Philippines Government Debt to GDP
General government gross debt as a percentage of GDP.
Government Debt to GDP in the Philippines increased to 59.10 percent of GDP in 2025 from 56.60 percent of GDP in 2024.
Philippines Government Debt to GDP — History
Drag or pinch to zoom. Dashed line: IMF World Economic Outlook projection.
Philippines Government Debt to GDP — analysis in simple words
Latest reading
Government Debt to GDP in the Philippines increased to 59.10 percent of GDP in 2025 from 56.60 percent of GDP in 2024.
Over the last three years it rose twice and fell once.
Recent trend
A year earlier (2024) it was 56.6%, so the latest figure is 2.5 percentage points higher.
Over the past five years the average was 57.3%, with a range from 56.5% to 59.1%. The latest value is above that five-year average.
Historical context
This data series starts in 1993 and has 33 annual observations. The latest reading is higher than 70% of all of them.
The highest value on record is 73.9% (1993) and the lowest is 37.0% (2019). The long-run average is 53.4%.
Compared with other countries
Among 191 economies with recent data, Philippines ranks 80th from the top. The median across all these economies is 52.9%, so Philippines is above the typical country.
Within East Asia & Pacific (31 economies with data) it ranks 8th; the regional median is 40.9%.
IMF outlook
The IMF World Economic Outlook projects 60.5% in 2026 and 60.5% in 2027 for Philippines. Projections are forecasts, not actual data, and are revised as new information arrives.
Statistics
- Latest
- 59.1%2025
- Previous
- 56.6%
- 5-year average
- 57.3%
- Long-run average
- 53.4%since 1993
- All-time high
- 73.9%1993
- All-time low
- 37.0%2019
- Observations
- 33Annual
Recent Data
| Period | Value | Change |
|---|---|---|
| 2031 IMF proj. | 56.4% | ▼ −1.8 pp |
| 2030 IMF proj. | 58.2% | ▼ −1.5 pp |
| 2029 IMF proj. | 59.7% | ▼ −0.7 pp |
| 2028 IMF proj. | 60.4% | ▼ −0.1 pp |
| 2027 IMF proj. | 60.5% | ■ 0.0 pp |
| 2026 IMF proj. | 60.5% | ▲ +1.4 pp |
| 2025 | 59.1% | ▲ +2.5 pp |
| 2024 | 56.6% | ▲ +0.1 pp |
| 2023 | 56.5% | ▼ −0.9 pp |
| 2022 | 57.4% | ▲ +0.4 pp |
| 2021 | 57.0% | ▲ +5.4 pp |
| 2020 | 51.6% | ▲ +14.6 pp |
| 2019 | 37.0% | ▼ −0.1 pp |
| 2018 | 37.1% | ▼ −1.0 pp |
| 2017 | 38.1% | ▲ +0.7 pp |
| 2016 | 37.4% | ▼ −2.3 pp |
| 2015 | 39.7% | ▼ −0.6 pp |
| 2014 | 40.3% | ▼ −3.6 pp |
| 2013 | 43.9% | ▼ −1.8 pp |
| 2012 | 45.7% | ▲ +0.3 pp |
| 2011 | 45.4% | ▼ −2.2 pp |
| 2010 | 47.6% | ▼ −2.2 pp |
| 2009 | 49.8% | ▼ −0.2 pp |
| 2008 | 50.0% | ▼ −0.2 pp |
| 2007 | 50.2% | ▼ −7.0 pp |
| 2006 | 57.2% | ▼ −7.5 pp |
| 2005 | 64.7% | ▼ −6.4 pp |
| 2004 | 71.1% | ▼ −0.3 pp |
| 2003 | 71.4% | ▲ +6.2 pp |
| 2002 | 65.2% |
Government Debt to GDP — Philippines vs Peers
Latest available reading for each economy (periods may differ). Philippines highlighted.
More Philippines indicators
Understanding Government Debt to GDP — a simple guide
What it measures
General government gross debt as a percentage of the country’s annual GDP.
How it is calculated
Total debt owed by all levels of government (central, state and local) at the end of the year ÷ the country’s GDP for that year × 100.
If a government owes 84 and the economy produces 100 in a year, government debt to GDP is 84%.
A higher ratio means a larger debt relative to the size of the economy. More of the budget may go to interest payments, and credit rating agencies watch the trend closely.
A lower ratio usually gives the government more room to borrow in a crisis.
Why it matters for the economy and markets
The ratio shows the size of public debt relative to the economy’s capacity to service it. It influences sovereign credit ratings, bond yields and the room governments have for fiscal support.
How to read it
There is no single safe level — countries borrowing in their own currency with deep domestic markets can sustain higher ratios. The trend, interest cost and growth rate matter as much as the level.
What to look at alongside it
The budget deficit, interest rates, GDP growth and credit ratings.
Key terms
- General government
- Central plus state and local governments together.
- Fiscal deficit
- When government spending is higher than its revenue.
- Debt sustainability
- Whether a government can keep servicing its debt without default.
Data source
IMF — World Economic Outlook (series GGXWDG_NGDP), annual data from 1993 to 2025. 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 government debt to gdp of Philippines?
What is the highest and lowest government debt to gdp of Philippines?
What is the IMF projection for Philippines government debt to gdp?
What does government debt to gdp 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.