Philippines External Debt
Total external debt stocks, current US dollars (low and middle income economies).
External Debt in the Philippines increased to 137.02 USD billion in 2024 from 124.47 USD billion in 2023.
Philippines External Debt — History
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Philippines External Debt — analysis in simple words
Latest reading
External Debt in the Philippines increased to 137.02 USD billion in 2024 from 124.47 USD billion in 2023.
It has risen in each of the last three years.
Recent trend
A year earlier (2023) it was $124.5B, so the latest figure is $12.5B higher.
Over the past five years the average was $115.5B, with a range from $98.5B to $137.0B. The latest value is above that five-year average.
Historical context
This data series starts in 1970 and has 55 annual observations. The latest reading is higher than 98% of all of them.
The highest value on record is $137.0B (2024) and the lowest is $2.2B (1970). The long-run average is $48.0B.
Compared with other countries
Among 121 economies with recent data, Philippines ranks 15th from the top. The median across all these economies is $13.1B, so Philippines is above the typical country.
Within East Asia & Pacific (16 economies with data) it ranks 4th; the regional median is $15.3B.
Statistics
- Latest
- $137.0B2024
- Previous
- $124.5B
- 5-year average
- $115.5B
- Long-run average
- $48.0Bsince 1970
- All-time high
- $137.0B2024
- All-time low
- $2.2B1970
- Observations
- 55Annual
Recent Data
| Period | Value | Change |
|---|---|---|
| 2024 | $137.0B | ▲ +12.5 |
| 2023 | $124.5B | ▲ +13.7 |
| 2022 | $110.8B | ▲ +4.1 |
| 2021 | $106.6B | ▲ +8.1 |
| 2020 | $98.5B | ▲ +14.1 |
| 2019 | $84.4B | ▲ +5.1 |
| 2018 | $79.2B | ▲ +5.6 |
| 2017 | $73.6B | ▼ −1.7 |
| 2016 | $75.3B | ▼ −4.4 |
| 2015 | $79.7B | ▲ +1.0 |
| 2014 | $78.7B | ▲ +2.0 |
| 2013 | $76.7B | ▲ +8.7 |
| 2012 | $68.1B | ▲ +2.3 |
| 2011 | $65.8B | ▲ +0.4 |
| 2010 | $65.3B | ▲ +9.4 |
| 2009 | $56.0B | ▼ −2.3 |
| 2008 | $58.3B | ▼ −0.9 |
| 2007 | $59.2B | ▲ +1.6 |
| 2006 | $57.6B | ▼ −1.1 |
| 2005 | $58.7B | ▼ −2.5 |
| 2004 | $61.1B | ▼ −1.6 |
| 2003 | $62.7B | ▲ +2.7 |
| 2002 | $60.0B | ▲ +1.7 |
| 2001 | $58.4B | ▼ −0.1 |
| 2000 | $58.4B | ▼ −0.0 |
| 1999 | $58.5B | ▲ +4.9 |
| 1998 | $53.6B | ▲ +2.9 |
| 1997 | $50.7B | ▲ +6.7 |
| 1996 | $44.0B | ▲ +4.6 |
| 1995 | $39.4B |
External Debt — Philippines vs Peers
Latest available reading for each economy (periods may differ). Philippines highlighted.
More Philippines indicators
Understanding External Debt — a simple guide
What it measures
Total external debt stocks — owed to non-residents — in current US dollars (World Bank; low and middle income economies).
How it is calculated
Total debt owed to foreign lenders by the government and private sector, in US dollars.
External debt of $650 billion includes government and company borrowing abroad.
High external debt increases sensitivity to a weaker currency.
Low external debt reduces exposure to foreign lenders.
Why it matters for the economy and markets
High external debt, especially short-term and foreign-currency debt, raises vulnerability to currency depreciation.
How to read it
Compare with exports and reserves to judge repayment capacity.
Data source
World Bank — World Development Indicators (series DT.DOD.DECT.CD), annual data from 1970 to 2024. Values are shown exactly as published by the source and may be revised later.
How to use the chart
Use the 5Y / 10Y / 25Y / Max buttons to change the time range, or drag the slider under the chart. Hover (or tap) on the line to see the exact value for any period. Dashed lines and hatched bars are IMF projections, not actual data. The “Download CSV” button gives you the full data series.
Frequently asked questions
What is the current external debt of Philippines?
What is the highest and lowest external debt of Philippines?
What does external debt measure?
Data are sourced from official international organisations (IMF, World Bank, BIS) and national authorities, and are shown for educational and informational purposes only. They are not investment advice and no recommendation is made. Figures may be revised by the source; IMF figures for the current and future years are projections. This page was last updated on Saturday, October 17, 2026.