The Central Bank of the Philippines reported that the country’s outstanding external debt edged down to USD 147.35 billion at end-March 2026 from USD 147.65 billion at the end of the previous quarter, with key debt indicators remaining manageable. External debt as a share of gross domestic product improved slightly to 30.0 percent from 30.3 percent, while liquidity conditions strengthened. Short-term external debt based on the remaining maturity concept declined to USD 25.50 billion, and gross international reserves stood at USD 106.64 billion, equivalent to 4.18 times short-term debt on that basis. The debt service ratio was 9.5 percent, still described as moderate, though up from 8.5 percent a year earlier because of higher principal payments. The quarter-on-quarter decline in total external debt was attributed to lower non-resident holdings of Philippine debt securities amid more cautious investor sentiment and tighter financing conditions for emerging markets. On a year-on-year basis, external debt was slightly higher than the USD 146.74 billion recorded at end-March 2025, mainly because of new borrowings by the National Government and the private sector.
Central Bank of the Philippines2026-06-11
Central Bank of the Philippines reports external debt fell to USD 147.35 billion at end-March while key debt indicators remained sound
The Central Bank of the Philippines said outstanding external debt fell slightly quarter on quarter to USD 147.35 billion at end-March 2026, while debt indicators remained sound. External debt to gross domestic product improved to 30.0 percent, short-term debt declined to USD 25.50 billion, and reserves of USD 106.64 billion covered 4.18 times short-term debt. The small annual increase in total debt reflected new borrowing by the government and private sector.