Total debt service in Philippines
Philippines: Total debt service was 14.4% in 2024. ▼ Falling
Total debt service in Philippines, 1977–2024
Source: International Debt Statistics, World Bank (WB). Measured in % of exports of goods, services and primary income.
Analysis
Philippines recorded 14.4% for total debt service in 2024.
Compared with earlier readings it is up 17.7% on the previous year and up 49.3% over ten years.
Over the whole period, total debt service in Philippines peaked at 43.9% in 1982 and was at its lowest, 8.6%, in 2022.
That places Philippines 51st out of 120 countries with data for 2024, putting it in the middle of the range.
The long-run direction has been consistently falling across the 48 years of available data.
Total debt service in Philippines, year by year
| Year | % of exports of goods, services and primary income | Change |
|---|---|---|
| 1977 | 15.7% | — |
| 1978 | 28.1% | +79.6% |
| 1979 | 25.3% | -10.0% |
| 1980 | 27.3% | +7.8% |
| 1981 | 34.6% | +26.8% |
| 1982 | 43.9% | +26.8% |
| 1983 | 37.2% | -15.2% |
| 1984 | 33.7% | -9.4% |
| 1985 | 32.0% | -5.1% |
| 1986 | 34.3% | +7.2% |
| 1987 | 36.8% | +7.3% |
| 1988 | 31.9% | -13.3% |
| 1989 | 26.1% | -18.1% |
| 1990 | 27.6% | +5.4% |
| 1991 | 23.5% | -14.7% |
| 1992 | 24.9% | +5.8% |
| 1993 | 26.1% | +4.9% |
| 1994 | 19.3% | -25.8% |
| 1995 | 16.3% | -15.6% |
| 1996 | 13.6% | -16.8% |
| 1997 | 9.5% | -30.2% |
| 1998 | 11.0% | +15.6% |
| 1999 | 22.4% | +104.9% |
| 2000 | 22.9% | +2.3% |
| 2001 | 33.5% | +45.9% |
| 2002 | 33.6% | +0.4% |
| 2003 | 31.3% | -6.8% |
| 2004 | 31.6% | +0.9% |
| 2005 | 24.7% | -21.8% |
| 2006 | 27.6% | +11.6% |
| 2007 | 15.5% | -44.0% |
| 2008 | 19.0% | +22.9% |
| 2009 | 18.1% | -4.6% |
| 2010 | 18.7% | +3.3% |
| 2011 | 17.2% | -7.9% |
| 2012 | 9.2% | -46.7% |
| 2013 | 8.6% | -6.6% |
| 2014 | 9.7% | +12.5% |
| 2015 | 19.2% | +98.1% |
| 2016 | 13.0% | -32.1% |
| 2017 | 12.5% | -4.1% |
| 2018 | 9.7% | -22.1% |
| 2019 | 9.8% | +0.4% |
| 2020 | 10.7% | +9.9% |
| 2021 | 12.2% | +13.6% |
| 2022 | 8.6% | -29.5% |
| 2023 | 12.3% | +42.8% |
| 2024 | 14.4% | +17.7% |
Philippines compared with similar countries
- Philippines's 14.4% is above the median for upper middle income countries, which is 14.4%, 1.0× the median. (51 countries reporting)
- Philippines's 14.4% is above the median for East Asia & Pacific, which is 9.3%, 1.6× the median. (16 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 23.0% | 15.7% | 28.1% | 3 |
| 1980s | 33.8% | 26.1% | 43.9% | 10 |
| 1990s | 19.4% | 9.5% | 27.6% | 10 |
| 2000s | 25.8% | 15.5% | 33.6% | 10 |
| 2010s | 12.7% | 8.6% | 19.2% | 10 |
| 2020s | 11.6% | 8.6% | 14.4% | 5 |
Countries ranked near Philippines
- 48 Bangladesh 15.8% compare
- 49 Gabon 15.4% compare
- 50 Yemen 14.6% compare
- 52 North Macedonia 14.4% compare
- 53 Kyrgyzstan 14.0% compare
- 54 Uganda 13.9% compare
More economy & growth data for Philippines
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 4.98 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 6.4 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 1.60 billion BoP, current US$ (2025)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0033 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net outflows (BoP, current US$), per capita 13.72 BoP, current US$ per person (2025)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 7.79 billion BoP, current US$ (2025)
- Foreign direct investment, net inflows (BoP, current US$), annual -17.1 % change on previous year (2025)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.016 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net inflows (BoP, current US$), per capita 66.71 BoP, current US$ per person (2025)
- Total reserves (includes gold, current US$), annual growth rate 4.46 % change on previous year (2025)
Frequently asked questions
- What is total debt service in Philippines?
- Total debt service in Philippines was 14.4% in 2024, according to International Debt Statistics, World Bank (WB).
- What is the highest total debt service recorded in Philippines?
- The highest recorded value was 43.9% in 1982.
- What is the lowest total debt service recorded in Philippines?
- The lowest recorded value was 8.6% in 2022.
- How does Philippines rank for total debt service?
- Philippines ranks 51st out of 120 countries with data for 2024.
- Is total debt service rising or falling in Philippines?
- Over the last ten years it is up 49.3%. The long-run trend across the full record is falling.
- Where does this Philippines data come from?
- The figures come from International Debt Statistics, World Bank (WB), published as part of Total debt service (% of exports of goods, services and primary income). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 48 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Total debt service to exports of goods, services and primary income. Total debt service is the sum of principal repayments and interest actually paid in currency, goods, or services on long-term debt, interest paid on short-term debt, and repayments (repurchases and charges) to the IMF.