The Central Bank of the Philippines published external debt statistics showing the Philippines’ outstanding external debt remained broadly stable in the third quarter of 2025, reaching USD 149.09 billion at end-September 2025, up 0.1 percent quarter on quarter. The marginal increase was driven by net acquisition by non-residents of Philippine debt securities of USD 1.47 billion, partly offset by net repayments of USD 764.56 million and valuation adjustments of USD 442.50 million due to US dollar appreciation. External debt declined as a share of gross domestic product to 30.9 percent from 31.2 percent in the previous quarter. Short-term external debt on a remaining maturity basis stood at USD 27.16 billion and was covered 4.01 times by gross international reserves of USD 109.06 billion. The debt service ratio improved to 8.5 percent from 11.5 percent a year earlier, reflecting lower principal and interest payments; on a year-on-year basis, external debt rose 6.8 percent, mainly attributed to new borrowings including USD 3.33 billion in National Government bond issuances and USD 1.58 billion in external financing raised by local banks.
Central Bank of the Philippines 2025-12-12
Central Bank of the Philippines reports broadly stable external debt at USD 149.09 billion in Q3 2025
The Central Bank of the Philippines reported that the country's external debt reached USD 149.09 billion at the end of September 2025, marking a 0.1% quarterly increase. The debt-to-GDP ratio decreased to 30.9%, while the debt service ratio improved to 8.5% due to lower principal and interest payments. Year-on-year, external debt rose 6.8%, driven by new borrowings, including USD 3.33 billion in National Government bond issuances.