Philippines External Debt: % of GDP

1990 - 2023 | Yearly | % | CEIC Data

Key information about Philippines External Debt: % of GDP

  • Philippines External Debt accounted for 28.7 % of the country's Nominal GDP in 2023, compared with the ratio of 27.5 % in the previous year.
  • Philippines External Debt: % of Nominal GDP data is updated yearly, available from Dec 1990 to Dec 2023.
  • 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 surplus of 106.8 USD mn in Dec 2023.
  • Foreign Direct Investment (FDI) increased by 826.1 USD mn in Dec 2023.
  • Philippines Direct Investment Abroad expanded by 638.5 USD mn in Dec 2023.
  • Its Foreign Portfolio Investment increased by 1.8 USD bn in Dec 2023.
  • The country's External Debt reached 125,393.7 in Dec 2023.
  • The country's Nominal GDP was reported at 102.1 USD bn in Mar 2023.

View Philippines's External Debt: % of GDP from 1990 to 2023 in the chart:

Philippines External Debt: % of GDP

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

Philippines External Debt accounted for 28.7 % of the country's Nominal GDP in 2023, compared with the ratio of 27.5 % in the previous year. See the table below for more data.

Last Previous Min Max Unit Frequency Range
28.7 2023 27.5 2022 22.2 2019 73.9 2001 % yearly 1990 - 2023

External Debt: % of GDP by Country Comparison

country/region Last Frequency Range
Albania (%) 45.9 2023 yearly 1991 - 2023
Algeria (%) 1.3 2023 yearly 1970 - 2023
Argentina (%) 45.3 2023 yearly 1994 - 2023
Armenia (%) 64.2 2023 yearly 2000 - 2023
Australia (%) 110.0 2023 yearly 1988 - 2023
Austria (%) 135.0 2023 yearly 1997 - 2023
Azerbaijan (%) 14.9 Dec 2021 quarterly Dec 2001 - Dec 2021
Bangladesh (%) 11.4 2017 yearly 1997 - 2017
Belarus (%) 51.1 Mar 2024 quarterly Dec 2000 - Mar 2024
Belgium (%) 236.1 2023 yearly 2007 - 2023
Bolivia (%) 35.0 2023 yearly 2006 - 2023
Bosnia and Herzegovina (%) 18.1 2023 yearly 1999 - 2023
Botswana (%) 7.3 2023 yearly 1995 - 2023
Brazil (%) 27.9 2023 yearly 1992 - 2023
Bulgaria (%) 47.6 2023 yearly 1999 - 2023
Cambodia (%) 56.7 2022 yearly 2010 - 2022
Canada (%) 143.7 2023 yearly 1990 - 2023
Chile (%) 71.7 2023 yearly 1971 - 2023
China (%) 13.7 2023 yearly 1985 - 2023
Colombia (%) 53.7 2023 yearly 1970 - 2023
Croatia (%) 73.5 2022 yearly 1998 - 2022
Cyprus (%) 828.3 2023 yearly 2004 - 2023
Czech Republic (%) 61.7 2023 yearly 1995 - 2023
Denmark (%) 132.3 2023 yearly 2005 - 2023
Ecuador (%) 49.6 2023 yearly 1970 - 2023
Egypt (%) 39.8 Mar 2024 quarterly Jun 1999 - Mar 2024
Estonia (%) 89.2 2023 yearly 1996 - 2023
European Union (%) 110.0 2023 yearly 2008 - 2023
Finland (%) 215.3 2023 yearly 1991 - 2023
France (%) 244.9 2023 yearly 2004 - 2023
Georgia (%) 80.2 2023 yearly 1999 - 2023
Germany (%) 146.1 2023 yearly 1999 - 2023
Ghana (%) 39.5 2023 yearly 1999 - 2023
Greece (%) 246.0 2023 yearly 2003 - 2023
Hong Kong SAR, China (%) 481.7 2023 yearly 2001 - 2023
Hungary (%) 128.8 2023 yearly 2006 - 2023
Iceland (%) 72.9 2023 yearly 1989 - 2023
India (%) 18.9 2023 yearly 1970 - 2023
Indonesia (%) 29.8 2023 yearly 2003 - 2023
Iran (%) 0.3 2023 yearly 1994 - 2023
Ireland (%) 556.6 2023 yearly 2002 - 2023
Israel (%) 28.4 2023 yearly 1998 - 2023
Italy (%) 129.0 2022 yearly 2002 - 2022
Ivory Coast (%) 31.4 2021 yearly 1994 - 2021
Japan (%) 107.4 2023 yearly 2003 - 2023
Jordan (%) 80.7 2023 yearly 1970 - 2023
Kazakhstan (%) 60.9 Jun 2024 quarterly Mar 2002 - Jun 2024
Kenya (%) 40.3 2023 yearly 2006 - 2023
South Korea (%) 36.6 2023 yearly 1994 - 2023
Kosovo (%) 39.6 2023 yearly 2007 - 2023
Kuwait (%) 39.4 2023 yearly 2014 - 2023
Kyrgyzstan (%) 72.3 2023 yearly 2003 - 2023
Laos (%) 74.2 2023 yearly 1996 - 2023
Latvia (%) 100.7 Mar 2024 quarterly Mar 2000 - Mar 2024
Lebanon (%) 21.2 2021 yearly 2007 - 2021
Lithuania (%) 69.2 2023 yearly 1996 - 2023
Luxembourg (%) 4,321.4 2023 yearly 2002 - 2023
North Macedonia (%) 83.2 2023 yearly 2004 - 2023
Malawi (%) 60.1 2021 yearly 2006 - 2021
Malaysia (%) 68.2 2023 yearly 2009 - 2023
Malta (%) 854.3 2023 yearly 2004 - 2023
Mauritius (%) 1,315.2 2023 yearly 2009 - 2023
Mexico (%) 33.1 2023 yearly 2002 - 2023
Moldova (%) 63.3 2023 yearly 2000 - 2023
Mongolia (%) 170.1 2023 yearly 1992 - 2023
Montenegro (%) 141.5 2022 yearly 2006 - 2022
Morocco (%) 50.9 2022 yearly 1970 - 2022
Mozambique (%) 71.7 2020 yearly 1985 - 2020
Myanmar (%) 16.7 2020 yearly 2018 - 2020
Nepal (%) 17.3 2016 yearly 2001 - 2016
Netherlands (%) 373.8 2023 yearly 2003 - 2023
New Zealand (%) 88.0 2023 yearly 1993 - 2023
Nigeria (%) 11.9 2023 yearly 1985 - 2023
Norway (%) 151.9 2023 yearly 2003 - 2023
Pakistan (%) 37.3 2023 yearly 2000 - 2023
Palestinian Territory (%) 12.2 2023 yearly 2012 - 2023
Panama (%) 167.4 2021 yearly 2014 - 2021
Paraguay (%) 55.7 2023 yearly 2000 - 2023
Peru (%) 39.3 2023 yearly 1980 - 2023
Philippines (%) 28.7 2023 yearly 1990 - 2023
Poland (%) 49.6 2023 yearly 1995 - 2023
Portugal (%) 150.4 2023 yearly 1996 - 2023
Qatar (%) 106.1 2018 yearly 2000 - 2018
Romania (%) 51.9 2023 yearly 1995 - 2023
Russia (%) 15.7 2023 yearly 1993 - 2023
Serbia (%) 65.3 2023 yearly 2000 - 2023
Singapore (%) 391.1 2023 yearly 2003 - 2023
Slovakia (%) 96.0 2023 yearly 1995 - 2023
Slovenia (%) 90.4 2023 yearly 2001 - 2023
South Africa (%) 41.5 2023 yearly 1985 - 2023
Spain (%) 163.6 2023 yearly 1995 - 2023
Sri Lanka (%) 75.0 2022 yearly 1998 - 2022
Sudan (%) 202.2 2021 yearly 2001 - 2021
Sweden (%) 168.5 2023 yearly 1997 - 2023
Switzerland (%) 236.4 2023 yearly 1999 - 2023
Taiwan (%) 27.3 2023 yearly 1999 - 2023
Tajikistan (%) 37.7 2021 yearly 2000 - 2021
Thailand (%) 37.4 Jun 2024 quarterly Mar 2005 - Jun 2024
Tunisia (%) 90.4 2023 yearly 2002 - 2023
Turkey (%) 45.2 2023 yearly 1989 - 2023

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Philippines Key Series

Government and Public Finance Last Frequency Range
Consolidated Fiscal Balance: % of GDP (%) -5.8 Sep 2024 quarterly Dec 1985 - Sep 2024
Consolidated Fiscal Balance (USD mn) -4,873.545 Sep 2024 monthly Jan 1985 - Sep 2024
Tax Revenue (USD mn) 4,520.298 Sep 2024 monthly Jan 1985 - Sep 2024
Tax Revenue: % of GDP (%) 15.6 Sep 2024 quarterly Mar 1985 - Sep 2024
National Government Debt (USD mn) 284,357.4 Sep 2024 monthly Jan 1993 - Sep 2024
Government Debt: % of GDP (%) 61.3 Sep 2024 quarterly Mar 1993 - Sep 2024
Forecast: Government Expenditure (PHP bn) 8,856.329 2029 yearly 1989 - 2029
Forecast: Government Net Debt (PHP bn) 22,005.550 2029 yearly 1993 - 2029
Forecast: Government Revenue (PHP bn) 8,175.786 2029 yearly 1989 - 2029
Govt Debt: Domestic and Foreign: Outstanding: Long Term (PHP mn) 12,704,367.324 Sep 2024 monthly Jan 2006 - Sep 2024
Govt Debt: Domestic and Foreign: Outstanding: Short Term (PHP mn) 731,809.300 Sep 2024 monthly Jan 2006 - Sep 2024
Foreign Trade Last Frequency Range
Forecast: Exports of Goods Growth (%) 5.556 2028 yearly 1980 - 2028
Trade Balance (USD mn) -5,087.0 Sep 2024 monthly Jan 1957 - Sep 2024
Total Exports (USD mn) 6,257.6 Sep 2024 monthly Jan 1979 - Sep 2024
Total Exports Growth (%) -7.6 Sep 2024 monthly Jan 1980 - Sep 2024
Aluminum: Exports (USD th) 172,934.333 2023 yearly 1995 - 2023
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) 11,344.6 Sep 2024 monthly Jan 1979 - Sep 2024
Total Imports Growth (%) 9.9 Sep 2024 monthly Jan 1980 - Sep 2024
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) 1,082.743 Sep 2024 monthly Jan 1978 - Sep 2024
Total Imports from USA (USD mn) 681.328 Sep 2024 monthly Jan 1986 - Sep 2024
Total Exports to China (USD mn) 830.355 Sep 2024 monthly Jan 1984 - Sep 2024
Total Imports from China (USD mn) 2,835.235 Sep 2024 monthly Jan 1986 - Sep 2024
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) 166.404 2021 yearly 1980 - 2021
Balance of Payments Last Frequency Range
Direct Investment Abroad (USD mn) 243.5 Mar 2024 monthly Jan 2005 - Mar 2024
Current Account Balance (USD mn) -368.4 Mar 2024 monthly Jan 1999 - Mar 2024
Current Account Balance: % of GDP (%) -4.3 Mar 2023 quarterly Mar 1981 - Mar 2023
Foreign Direct Investment (USD mn) 820.5 Jul 2024 monthly Jan 2005 - Jul 2024
Foreign Direct Investment: % of GDP (%) 1.3 Jun 2024 quarterly Mar 2005 - Jun 2024
Foreign Portfolio Investment (USD mn) 2,742.116 Mar 2024 quarterly Mar 2005 - Mar 2024
Foreign Portfolio Investment: % of GDP (%) 1.1 Jun 2024 quarterly Dec 1980 - Jun 2024
Foreign Portfolio Investment: Equity Securities (USD mn) 1,013.6 Mar 2024 quarterly Mar 1996 - Mar 2024
Foreign Portfolio Investment: Debt Securities (USD mn) 1,728.469 Mar 2024 quarterly Mar 1977 - Mar 2024
External Debt (USD mn) 130,182.1 Jun 2024 quarterly Mar 2005 - Jun 2024
External Debt: % of GDP (%) 28.7 2023 yearly 1990 - 2023
External Debt: Short Term (USD mn) 17,352.9 Mar 2023 quarterly Mar 2005 - Mar 2023
External Debt: Short Term: % of GDP (%) 3.9 2023 yearly 2005 - 2023
Forecast: Current Account Balance (USD bn) -8.070 2029 yearly 1980 - 2029
Net International Investment Position (USD mn) -55,223.853 Jun 2024 quarterly Dec 2012 - Jun 2024
BoP: FA: DI: Net Acquisition of Financial Assets (USD mn) 243.491 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: CA: Services: Credit: Export (USD mn) 4,308.895 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: FA: OI: Net Acquisition of Financial Assets (USD mn) 109.462 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: FA: DI: Net Incurrence of Liabilities (USD mn) 820.455 Jul 2024 monthly Jan 2005 - Jul 2024
BoP: Financial Account (FA) (USD mn) -2,389.162 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: CA: Credit: Receipts (USD mn) 6.570 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: FA: PI: Net Acquisition of Financial Assets (USD mn) 1,741.932 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: FA: Net Incurrence of Liabilities (USD mn) 4,419.031 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: CA: Debit: Payments (USD mn) 0.925 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: CA: Primary Income (USD mn) 168.889 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: CA: Goods: Credit: Export (USD mn) 4,794.078 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: Change in Reserve Assets: Debit (USD mn) 1,190.104 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: CA: Goods (USD mn) -4,431.392 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: CA: Secondary Income: Credit: Receipts (USD mn) 2,582.771 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: CA: Secondary Income (USD mn) 2,510.476 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: CA: Goods: Debit: Import (USD mn) 9,225.470 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: Current Account (CA) (USD mn) -368.376 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: CA: Primary Income: Credit: Receipts (USD mn) 1,477.307 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: FA: Net Acquisition of Financial Assets (USD mn) 2,029.869 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: FA: Portfolio Investment (PI) (USD mn) -119.678 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: CA: Services (USD mn) 1,383.651 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: FA: PI: Net Incurrence of Liabilities (USD mn) 1,861.610 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: FA: Financial Derivatives (FD) (USD mn) -13.733 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: FA: Direct Investment (DI) (USD mn) -442.262 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: Capital Account (CA) (USD mn) 5.645 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: FA: OI: Net Incurrence of Liabilities (USD mn) 1,922.951 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: CA: Export (USD mn) 13,163.050 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: CA: Secondary Income: Debit: Payments (USD mn) 72.295 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: FA: FD: Net Acquisition of Financial Assets (USD mn) -65.016 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: FA: Other Investments (OI) (USD mn) -1,813.489 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: CA: Services: Debit: Import (USD mn) 2,925.244 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: FA: FD: Net Incurrence of Liabilities (USD mn) -51.282 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: CA: Primary Income: Debit: Payments (USD mn) 1,308.419 Mar 2024 monthly Jan 2005 - Mar 2024
BoP: CA: Import (USD mn) 13,531.426 Mar 2024 monthly Jan 2005 - Mar 2024
External Debt: By Country Profile: Country: USA (USD mn) 3,057.389 Jun 2024 quarterly Mar 2005 - Jun 2024
External Debt: By Country Profile: Country: Japan (USD mn) 14,245.785 Jun 2024 quarterly Mar 2005 - Jun 2024
External Debt: By Country Profile: Country: France (USD mn) 1,201.744 Jun 2024 quarterly Mar 2005 - Jun 2024
External Debt: By Country Profile: Country: Germany (USD mn) 1,503.182 Jun 2024 quarterly Mar 2005 - Jun 2024
External Debt: Medium and Long Term (USD mn) 112,285.213 Jun 2024 quarterly Mar 2005 - Jun 2024
External Debt: By Country Profile: Country: UK (USD mn) 4,168.759 Jun 2024 quarterly Mar 2005 - Jun 2024
FDI: Approved: Information & Communication (PHP mn) 150.278 Mar 2024 quarterly Mar 2010 - Mar 2024
FDI: Approved: Real Estate Activities (PHP mn) 2,205.659 Mar 2024 quarterly Mar 2010 - Mar 2024
FDI: Approved: Administrative & Support Services (PHP mn) 2,494.846 Mar 2024 quarterly Mar 2010 - Mar 2024
FDI: Approved: Transportation & Storage (PHP mn) 55.215 Mar 2024 quarterly Mar 2010 - Mar 2024
FDI: Approved: Manufacturing (PHP mn) 12,620.963 Mar 2024 quarterly Mar 2010 - Mar 2024
Business Closure (BC): All Industries (Unit) 3,294.000 2017 yearly 1995 - 2017
Monetary Last Frequency Range
Non Performing Loans Ratio (%) 3.6 Aug 2024 monthly Mar 2008 - Aug 2024
Household Debt: % of GDP (%) 11.0 Jun 2024 quarterly Mar 2009 - Jun 2024
Non-Performing Loans (USD mn) 8,534.681 Jun 2024 quarterly Mar 2008 - Jun 2024
Money Supply M1 (USD mn) 116,877.511 Jul 2024 monthly Dec 1988 - Jul 2024
Money Supply M2 (USD mn) 291,225.599 Jul 2024 monthly Dec 1988 - Jul 2024
M2 Growth (%) 7.8 Jul 2024 monthly Dec 1989 - Jul 2024
Reserve Requirement Ratio (%) 9.5 Oct 2024 monthly May 1986 - Oct 2024
Foreign Exchange Reserves (USD mn) 95,242.3 Oct 2024 monthly Jan 1960 - Oct 2024
Foreign Exchange Reserves: Months of Import (NA) 8.6 Sep 2024 monthly Jan 1979 - Sep 2024
Gold Reserves (USD mn) 11,353.948 Oct 2024 monthly Dec 1956 - Oct 2024
Total Deposits (USD mn) 331,547.392 Jun 2024 quarterly Mar 2008 - Jun 2024
Total Deposits Growth (%) 9.5 Jun 2024 quarterly Mar 2009 - Jun 2024
Domestic Credit (USD mn) 326,023.2 Jul 2024 monthly Dec 2001 - Jul 2024
Domestic Credit Growth (%) 11.3 Jul 2024 monthly Dec 2002 - Jul 2024
Household Debt (USD mn) 47,678.1 Jun 2024 quarterly Mar 2009 - Jun 2024
Total Loans (USD mn) 237,770.682 Aug 2024 monthly Mar 2008 - Aug 2024
Total Loans Growth (%) 11.11 Aug 2024 monthly Mar 2009 - Aug 2024
Private Debt: % of Nominal GDP (%) 48.13 Sep 2024 quarterly Dec 2001 - Sep 2024
DCS: LA: M4: M3 (PHP mn) 17,488,056.958 Jul 2024 monthly Dec 2001 - Jul 2024
DCS: LA: M4: M3: M2: M1 (PHP mn) 6,854,281.632 Jul 2024 monthly Dec 2001 - Jul 2024
DCS: LA: M4: M3: M2 (PHP mn) 17,078,925.278 Jul 2024 monthly Dec 2001 - Jul 2024
DCS: Domestic Claims (DC) (PHP mn) 19,119,632.662 Jul 2024 monthly Dec 2001 - Jul 2024
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 2024 monthly May 1986 - Oct 2024
CL: PBS: Real Estate: Residential (PHP bn) 1,038.657 Jun 2024 quarterly Mar 2009 - Jun 2024
Consumer Loans (CL): Philippine Banking System (PBS) (PHP bn) 2,806.717 Jun 2024 quarterly Mar 2009 - Jun 2024
Business and Economic Survey Last Frequency Range
Global Competitiveness Index (Score) 61.869 2019 yearly 2017 - 2019
Business Confidence Growth (% Point) 4.1 Sep 2024 quarterly Jun 2002 - Sep 2024
Business Outlook: Index: Industry: Current Quarter (Point) 25.986 Sep 2024 quarterly Jun 2001 - Sep 2024
Business Outlook: Index: Services: Current Quarter (Point) 36.706 Sep 2024 quarterly Jun 2001 - Sep 2024
PH: Ease of Doing Business Rank: 1=Most Business-friendly Regulations (NA) 95.000 2019 yearly 2019 - 2019

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