
Foreign Trade Last Frequency Range
Forecast: Exports of Goods Growth (%) 5.556 2028 yearly 1980 - 2028
Trade Balance (USD mn) -3,511.0 Sep 2023 monthly Jan 1957 - Sep 2023
Total Exports (USD mn) 6,728.9 Sep 2023 monthly Jan 1979 - Sep 2023
Total Exports Growth (%) -6.3 Sep 2023 monthly Jan 1980 - Sep 2023
Aluminum: Exports (USD th) 178,900.107 2022 yearly 1995 - 2022
Exports: Medicament (USD th) 61,685.472 2022 yearly 1995 - 2022
Exports: Medicinal and Pharmaceutical Product (USD th) 11,340.083 2022 yearly 1995 - 2022
Total Imports (USD mn) 10,239.9 Sep 2023 monthly Jan 1979 - Sep 2023
Total Imports Growth (%) -14.7 Sep 2023 monthly Jan 1980 - Sep 2023
Imports: Medicament (USD th) 1,570,518.510 2022 yearly 1995 - 2022
Imports: Medicinal and Pharmaceutical Product (USD th) 1,269,332.939 2022 yearly 1995 - 2022
Total Exports to USA (USD mn) 1,060.265 Sep 2023 monthly Jan 1978 - Sep 2023
Total Imports from USA (USD mn) 625.209 Sep 2023 monthly Jan 1986 - Sep 2023
Total Exports to China (USD mn) 838.041 Aug 2023 monthly Jan 1984 - Aug 2023
Total Imports from China (USD mn) 2,427.298 Aug 2023 monthly Jan 1986 - Aug 2023
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
Balance of Payments Last Frequency Range
Direct Investment Abroad (USD mn) 713.9 Mar 2023 monthly Jan 2005 - Mar 2023
Current Account Balance (USD mn) -1,916.9 Mar 2023 monthly Jan 1999 - Mar 2023
Current Account Balance: % of GDP (%) -4.3 Mar 2023 quarterly Mar 1981 - Mar 2023
Foreign Direct Investment (USD mn) 789.4 Aug 2023 monthly Jan 2005 - Aug 2023
Foreign Direct Investment: % of GDP (%) 1.7 Jun 2023 quarterly Mar 2005 - Jun 2023
Foreign Portfolio Investment (USD mn) -726.756 Jun 2023 quarterly Mar 2005 - Jun 2023
Foreign Portfolio Investment: % of GDP (%) -0.7 Jun 2023 quarterly Dec 1980 - Jun 2023
Foreign Portfolio Investment: Equity Securities (USD mn) 61.7 Jun 2023 quarterly Mar 1996 - Jun 2023
Foreign Portfolio Investment: Debt Securities (USD mn) -788.499 Jun 2023 quarterly Mar 1977 - Jun 2023
External Debt (USD mn) 117,918.3 Jun 2023 quarterly Mar 2005 - Jun 2023
External Debt: % of GDP (%) 27.5 2022 yearly 1990 - 2022
External Debt: Short Term (USD mn) 17,352.9 Mar 2023 quarterly Mar 2005 - Mar 2023
External Debt: Short Term: % of GDP (%) 4.1 2022 yearly 2005 - 2022
Forecast: Current Account Balance (USD bn) -4.417 2028 yearly 1980 - 2028
Net International Investment Position (USD mn) -48,548.301 Jun 2023 quarterly Dec 2012 - Jun 2023
BoP: CA: Services: Credit: Export (USD mn) 3,770.735 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: Change in Reserve Assets: Debit (USD mn) -612.094 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: FA: Financial Derivatives (FD) (USD mn) 5.062 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: FA: OI: Net Acquisition of Financial Assets (USD mn) 532.677 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: FA: DI: Net Acquisition of Financial Assets (USD mn) 240.981 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: FA: DI: Net Incurrence of Liabilities (USD mn) 789.448 Aug 2023 monthly Jan 2005 - Aug 2023
BoP: CA: Primary Income (USD mn) 343.818 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: FA: PI: Net Acquisition of Financial Assets (USD mn) 118.362 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: FA: Net Incurrence of Liabilities (USD mn) 2,461.060 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: Financial Account (FA) (USD mn) -1,615.737 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: CA: Credit: Receipts (USD mn) 8.355 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: CA: Secondary Income: Debit: Payments (USD mn) 75.147 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: FA: FD: Net Acquisition of Financial Assets (USD mn) -46.696 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: CA: Goods: Credit: Export (USD mn) 5,173.492 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: CA: Secondary Income (USD mn) 2,683.931 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: CA: Services: Debit: Import (USD mn) 2,333.216 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: Capital Account (CA) (USD mn) 7.312 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: CA: Debit: Payments (USD mn) 1.044 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: CA: Goods: Debit: Import (USD mn) 10,176.637 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: FA: Net Acquisition of Financial Assets (USD mn) 845.324 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: FA: FD: Net Incurrence of Liabilities (USD mn) -51.758 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: FA: OI: Net Incurrence of Liabilities (USD mn) 1,581.336 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: CA: Import (USD mn) 13,517.574 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: CA: Services (USD mn) 1,437.519 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: FA: Portfolio Investment (PI) (USD mn) -329.338 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: CA: Secondary Income: Credit: Receipts (USD mn) 2,759.079 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: FA: PI: Net Incurrence of Liabilities (USD mn) 447.700 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: FA: Direct Investment (DI) (USD mn) -242.802 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: Current Account (CA) (USD mn) -537.876 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: FA: Other Investments (OI) (USD mn) -1,048.659 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: CA: Primary Income: Credit: Receipts (USD mn) 1,276.392 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: CA: Primary Income: Debit: Payments (USD mn) 932.574 Jun 2023 monthly Jan 2005 - Jun 2023
BoP: CA: Export (USD mn) 12,979.698 Jun 2023 monthly Jan 2005 - Jun 2023
External Debt: Medium and Long Term (USD mn) 100,601.567 Jun 2023 quarterly Mar 2005 - Jun 2023
External Debt: By Country Profile: Country: France (USD mn) 1,214.171 Jun 2023 quarterly Mar 2005 - Jun 2023
External Debt: By Country Profile: Country: Germany (USD mn) 1,272.603 Jun 2023 quarterly Mar 2005 - Jun 2023
External Debt: By Country Profile: Country: USA (USD mn) 4,079.499 Jun 2023 quarterly Mar 2005 - Jun 2023
External Debt: By Country Profile: Country: UK (USD mn) 3,698.908 Jun 2023 quarterly Mar 2005 - Jun 2023
External Debt: By Country Profile: Country: Japan (USD mn) 13,274.906 Jun 2023 quarterly Mar 2005 - Jun 2023
Business Closure (BC): All Industries (Unit) 3,294.000 2017 yearly 1995 - 2017
Monetary Last Frequency Range
Non Performing Loans Ratio (%) 3.4 Sep 2023 monthly Mar 2008 - Sep 2023
Household Debt: % of GDP (%) 10.1 Jun 2023 quarterly Mar 2009 - Jun 2023
Non-Performing Loans (USD mn) 7,800.304 Sep 2023 quarterly Mar 2008 - Sep 2023
Money Supply M1 (USD mn) 114,071.416 Sep 2023 monthly Dec 1988 - Sep 2023
Money Supply M2 (USD mn) 282,871.327 Sep 2023 monthly Dec 1988 - Sep 2023
M2 Growth (%) 8.2 Sep 2023 monthly Dec 1989 - Sep 2023
Reserve Requirement Ratio (%) 9.5 Oct 2023 monthly May 1986 - Oct 2023
Foreign Exchange Reserves (USD mn) 85,964.8 Oct 2023 monthly Jan 1960 - Oct 2023
Foreign Exchange Reserves: Months of Import (NA) 8.2 Sep 2023 monthly Jan 1979 - Sep 2023
Gold Reserves (USD mn) 10,570.341 Oct 2023 monthly Dec 1956 - Oct 2023
Total Deposits (USD mn) 320,991.163 Sep 2023 quarterly Mar 2008 - Sep 2023
Total Deposits Growth (%) 9.4 Sep 2023 quarterly Mar 2009 - Sep 2023
Domestic Credit (USD mn) 309,419.6 Sep 2023 monthly Dec 2001 - Sep 2023
Domestic Credit Growth (%) 9.5 Sep 2023 monthly Dec 2002 - Sep 2023
Household Debt (USD mn) 42,353.4 Jun 2023 quarterly Mar 2009 - Jun 2023
Total Loans (USD mn) 213,416.107 Sep 2023 monthly Mar 2008 - Sep 2023
Total Loans Growth (%) 7.10 Sep 2023 monthly Mar 2009 - Sep 2023
Private Debt: % of Nominal GDP (%) 46.63 Sep 2023 quarterly Dec 2001 - Sep 2023
DCS: LA: M4: M3 (PHP mn) 16,597,592.308 Sep 2023 monthly Dec 2001 - Sep 2023
DCS: LA: M4: M3: M2 (PHP mn) 16,112,633.662 Sep 2023 monthly Dec 2001 - Sep 2023
DCS: LA: M4: M3: M2: M1 (PHP mn) 6,497,621.930 Sep 2023 monthly Dec 2001 - Sep 2023
DCS: Domestic Claims (DC) (PHP mn) 17,624,850.915 Sep 2023 monthly Dec 2001 - Sep 2023
ORA: Other Reserve Assets (USD mn) 1,552.07 Jun 2018 monthly Apr 2000 - Jun 2018
Reserve Requirement Ratio: Commercial Banks: Local Currency Deposits (%) 9.500 Oct 2023 monthly May 1986 - Oct 2023
Consumer Loans (CL): Philippine Banking System (PBS) (PHP bn) 2,344.770 Jun 2023 quarterly Mar 2009 - Jun 2023
Business and Economic Survey Last Frequency Range
Global Competitiveness Index (Score) 61.869 2019 yearly 2017 - 2019
Business Confidence Growth (% Point) 17.7 Sep 2023 quarterly Jun 2002 - Sep 2023
PH: Ease of Doing Business Rank: 1=Most Business-friendly Regulations (NA) 95.000 2019 yearly 2019 - 2019

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