Philippines: Government debt

The latest value from 2024 is 56.63 percent, an increase from 56.48 percent in 2023. In comparison, the world average is 61.97 percent, based on data from 182 countries. Historically, the average for the Philippines from 1993 to 2024 is 53.21 percent. The minimum value, 36.97 percent, was reached in 2019 while the maximum of 73.87 percent was recorded in 1993. See the global rankings for that indicator or use the country comparator to compare trends over time.

The government debt in the Philippines and other countries is calculated as the total amount owed by the national government to domestic and international lenders. It is reported as percent of GDP so that we can evaluate its magnitude relative to the size of the economy.

Government debt of about 60 percent or less of GDP is not considered a problem. The government can make payments without strain and even has some room to borrow more. If debt levels reach 80-90 percent that may have negative effects on the economy. Debt above 120 percent of GDP is quite detrimental.

Definition: Central government debt as percent of GDP. The source for these data is: Kose, M. Ayhan, Sergio Kurlat, Franziska Ohnsorge, and Naotaka Sugawara. 2022. "A Cross-Country Database of Fiscal Space." Journal of International Money and Finance 128 (November): 102682.