Philippines Government Debt: % of GDP

1993 - 2022 | Quarterly | % | CEIC Data

Key information about Philippines Government Debt: % of GDP

  • Philippines Government debt accounted for 60.9 % of the country's Nominal GDP in Dec 2022, compared with the ratio of 63.7 % in the previous quarter.
  • Philippines government debt to GDP ratio data is updated quarterly, available from Mar 1993 to Dec 2022.
  • 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 251.1 USD bn in Jan 2023.
  • The country's Nominal GDP reached 112.5 USD bn in Dec 2022.

View Philippines's Government Debt: % of GDP from Mar 1993 to Dec 2022 in the chart:

Philippines Government Debt: % of GDP

What was Philippines's Government Debt: % of GDP in Dec 2022?

Philippines Government debt accounted for 60.9 % of the country's Nominal GDP in Dec 2022, compared with the ratio of 63.7 % in the previous quarter. See the table below for more data.

Last Previous Min Max Unit Frequency Range
60.9 Dec 2022 63.7 Sep 2022 39.6 Dec 2019 72.3 Sep 2004 % quarterly Mar 1993 - Dec 2022

Government Debt: % of GDP by Country Comparison

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country/region Last Frequency Range
Albania (%) 62.8 Sep 2022 quarterly Sep 2010 - Sep 2022
Algeria (%) 62.1 2021 yearly 1997 - 2021
Argentina (%) 75.0 Sep 2022 quarterly Dec 2004 - Sep 2022
Armenia (%) 50.5 Sep 2022 quarterly Dec 2013 - Sep 2022
Australia (%) 47.7 2021 yearly 1999 - 2021
Austria (%) 81.3 Sep 2022 quarterly Mar 2000 - Sep 2022
Azerbaijan (%) 6.4 2010 yearly 2008 - 2010
Bahrain (%) 84.3 Sep 2022 quarterly Dec 2007 - Sep 2022
Bangladesh (%) 20.6 2022 yearly 2010 - 2022
Belarus (%) 36.7 Mar 2022 quarterly Dec 2003 - Mar 2022
Belgium (%) 106.3 Sep 2022 quarterly Dec 1980 - Sep 2022
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 (%) 73.4 Dec 2022 quarterly Dec 2006 - Dec 2022
Bulgaria (%) 23.1 Sep 2022 quarterly Mar 2007 - Sep 2022
Cambodia (%) 35.2 2021 yearly 2013 - 2021
Canada (%) 71.3 2022 yearly 1962 - 2022
Chile (%) 37.5 Sep 2022 quarterly Mar 2002 - Sep 2022
China (%) 20.8 Sep 2022 quarterly Mar 2014 - Sep 2022
Colombia (%) 61.9 Sep 2022 quarterly Dec 2005 - Sep 2022
Croatia (%) 9.3 Sep 2022 quarterly Dec 1995 - Sep 2022
Cyprus (%) 86.5 Dec 2022 quarterly Dec 2010 - Dec 2022
Czech Republic (%) 45.1 Sep 2022 quarterly Mar 2000 - Sep 2022
Denmark (%) 30.6 Sep 2022 quarterly Mar 2000 - Sep 2022
Ecuador (%) 63.5 Sep 2022 quarterly Dec 2005 - Sep 2022
Egypt (%) 68.6 Jun 2020 quarterly Jun 2006 - Jun 2020
Estonia (%) 15.9 Sep 2022 quarterly Mar 2000 - Sep 2022
European Union (%) 85.0 Sep 2022 quarterly Mar 2000 - Sep 2022
Finland (%) 71.9 Sep 2022 quarterly Mar 2000 - Sep 2022
France (%) 113.7 Sep 2022 quarterly Dec 1995 - Sep 2022
Georgia (%) 39.5 Sep 2022 quarterly Mar 2006 - Sep 2022
Germany (%) 66.4 Sep 2022 quarterly Mar 2000 - Sep 2022
Ghana (%) 80.1 2021 yearly 2006 - 2021
Greece (%) 175.7 Sep 2022 quarterly Dec 1999 - Sep 2022
Hong Kong SAR, China (%) 47.6 2022 yearly 2003 - 2022
Hungary (%) 70.6 Dec 2022 quarterly Dec 1990 - Dec 2022
Iceland (%) 74.7 2021 yearly 1998 - 2021
India (%) 55.1 Sep 2022 quarterly Mar 2012 - Sep 2022
Indonesia (%) 39.5 Dec 2022 quarterly Jun 2015 - Dec 2022
Iran (%) 8.8 Mar 2022 quarterly Mar 1998 - Mar 2022
Ireland (%) 49.0 Sep 2022 quarterly Mar 2000 - Sep 2022
Israel (%) 67.1 2021 yearly 1995 - 2021
Italy (%) 144.7 Dec 2022 quarterly Dec 1995 - Dec 2022
Ivory Coast (%) 8.6 2015 yearly 1975 - 2015
Japan (%) 225.9 Dec 2022 quarterly Dec 1994 - Dec 2022
Jordan (%) 88.4 Sep 2022 quarterly Mar 2002 - Sep 2022
Kazakhstan (%) 21.8 Dec 2022 quarterly Mar 2005 - Dec 2022
Kenya (%) 66.9 Sep 2022 quarterly Dec 2009 - Sep 2022
South Korea (%) 48.1 Sep 2022 quarterly Sep 2002 - Sep 2022
Kosovo (%) 20.7 2022 yearly 2009 - 2022
Kuwait (%) 3.2 Dec 2020 quarterly Dec 2010 - Dec 2020
Kyrgyzstan (%) 50.8 Dec 2022 quarterly Mar 2011 - Dec 2022
Latvia (%) 40.1 Sep 2022 quarterly Mar 2000 - Sep 2022
Lebanon (%) 150.6 2020 yearly 1998 - 2020
Lithuania (%) 37.3 Sep 2022 quarterly Mar 2000 - Sep 2022
Luxembourg (%) 24.6 Sep 2022 quarterly Dec 1997 - Sep 2022
North Macedonia (%) 51.0 Dec 2022 quarterly Dec 2009 - Dec 2022
Malawi (%) 66.0 2014 yearly 2010 - 2014
Malaysia (%) 60.4 Dec 2022 quarterly Dec 2010 - Dec 2022
Malta (%) 53.1 Sep 2022 quarterly Dec 2000 - Sep 2022
Mauritius (%) 73.4 Dec 2022 quarterly Jun 2003 - Dec 2022
Mexico (%) 51.7 Dec 2022 quarterly Dec 2005 - Dec 2022
Moldova (%) 32.3 Sep 2022 quarterly Mar 2007 - Sep 2022
Mongolia (%) 59.4 Dec 2021 quarterly Dec 2017 - Dec 2021
Montenegro (%) 71.5 Sep 2022 quarterly Dec 2010 - Sep 2022
Morocco (%) 68.9 2021 yearly 1994 - 2021
Nepal (%) 27.2 2019 yearly 1990 - 2019
Netherlands (%) 49.0 Sep 2022 quarterly Dec 1999 - Sep 2022
New Zealand (%) 34.9 Sep 2022 quarterly Dec 2006 - Sep 2022
Nigeria (%) 20.2 Sep 2022 quarterly Dec 2010 - Sep 2022
Norway (%) 42.5 2021 yearly 1995 - 2021
Oman (%) 61.3 2021 yearly 1990 - 2021
Pakistan (%) 69.1 2021 yearly 2000 - 2021
Palestinian Territory (%) 75.0 Sep 2022 quarterly Dec 2010 - Sep 2022
Panama (%) 62.3 Sep 2022 quarterly Dec 2007 - Sep 2022
Paraguay (%) 31.5 Sep 2022 quarterly Dec 2014 - Sep 2022
Peru (%) 34.0 Dec 2022 quarterly Mar 1999 - Dec 2022
Philippines (%) 60.9 Dec 2022 quarterly Mar 1993 - Dec 2022
Poland (%) 50.3 Sep 2022 quarterly Dec 2002 - Sep 2022
Portugal (%) 113.8 Dec 2022 quarterly Dec 1995 - Dec 2022
Qatar (%) 15.0 2012 yearly 2006 - 2012
Romania (%) 47.2 Dec 2022 quarterly Dec 2011 - Dec 2022
Russia (%) 13.4 Sep 2022 quarterly Dec 2011 - Sep 2022
Saudi Arabia (%) 23.8 Dec 2022 quarterly Dec 2016 - Dec 2022
Serbia (%) 55.2 Dec 2022 quarterly Sep 2004 - Dec 2022
Singapore (%) 167.8 Dec 2022 quarterly Mar 1990 - Dec 2022
Slovakia (%) 58.6 Sep 2022 quarterly Mar 2000 - Sep 2022
Slovenia (%) 72.4 Sep 2022 quarterly Dec 1999 - Sep 2022
South Africa (%) 71.0 Dec 2022 quarterly Dec 1960 - Dec 2022
Spain (%) 115.6 Sep 2022 quarterly Mar 1995 - Sep 2022
Sri Lanka (%) 111.9 Sep 2022 quarterly Mar 2014 - Sep 2022
Sweden (%) 32.7 Sep 2022 quarterly Mar 1996 - Sep 2022
Switzerland (%) 25.1 2026 yearly 1990 - 2026
Taiwan (%) 30.1 2021 yearly 1996 - 2021
Tajikistan (%) 39.2 2020 yearly 1999 - 2020
Thailand (%) 53.6 Dec 2022 quarterly Dec 1997 - Dec 2022
Tunisia (%) 79.7 Dec 2021 monthly Apr 2011 - Dec 2021
Turkey (%) 34.8 Sep 2022 quarterly Dec 2001 - Sep 2022
Ukraine (%) 43.3 Dec 2021 quarterly Dec 2010 - Dec 2021

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Philippines Key Series

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Includes 235 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 (%) -7.3 Dec 2022 quarterly Dec 1985 - Dec 2022
Consolidated Fiscal Balance (USD mn) -6,794.890 Dec 2022 monthly Jan 1985 - Dec 2022
Tax Revenue (USD mn) 4,559.469 Dec 2022 monthly Jan 1985 - Dec 2022
Tax Revenue: % of GDP (%) 12.9 Dec 2022 quarterly Mar 1985 - Dec 2022
National Government Debt (USD mn) 251,141.1 Jan 2023 monthly Jan 1993 - Jan 2023
Government Debt: % of GDP (%) 60.9 Dec 2022 quarterly Mar 1993 - Dec 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
Foreign Trade Last Frequency Range
Forecast: Exports of Goods Growth (%) 4.937 2027 yearly 1980 - 2027
Trade Balance (USD mn) -5,738.6 Jan 2023 monthly Jan 1957 - Jan 2023
Total Exports (USD mn) 5,667.8 Dec 2022 monthly Jan 1979 - Dec 2022
Total Exports Growth (%) -13.5 Jan 2023 monthly Jan 1980 - Jan 2023
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 (%) 3.9 Jan 2023 monthly Jan 1980 - Jan 2023
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) 738.253 Jan 2023 monthly Jan 1978 - Jan 2023
Total Imports from USA (USD mn) 699.754 Dec 2022 monthly Jan 1986 - Dec 2022
Total Exports to China (USD mn) 666.986 Jan 2023 monthly Jan 1984 - Jan 2023
Total Imports from China (USD mn) 2,319.585 Jan 2023 monthly Jan 1986 - Jan 2023
Imports: Medicinal and Pharmaceutical Products (USD mn) 108.103 Dec 2018 monthly Jan 2006 - Dec 2018
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
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 (%) 0.5 Dec 2022 quarterly Mar 1981 - Dec 2022
Foreign Direct Investment (USD mn) 634.3 Dec 2022 monthly Jan 2005 - Dec 2022
Foreign Direct Investment: % of GDP (%) 2.1 Dec 2022 quarterly Mar 2005 - Dec 2022
Foreign Portfolio Investment (USD mn) 1,860.259 Dec 2022 quarterly Mar 2005 - Dec 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: Change in Reserve Assets: Debit (USD mn) -2,329.584 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: FA: Financial Derivatives (FD) (USD mn) -104.387 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: FA: DI: Net Incurrence of Liabilities (USD mn) 634.323 Dec 2022 monthly Jan 2005 - Dec 2022
BoP: CA: Primary Income (USD mn) 669.257 Dec 2022 monthly Jan 2005 - Dec 2022
BoP: FA: Net Incurrence of Liabilities (USD mn) 2,664.413 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: Financial Account (FA) (USD mn) 152.265 Dec 2022 monthly Jan 2005 - Dec 2022
BoP: CA: Credit: Receipts (USD mn) 8.519 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: FA: FD: Net Acquisition of Financial Assets (USD mn) -56.433 Dec 2022 monthly Jan 2005 - Dec 2022
BoP: CA: Goods (USD mn) -5,672.083 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: CA: Goods: Credit: Export (USD mn) 5,378.235 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: Capital Account (CA) (USD mn) 8.062 Dec 2022 monthly Jan 2005 - Dec 2022
BoP: CA: Debit: Payments (USD mn) 0.875 Dec 2022 monthly Jan 2005 - Dec 2022
BoP: CA: Secondary Income (USD mn) 2,621.293 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: CA: Services: Credit: Export (USD mn) 4,348.391 Dec 2022 monthly Jan 2005 - Dec 2022
BoP: FA: Net Acquisition of Financial Assets (USD mn) 1,196.725 Dec 2022 monthly Jan 2005 - Dec 2022
BoP: CA: Import (USD mn) 14,083.821 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: CA: Goods: Debit: Import (USD mn) 9,600.862 Dec 2022 monthly Jan 2005 - Dec 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) 12,805.746 Dec 2022 monthly Jan 2005 - Dec 2022
BoP: FA: OI: Net Acquisition of Financial Assets (USD mn) 135.339 Dec 2022 monthly Jan 2005 - Dec 2022
BoP: FA: FD: Net Incurrence of Liabilities (USD mn) -69.658 Dec 2022 monthly Jan 2005 - Dec 2022
BoP: FA: Portfolio Investment (PI) (USD mn) 975.320 Dec 2022 monthly Jan 2005 - Dec 2022
BoP: FA: Direct Investment (DI) (USD mn) -276.519 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: Current Account (CA) (USD mn) -1,034.153 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: Services (USD mn) 1,544.083 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: FA: Other Investments (OI) (USD mn) -543.648 Dec 2022 monthly Jan 2005 - Dec 2022
BoP: CA: Primary Income: Debit: Payments (USD mn) 710.384 Dec 2022 monthly Jan 2005 - Dec 2022
BoP: CA: Primary Income: Credit: Receipts (USD mn) 1,194.119 Sep 2022 monthly Jan 2005 - Sep 2022
BoP: FA: PI: Net Incurrence of Liabilities (USD mn) -199.193 Dec 2022 monthly Jan 2005 - Dec 2022
BoP: FA: DI: Net Acquisition of Financial Assets (USD mn) 349.941 Sep 2022 monthly Jan 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: USA (USD mn) 3,089.035 Sep 2022 quarterly Mar 2005 - Sep 2022
External Debt: By Country Profile: Country: France (USD mn) 1,006.236 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
External Debt: By Country Profile: Country: Germany (USD mn) 880.325 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
Business Closure (BC): All Industries (Unit) 3,294.000 2017 yearly 1995 - 2017
Monetary Last Frequency Range
Non Performing Loans Ratio (%) 3.3 Jan 2023 monthly Jan 2013 - Jan 2023
Household Debt: % of GDP (%) 10.1 Dec 2022 quarterly Mar 2009 - Dec 2022
Non-Performing Loans (USD mn) 7,106.052 Dec 2022 quarterly Mar 2013 - Dec 2022
Money Supply M1 (USD mn) 118,494.600 Jan 2023 monthly Dec 1988 - Jan 2023
Money Supply M2 (USD mn) 283,832.720 Jan 2023 monthly Dec 1988 - Jan 2023
M2 Growth (%) 6.6 Jan 2023 monthly Dec 1989 - Jan 2023
Reserve Requirement Ratio (%) 12.0 Feb 2023 monthly May 1986 - Feb 2023
Foreign Exchange Reserves (USD mn) 85,388.1 Feb 2023 monthly Jan 1960 - Feb 2023
Foreign Exchange Reserves: Months of Import (NA) 7.9 Jan 2023 monthly Jan 1979 - Jan 2023
Gold Reserves (USD mn) 9,330.710 Feb 2023 monthly Dec 1956 - Feb 2023
Total Deposits (USD mn) 316,596.928 Dec 2022 quarterly Mar 2008 - Dec 2022
Total Deposits Growth (%) 9.4 Dec 2022 quarterly Mar 2009 - Dec 2022
Domestic Credit (USD mn) 304,532.0 Jan 2023 monthly Dec 2001 - Jan 2023
Domestic Credit Growth (%) 11.3 Jan 2023 monthly Dec 2002 - Jan 2023
Household Debt (USD mn) 39,805.4 Dec 2022 quarterly Mar 2009 - Dec 2022
Total Loans (USD mn) 212,598.634 Jan 2023 monthly Mar 2008 - Jan 2023
Total Loans Growth (%) 11.02 Jan 2023 monthly Mar 2009 - Jan 2023
Private Debt: % of Nominal GDP (%) 48.79 Dec 2022 quarterly Dec 2001 - Dec 2022
DCS: LA: M4: M3 (PHP mn) 15,978,520.766 Jan 2023 monthly Dec 2001 - Jan 2023
DCS: LA: M4: M3: M2: M1 (PHP mn) 6,463,287.941 Jan 2023 monthly Dec 2001 - Jan 2023
DCS: LA: M4: M3: M2 (PHP mn) 15,841,525.179 Dec 2022 monthly Dec 2001 - Dec 2022
DCS: Domestic Claims (DC) (PHP mn) 16,610,698.117 Jan 2023 monthly Dec 2001 - Jan 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 (%) 12.000 Feb 2023 monthly May 1986 - Feb 2023
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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