Philippines - Gross External Debt





Philippines: Gross External Debt

Mnemonic GDBTEXT.IPHL
Unit Mil. USD, NSA
Adjustments Not Seasonally Adjusted
Quarterly 0.78 %
Data 2023 Q3 118,833
2023 Q2 117,918

Series Information

Source Central Bank of Philippines (BSP)
Release External Debt - Quarterly
Frequency Quarterly
Start Date 12/31/2005
End Date 9/30/2023

Philippines: Government

Reference Last Previous Units Frequency
Government Budget Balance Dec 2023 -400,956 -93,254 Mil. PHP, NSA Monthly
Outstanding Public Debt - Domestic Dec 2023 43,678 35,353 Mil. PHP, NSA Monthly
Outstanding Public Debt - Foreign Dec 2023 25,188 21,321 Mil. PHP, NSA Monthly
Gross External Debt 2023 Q3 118,833 117,918 Mil. USD, NSA Quarterly
Outstanding Public Debt 2023 Q3 3,826,440,890,800 3,748,656,212,800 NCU, NSA Quarterly
Government Expenditures Aug 2022 404,476 395,395 Mil. PHP, NSA Monthly
Government Revenues Aug 2022 332,440 308,632 Mil. PHP, NSA Monthly

Release Information

For the Philippines, external debt covers all short-term and medium-term obligations of the BSP, domestic commercial banks, public and private sectors payable to non-residents.

Active:

  • Framework: IMF BPM6
  • Measurement: Millions of U.S. dollars (Mil. USD)
  • Adjustment: Not seasonally adjusted (NSA)
  • Native frequencies:
    • Quarterly
    • Annual
  • Start dates:
    • As early as 2005Q1
    • Uniformly 1997

Predecessor:

  • BPM5 - 1984Q2 to 2014Q3 ("_14")

Source: International Operations Department

Short-term external debt are those with maturities of one year or less, while medium- and long-term external debt consist of foreign borrowings with maturities of more than one year. Official external debt statistics cover only BSP approved/registered borrowings, disbursed and outstanding. However, for transparency, the exclusions from the official debt statistics are also reported as footnotes to the external debt data. These are (a) intercompany accounts (gross Due to Head Office/Branches) of Philippine branches of foreign banks; (b) private sector loans without BSP approval/registration; and (c) private sector obligations under capital lease agreements.

Intercompany accounts of Philippine branches of foreign banks are excluded because these are treated by the monetary authority as quasi-equity, in view of the token amount of permanently assigned capital required from these banks. Meanwhile, private sector loans without BSP approval/registration are also not included because these do not represent claims against foreign exchange resources of the financial system since payments for these accounts are not allowed to be funded with banking system resources.

Debts classes include:

  • General government
  • Monetary authorities
  • Banks
  • Other sectors
  • Direct investment: Intercompany lending

Under the national presentation, debt of the central bank (Bangko Sentral ng Pilipinas) includes accumulated SDR allocations from the IMF. The line item for CB-BOL excludes Brady Bonds booked as CB-BOL obligations which are reflected in the National Government account.

Abbreviations

BSP
Bangko Sentral ng Pilipinas. Established 1993 to replace the CBP.
CBP
Central Bank of the Philippines. Operated 1949 to 1993.
CB-BOL
Central Bank-Board of Liquidators. Served as a "bad bank" for assets of the Central Bank of the Philippines (CBP) when Bangko Sentral ng Pilipinas (BSP) was established in 1993. Ceased operation in July 2018.
NG
National government

Further reading

At IMF (SDDS):

At third parties:

  • Apr 2006 - Initial version: annual BPM5.
  • May 2006 - Addendum: quarterly BPM5.
  • Sep 2015 - Reclassified to BPM6.
  • 16 Jan 2024, Phillip Thorne - Addendum: Properties.