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Philippines Debt to GDP Ratio

The Philippines government debt-to-GDP ratio rose to 60.7% in 2024 from 60.1% in 2023. This increase resulted from higher debt issuances to fund the government deficit. A weaker peso against the US dollar also increased the value of foreign debt by approximately P201.55 billion. Actual GDP growth of 5.6% fell below the government's target. The Philippines' record low government debt to GDP was 39.6% in 2019 and record high was 74.9% in 1993.

Yearly Historical Data (1990-2024)

(in %)
Year Debt to GDP Ratio
2024 60.7%
2023 60.1%
2022 60.9%
2021 60.4%
2020 54.6%
2019 39.6%
2018 39.9%
2017 40.2%
2016 42.1%
2015 44.7%
2014 45.4%
2013 49.2%
2012 51.5%
2011 51%
2010 52.4%
2009 54.8%
2008 54.7%
2007 51.4%
2006 55.4%
2005 62.8%
2004 69.7%
2003 71.4%
2002 66.5%
2001 62.8%
2000 62.1%
1999 57.1%
1998 54.7%
1997 54.3%
1996 51.7%
1995 59.6%
1994 62.4%
1993 74.9%
1992 63%
1991 52.6%
1990 54.4%
Philippines Debt to GDP Ratio : Definition
Philippines' debt-to-GDP shows government debt as a percentage of the nation's gross domestic product. It's calculated by dividing total government debt by GDP. A higher ratio can indicate potential repayment difficulties.
Indicator Last Value Prior Value Period
Current Account to GDP Ratio -3.8% -2.8% Dec'24
Interest Rate 4.75% 5% Oct'25
Private Credit (% GDP) 49.81% 48.31% 2024