The Philippines’ outstanding external debt expanded to $154.93 billion at the end of June 2026, up from $147.35 billion in the preceding quarter.
Despite the increase, the country’s debt-to-GDP ratio rose to 31.6 percent, reflecting a faster accumulation of foreign obligations relative to national economic output.
The central bank highlighted that liquidity buffers remained solid, supported by $104.74 billion in gross international reserves capable of covering short-term debt obligations 3.31 times over.
Meanwhile, the debt service ratio slightly improved to 9.0 percent from 9.2 percent last year, proving that foreign exchange earnings remain sufficient to cover maturing loans. The quarter-on-quarter uptick was largely fueled by net borrowing activities from the National Government alongside private domestic banks.
On an annual basis, the total debt stock expanded from $148.87 billion in June 2025 due to global bond issuances and major development loans.
Overall, state financial managers emphasized that the nation’s external debt profile stays broadly manageable thanks to strong solvency indicators and healthy reserve coverage.
