The Central Bank of the Philippines published updated external debt statistics showing outstanding external debt declined 1.0% in Q4 2025 to USD 147.65 billion at end-December 2025, alongside a slight improvement in debt manageability indicators. The quarter-on-quarter decline from USD 149.09 billion reflected net sales of Philippine debt securities by non-residents of USD 2.28 billion and net valuation adjustments of USD 659.38 million, partly offset by net availments of USD 1.44 billion. External debt as a share of gross domestic product eased to 30.3% from 30.9%, while short-term external debt on a remaining maturity basis rose to USD 26.80 billion from USD 26.36 billion; gross international reserves of USD 110.83 billion covered these near-term obligations by 4.14 times. The debt service ratio improved to 8.3% from 11.5% a year earlier due to lower principal and interest payments, even as external debt increased 7.3% year-on-year driven mainly by new borrowings, including USD 3.29 billion in National Government bond issuance and USD 3.72 billion in external financing by private sector banks.
Central Bank of the Philippines 2026-03-13
Central Bank of the Philippines reports Q4 2025 external debt fell 1% to USD 147.65 billion and key manageability ratios improved
The Central Bank of the Philippines reported a 1.0% decline in outstanding external debt to USD 147.65 billion at the end of December 2025, with improved debt manageability indicators. The decline was due to net sales of debt securities and valuation adjustments, partially offset by new borrowings. External debt as a percentage of GDP decreased to 30.3%, while the debt service ratio improved to 8.3% from 11.5% a year earlier.