Philippines: Government debt

* indicates monthly or quarterly data series
 Philippines

Government debt as percent of GDP

 Latest value 60.50
 Year 2021
 Measure percent
 Data availability 1986 - 2021
 Average 53.52
 Min - Max 39.60 - 71.60
 Source Bureau of the Treasury of Philippines
For that indicator, we provide data for the Philippines from 1986 to 2021. The average value for the Philippines during that period was 53.52 percent with a minimum of 39.6 percent in 2019 and a maximum of 71.6 percent in 2004. The latest value from 2021 is 60.5 percent. For comparison, the world average in 2021 based on 175 countries is 63.56 percent. See the global rankings for that indicator or use the country comparator to compare trends over time.
Select indicator
* indicates monthly or quarterly data series


Recent values chart
Philippines - Government debt - Recent values chart

Historical chart
Philippines - Government debt - historical chart - 1986-2021




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: Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.


 Related indicators Latest value Reference Measure
 Government spending, percent of GDP 15.01 2022 percent
 Government spending, in dollars 60.69 2022 billion U.S. dollars
 Fiscal balance, percent of GDP -7.30 2022 percent
 Government debt 60.50 2021 percent
 Government expenditure 872.65 Q3/2023 billion
 Tax revenue 14.62 2022 percent
 Commercial tax rate 43.10 2019 percent
 Tax preparation time 171 2019 hours
 Number of taxes 13 2019 taxes
 Taxes on goods and services 25.86 2022 percent
 Taxes on international trade 24.34 2022 percent
 Income and profits taxes 34.91 2022 percent
 Foreign aid 1,632.45 2021 million U.S. dollars
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