# EDGAR Filing Document

**Accession Number:** 0001030717
**File Stem:** 0001193125-26-015950
**Filing Date:** 2026-1
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## Filing Content

## Filing Summary
**0001193125-26-015950.hdr.sgml**: 20260120

**ACCESSION NUMBER**: 0001193125-26-015950

**CONFORMED SUBMISSION TYPE**: 18-K/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20260120

**DATE AS OF CHANGE**: 20260120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REPUBLIC OF THE PHILIPPINES
- **CENTRAL INDEX KEY:** 0001030717
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 18-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-11554
- **FILM NUMBER:** 26541091

**BUSINESS ADDRESS:**
- **STREET 1:** 3RD FLOOR, AYUNTAMIENTO BUILDING CABILDO
- **STREET 2:** ST CORNER A. SORIANO AVE INTRAMUROS
- **CITY:** MANILA
- **STATE:** R6
- **ZIP:** 1002
- **BUSINESS PHONE:** 917-806-6107

**MAIL ADDRESS:**
- **STREET 1:** 3RD FLOOR, AYUNTAMIENTO BUILDING CABILDO
- **STREET 2:** ST CORNER A. SORIANO AVE INTRAMUROS
- **CITY:** MANILA
- **STATE:** R6
- **ZIP:** 1002

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 18-K/A** 

**For Foreign Governments and Political Subdivisions Thereof** 

**AMENDMENT No. 2** 

**TO** 

**ANNUAL REPORT** 

**of** 

## REPUBLIC OF THE PHILIPPINES
**(Name of Registrant)** 

**Date of end of last fiscal year: December 31, 2024** 

**SECURITIES REGISTERED\*** 

**(As of the close of the fiscal year)** 

---

| | | |
|:---|:---|:---|
| **Title of Issue** | **Amount as to**<br> **Which Registration**<br> **is Effective** | **Names of**<br> **Exchanges on**<br> **Which Registered** |
| N/A | N/A | N/A |

---

**Name and address of person authorized to receive notices** 

**and communications from the Securities and Exchange Commission:** 

**Senen T. Mangalile** 

**Consul General** 

**Philippine Consulate General** 

**556 Fifth Avenue** 

**New York, New York 10036-5095** 

It is requested that copies of notices and communications from the

Securities and Exchange Commission be sent to:

**Shuang Zhao, Esq.** 

**Robert K. Williams, Esq.** 

**Cleary Gottlieb Steen & Hamilton LLP** 

**c/o 37th Floor, Hysan Place** 

**500 Hennessy Road, Causeway Bay** 

**Hong Kong** 

**+852 2521-4122**

\* The Registrant is filing this annual report on a voluntary basis.

------

**EXPLANATORY NOTE** 

This amendment to the Republic of the Philippines' (the "Republic") Annual Report on Form 18-K for the fiscal year ended December 31, 2024 (the "Annual Report") comprises:

(a) Pages numbered 1 to 4 consecutively.

(b) The following exhibits:

Exhibit 99.E – Recent Developments

This amendment to the Annual Report is filed subject to the Instructions for Form 18-K for Foreign Governments and Political Subdivisions Thereof.

------

**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Republic of the Philippines has duly caused this Amendment No. 2 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Manila, Republic of the Philippines on the 20th day of January, 2026.

---

| | |
|:---|:---|
|  | REPUBLIC OF THE PHILIPPINES |
| By | /s/ Sharon P. Almanza |
|  | **Sharon P. Almanza**<br> **Treasurer of the Philippines** |

---

------

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99E: | [Recent Developments](d69005dex99e.htm) |

---

## Ex-99.E

**Exhibit 99.E** 

**RECENT DEVELOPMENTS** 

**The information contained in this section supplements the information about the Republic corresponding to the headings below that is contained in Exhibit 99.D to the Republic's annual report on Form 18-K for the fiscal year ended December 31, 2024. To the extent the information in this section differs from the information contained in such annual report, you should rely on the information in this section. Capitalized terms not defined in this section have the meanings ascribed to them in the annual report.** 

**Selected Economic Information of the Republic of the Philippines** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025<sup>(1)</sup>** |
|  | *(***₱ in billions, except as indicated)** | *(***₱ in billions, except as indicated)** | *(***₱ in billions, except as indicated)** | *(***₱ in billions, except as indicated)** | *(***₱ in billions, except as indicated)** | *(***₱ in billions, except as indicated)** |
|  GDP (at then-current market prices) | 17951.6 | 19410.6 | 22028.3 | 24313.6 | 26446.4 | 20105.3 |
|  GDP (at constant 2018 prices) | 17537.8 | 18540.1 | 19945.6 | 21046.4 | 22244.4 | 16846.9 |
|  GDP per capita, PPP concept (in $ at then- current market prices)<sup>(2)</sup> | 8456 | 9101 | 10406 | 11288 | 12121 | 12918 |
|  GDP growth rate (%) (at constant 2018 prices) | (9.5) | 5.7 | 7.6 | 5.5 | 5.7 | 5.0 |
|  Consumer price inflation rate (2018 CPI basket)<sup>(3)</sup> | 2.4 | 3.9 | 5.8 | 6.0 | 3.2 | 1.7 |
|  Government surplus/(deficit) as % of GDP (at then-current market prices) | (7.6) | (8.6) | (7.3) | (6.2) | (5.7) | (5.6) |
|  Government debt at end of period as % of GDP (at then-current market prices) | 54.6 | 60.4 | 60.9 | 60.1 | 60.7 | 86.8 |
|  Public sector borrowing requirement<sup>(4)</sup> | (1350.8) | (1616.4) | (1556.6) | (1418.8) | (1496.4)<sup>(12)</sup> | N/A |
|  Consolidated public sector financial position<sup>(5)</sup> | (976.4) | (1092.0) | (804.9) | (765.9) | (820.6)<sup>(12)</sup> | N/A |
|  Current account surplus/(deficit) as % of GDP (at then-current market prices) | 3.2 | (1.5) | (4.5) | (2.8) | (4.0) | (3.6) |
|  Overall balance of payments position at end of period as % of GDP (at then-current market prices)<sup>(6)</sup> | 4.4 | 0.3 | (1.8) | 0.8 | 0.1 | (1.5) |
|  Direct domestic debt of the Government (in million ₱)<sup>(7)(8)</sup> | 6694687 | 8170414 | 9208387 | 10017930 | 10930415 | 12117056<sup>(13)</sup> |
|  Direct external debt of the Government (in million $)<sup>(8)(9)</sup> | 64562 | 69803 | 75436 | 82976 | 88525 | 94177<sup>(13)</sup> |
|  Public sector domestic debt<sup>(10)</sup> | 6712.4 | 7315.0 | 8538.9 | 9753.3 | 10741.6<sup>(12)</sup> | N/A |
|  Public sector external debt <sup>(9)(10)</sup> | 3406.7 | 3939.8 | 4606.1 | 4961.4 | 5412.1<sup>(12)</sup> | N/A |
|  Unemployment rate (%) | 10.3 | 7.8 | 5.4 | 4.4 | 3.8 | 4.4<sup>(13)</sup> |
|  Gross international reserves (in billion $)<sup>(8)(11)</sup> | 110.1 | 108.8 | 96.1 | 103.8 | 106.3 | 110.9<sup>(14)</sup> |

---

*Sources: Philippine Statistics Authority; Bureau of the Treasury; Department of Finance; Bangko Sentral.* 

------

Notes:

(1) Preliminary data as of September 30, 2025 or for the first nine months of 2025, as applicable, unless
otherwise stated.

(2) Figure represents annualized per capita GDP, PPP concept. Amounts in pesos have been translated into U.S.
dollars using the average Bangko Sentral reference exchange rates for the applicable period.

(3) Represents the average of monthly inflation figures of the full year. Effective February 4, 2022, the base
year of the Consumer Price Index ("CPI") was updated from 2012 to 2018. The rebasing of the CPI is done periodically (1) to ensure that the CPI market basket continues to capture goods and services commonly purchased by households
over time; (2) to update expenditure patterns of households; and (3) to synchronize its base year with the 2018 base year of the GDP and other indices.

(4) Represents the aggregate deficit or surplus of the Government, the Central Bank-Board of Liquidation (the
"CB-BOL"), the Oil Price Stabilization Fund and the major GOCCs (as defined below), the debt of which comprises virtually all the debt incurred by GOCCs.

(5) Comprises the aggregated deficit or surplus of the Government, the CB-BOL's accounts, the major GOCCs,
the Social Security System, the Government Service Insurance System, Bangko Sentral, the GFIs and local government units.

(6) Overall balance of payments has been revised to reflect late reports, post-audit adjustments and final data
from companies. See "Balance of Payments—Revisions" for a more detailed discussion of recent and pending revisions to previously reported data.

(7) Represents debt of the Government only and does not include other public sector debt. Includes direct debt
obligations of the Government, the proceeds of which are on-lent to GOCCs and other public sector entities, but excludes debt guaranteed by the Government and debt originally guaranteed by other public sector entities for which the guarantee has
been assumed by the Government.

(8) Amounts in original currencies were translated into U.S. dollars or pesos, as applicable, using the Bangko
Sentral reference exchange rates at the end of each applicable period.

(9) Represents debt of the Government, the major GOCCs, the CB-BOL, Bangko Sentral and the GFIs.

(10) Includes public sector debt, whether or not guaranteed by the Government.

(11) Comprises the holdings by Bangko Sentral of gold reserves, foreign investments, foreign exchange and SDRs,
including Bangko Sentral's reserve position in the IMF.

(12) Revised data.

(13) Preliminary data as of November 30, 2025.

(14) Preliminary data as of December 31, 2025.

**Government** 

***Elections***

On May 12, 2025, the midterm national and local elections were held throughout the Philippines, including the elections for 12 senators and all members of the House of Representatives. The Lakas-Christian Muslim Democrats (Lakas-CMD) secured its position as the most dominant political party in the House of Representatives, winning 104 seats of the total 317 seats in the May 2025 midterm elections.

**Credit Ratings** 

In August 2024, Moody's Investors Service ("Moody's") affirmed the Republic's "Baa2" credit rating with a stable outlook, citing as key factors the Republic's reforms to liberalize the economy, fiscal consolidation efforts, and robust macroeconomic fundamentals. Moody's noted that the passage of reforms over the past several years to liberalize the Philippine economy will support medium-term growth potential by supporting a business-friendly environment and attracting foreign investments and that the Government's goal of increasing infrastructure investments under the "Build, Better, More" program will reduce the Republic's infrastructure gap.

------

In April 2025, Fitch Ratings affirmed the Republic's "BBB" rating with a stable outlook, reflecting the Republic's strong medium-term growth, which supports a gradual reduction in government debt/GDP, and the large size of the economy relative to "BBB" peers. Fitch Ratings expects further growth to be fuelled by the traditional growth drivers of large public investments in infrastructure, services exports and remittance-funded private consumption.

In November 2025, S&P Global Ratings ("S&P") affirmed the Republic's "BBB+" long-term and "A-2" short-term sovereign credit ratings, as they believed the slowdown on public infrastructure spending will be temporary and economic growth prospects remain strong. Their outlook on the long-term rating remains positive, reflecting their assessment that institutional and policy settings in the Philippines could provide stronger support for sovereign credit metrics over the next 12-24 months.

**Relationship with the IMF** 

On October 1, 2025, a team of IMF staff concluded the 2025 Article IV Mission to the Philippines, and on November 24, 2025, the executive board of the IMF concluded its 2025 Article IV consultation with the Republic. The IMF's executive directors commended the Republic's well calibrated macroeconomic policies and reforms, which have supported successful disinflation and resilient growth amid external headwinds. However, directors concurred that the balance of risks to the growth outlook is tilted to the downside amid uncertainty from global trade policies, corruption allegations related to flood control projects, and extreme climate events. Directors underscored the need to continue prioritizing governance reforms, greater private investment, economic diversification, and resilience to climate shocks to sustain inclusive growth.

**Natural Disasters** 

***Typhoons, Flood Control Projects and Corruption Allegations***

In 2025, the Philippines was hit by numerous typhoons of varying degrees of severity, which brought widespread torrential rains, severe flooding and landslides. In the context of these disasters and those in the prior year, there have been protests and media focus centered on irregularities in government-funded flood control infrastructure projects. Public discussion has focused on claims of overpricing, sub-standard works, delayed implementation, incorrectly placed infrastructure, ghost projects, and misallocation of government funding relating to such projects. President Marcos has stated his resolve to hold erring officials to account, and the Senate of the Philippines, the Independent Commission for Infrastructure and the Department of Public Works and Highways, together with other responsible agencies, are conducting investigations on flood control infrastructure project issues. These investigations remain ongoing. Certain Department of Public Works and Highways officials have been charged, dismissed, relieved or reassigned, and certain contractors and public officials have been implicated, with some facing project suspension or termination, blacklisting or administrative, civil and criminal liability if evidence warrants. The Philippines has pledged to protect the public interest, but has stressed the need to continue with flood control infrastructure projects, which remain a national priority.

------

**Recent Economic Indicators** 

The following table sets out the performance of certain of the Republic's principal economic indicators for the specified periods.

***Years 2020 – 2025***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025<sup>(1)</sup>** |
|  GDP growth (constant 2018 prices) (%) | (9.5) | 5.7 | 7.6 | 5.5 | 5.7 | 5.0 |
|  GNI growth (constant 2018 prices) (%) | (11.5) | 1.7 | 9.9 | 10.4 | 7.7 | 6.9 |
|  Inflation rate (2018 CPI basket)(%)<sup>(2)</sup> | 2.4 | 3.9 | 5.8 | 6.0 | 3.2 | 1.7 |
|  Unemployment rate | 10.3 | 7.8 | 5.4 | 4.4 | 3.8 | 4.4<sup>(4)</sup> |
|  91-day T-bill rate (%) | 2.0 | 1.1 | 1.9 | 5.4 | 5.7 | 4.8<sup>(5)</sup> |
|  External position |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance of payments ($ million) | 16022 | 1345 | (7263) | 3672 | 609 | (5315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Export growth (%) | (9.8) | 12.5 | 6.4 | (4.3) | (0.4) | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Import growth (%) | (20.2) | 30.5 | 19.0 | (4.8) | 2.2 | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; External debt ($ billion) | 98.5 | 106.4 | 111.3 | 125.4 | 137.6 | 149.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International reserves |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross ($ billion) | 110.1 | 108.8 | 96.1 | 103.8 | 106.3 | 110.9<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net ($ billion) | 110.1 | 108.8 | 96.1 | 103.7 | 106.2 | 110.9<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Months of retained imports<sup>(3)</sup> | 12.3 | 9.7 | 7.2 | 7.6 | 7.3 | 7.4<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic credit growth (%) | 4.7 | 8.2 | 12.7 | 9.3 | 10.4 | 10.5<sup>(6)</sup> |

---

*Sources: Philippine Statistics Authority; Bangko Sentral.* 

Notes:

(1) Preliminary data as of September 30, 2025 or for the first nine months of 2025, as applicable.

(2) Represents the average of monthly inflation figures of the full year.

(3) Number of months of average imports of goods and payment of services and primary income that can be financed by
reserves.

(4) Preliminary data as of November 30, 2025 or for the first eleven months of 2025.

(5) Preliminary data as of December 31, 2025.

(6) Preliminary data as of October 31, 2025.

**GDP and Major Financial Indicators** 

***Gross Domestic Product***

In the first nine months of 2025, GDP grew by 5.0%, compared with growth of 5.9% in the first nine months of 2024. The main contributors were growth in the wholesale and retail trade; repair of motor vehicles and motorcycles sector, which recorded growth of 5.5% in the first nine months of 2025; the financial and insurance activities sector, which recorded growth of 5.9% in the first nine months of 2025; and manufacturing sector, which recorded growth of 2.8% in the first nine months of 2025. GNI grew by 6.9% in the first nine months of 2025 compared to growth of 8.2% in the first nine months of 2024. Net primary income grew by 22.7% in the first nine months of 2025 compared to growth of 32.1% during the same period in 2024.

------

The following table shows GDP by sector, net primary income and GNI at current market prices for the specified periods.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Domestic Product by Major Sector<br>(at current market prices)** | **Gross Domestic Product by Major Sector<br>(at current market prices)** | **Gross Domestic Product by Major Sector<br>(at current market prices)** | **Gross Domestic Product by Major Sector<br>(at current market prices)** | **Gross Domestic Product by Major Sector<br>(at current market prices)** | **Gross Domestic Product by Major Sector<br>(at current market prices)** | **Percentage<br>of GDP** | **Percentage<br>of GDP** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025<sup>(1)</sup>** | **2020** | **2025<sup>(1)</sup>** |
|  | **(**₱ **in millions, except as indicated)** | **(**₱ **in millions, except as indicated)** | **(**₱ **in millions, except as indicated)** | **(**₱ **in millions, except as indicated)** | **(**₱ **in millions, except as indicated)** | **(**₱ **in millions, except as indicated)** | **(%)** | **(%)** |
|  **Agriculture, forestry and fishing sector** | 1828424 | 1954487 | 2104090 | 2285564 | 2401999 | 1717006 | 10.2 | 8.5 |
|  **Industry sector** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining and quarrying | 137060 | 185371 | 280249 | 232171 | 233873 | 201604 | 0.8 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | 3169921 | 3424049 | 3795335 | 3946171 | 4146038 | 2898060 | 17.7 | 14.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricity, steam, water, and waste management | 611051 | 650961 | 746104 | 844196 | 897049 | 735634 | 3.4 | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction | 1180199 | 1347309 | 1615247 | 1833309 | 2047093 | 1549866 | 6.6 | 7.7 |
|  Total | 5098232 | 5607689 | 6436935 | 6855847 | 7324052 | 5385164 | 28.4 | 26.8 |
|  **Service sector** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale and retail trade; repair of motor vehicles and motorcycles | 3317371 | 3502794 | 3987550 | 4445383 | 4876756 | 3689481 | 18.5 | 18.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transport and storage | 551045 | 605204 | 807323 | 977712 | 1075531 | 838510 | 3.1 | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accommodation and food service activities | 253013 | 285187 | 396144 | 510209 | 585957 | 458644 | 1.4 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information and communication | 593039 | 640034 | 696022 | 732461 | 768823 | 580252 | 3.3 | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial and insurance activities | 1823979 | 1963148 | 2224675 | 2565066 | 2887280 | 2307171 | 10.2 | 11.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate and ownership of dwellings | 1081612 | 1139221 | 1246861 | 1369416 | 1485877 | 1180592 | 6 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional and business services | 1137558 | 1222489 | 1350881 | 1488722 | 1649936 | 1294996 | 6.3 | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public administration and defense; compulsory social activities | 950590 | 1027079 | 1119710 | 1189235 | 1281325 | 949658 | 5.3 | 4.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education | 719494 | 796472 | 880390 | 969550 | 1053080 | 871697 | 4 | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Human health and social work activities | 325260 | 385750 | 411577 | 459896 | 528285 | 426683 | 1.8 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other services | 271957 | 281061 | 366118 | 464502 | 527468 | 405446 | 1.5 | 2 |
|  Total | 11024918 | 11848438 | 13487251 | 15172152 | 16720319 | 13003131 | 61.4 | 64.7 |
|  **Total GDP** | **17951574** | **19410614** | **22028276** | **24313563** | **26446369** | **20105301** | **100.0** | **100.0** |
|  **Net primary income** | **1360427** | **690388** | **1294379** | **2664590** | **3445971** | **3051347** |  |  |
|  **Total GNI** | **19312001** | **20101002** | **23322655** | **26978153** | **29892341** | **23156647** |  |  |
|  Total GDP ($ billions)<sup>(2)</sup> | 361.8 | 394.1 | 404.4 | 436.9 | 460.3 | 450.4 |  |  |
|  Per capita GDP, PPP concept ($)<sup>(3)</sup> | 8456 | 9101 | 10406 | 11288 | 12121 | 12918 |  |  |

---

*Source: Philippine Statistics Authority.* 

Notes:

(1) Preliminary data as of September 30, 2025 or for the first nine months of 2025, as applicable.

(2) Calculated using the average exchange rate for the period indicated. See "—Monetary System-Foreign
Exchange System."

(3) Figure represents annualized per capita GDP, PPP concept. Amounts in pesos have been translated into U.S.
dollars using the average Bangko Sentral reference exchange rates for the applicable period.

------

The following table shows GDP by sector, net primary income and GNI at constant 2018 market prices for the specified periods.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Domestic Product by Major Sector<br>(at constant market prices)** | **Gross Domestic Product by Major Sector<br>(at constant market prices)** | **Gross Domestic Product by Major Sector<br>(at constant market prices)** | **Gross Domestic Product by Major Sector<br>(at constant market prices)** | **Gross Domestic Product by Major Sector<br>(at constant market prices)** | **Gross Domestic Product by Major Sector<br>(at constant market prices)** | **Percentage<br>of GDP** | **Percentage<br>of GDP** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025<sup>(1)</sup>** | **2020** | **2025<sup>(1)</sup>** |
|  | **(**₱ **in millions, except as indicated)** | **(**₱ **in millions, except as indicated)** | **(**₱ **in millions, except as indicated)** | **(**₱ **in millions, except as indicated)** | **(**₱ **in millions, except as indicated)** | **(**₱ **in millions, except as indicated)** | **(%)** | **(%)** |
|  **Agriculture, forestry and fishing sector** | 1780391 | 1775210 | 1783735 | 1805217 | 1304188 | 410864 | 10.2 | 7.7 |
|  **Industry sector** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining and quarrying | 137493 | 144498 | 152183 | 155251 | 157093 | 121497 | 0.8 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | 3266302 | 3556426 | 3729157 | 3780868 | 3920748 | 2861684 | 18.6 | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricity, steam, water, and waste management | 589213 | 615591 | 647222 | 684753 | 734557 | 565381 | 3.4 | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction | 1122308 | 1235106 | 1385186 | 1507364 | 1661464 | 1209830 | 6.4 | 7.2 |
|  Total | 5115316 | 5551622 | 5913748 | 6128235 | 6473862 | 4758393 | 29.2 | 28.2 |
|  **Service sector** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale and retail trade; repair of motor vehicles and motorcycles | 3275537 | 3413864 | 3710785 | 3914600 | 4134470 | 3090550 | 18.7 | 18.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transport and storage | 515149 | 547807 | 679371 | 767806 | 835891 | 641922 | 2.9 | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accommodation and food service activities | 231811 | 248404 | 329124 | 404674 | 446664 | 340427 | 1.3 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information and communication | 585185 | 638971 | 690072 | 718703 | 751074 | 565365 | 3.3 | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial and insurance activities | 1769952 | 1854248 | 1987008 | 2160827 | 2353588 | 1851470 | 10.1 | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate and ownership of dwellings | 1031275 | 1054235 | 1108167 | 1151914 | 1210452 | 947375 | 5.9 | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional and business services | 1068769 | 1136507 | 1240353 | 1324886 | 1429310 | 1111533 | 6.1 | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public administration and defense; compulsory social activities | 911188 | 959685 | 1003397 | 1025233 | 1068403 | 815990 | 5.2 | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education | 687610 | 744159 | 796154 | 844718 | 882051 | 728862 | 3.9 | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Human health and social work activities | 306903 | 351472 | 364223 | 390510 | 433181 | 353420 | 1.7 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other services | 258758 | 263899 | 339470 | 409071 | 447176 | 337453 | 1.5 | 2.0 |
|  Total | 10642137 | 11213252 | 12248122 | 13112940 | 13992260 | 10784368 | 60.7 | 64.0 |
|  **Total GDP** | **17537843** | **18540084** | **19945605** | **21046393** | **22244357** | **16846949** | **100.0** | **100.0** |

---

*Source: Philippine Statistics Authority.* 

Notes:

(1) Preliminary data for the first nine months of 2025.

**Principal Sectors of the Economy** 

***Agriculture, Forestry and Fishing Sector***

The agriculture, forestry, and fishing sector's share of GDP was approximately 7.7% in the first nine months of 2025 based on preliminary data, compared to approximately 10.2% in 2020.

Production in the agriculture, forestry, and fishing sector grew by 4.0% in the first nine months of 2025 based on preliminary data, compared to contraction of 1.4% during the same period in 2024. Palay production was the main contributor to the growth, posting a 8.5% period-on-period increase. This was followed by production of poultry and egg with a 9.2% period-on-period increase. This was partially offset by a decrease in livestock production of 3.2% in the first nine months of 2025.

------

***Industry Sector***

The industry sector's share of GDP in the first nine months of 2025 was approximately 28.2% based on preliminary data, compared to approximately 29.2% in 2020.

In the first nine months of 2025, the industry sector grew by 2.5% based on preliminary data, compared with growth of 6.1% during the same period in 2024. The lower rate of growth was primarily a result of lower growth across most of the subsectors. Construction grew by 2.5% in the first nine months of 2025 compared to a growth of 11.3% during the same period in 2024. Electricity, steam, water, and waste management recorded 1.3% growth during the first nine months of 2025, lower than the 7.8% growth it recorded during the same period in 2024. Manufacturing grew by 2.8% in the first nine months of 2025 compared to 3.9% during the same period in 2024. Mining and quarrying grew by 1.4% in the first nine months of 2025 compared to a growth of 2.9% during the same period in 2024.

***Manufacturing Subsector***

In the first nine months of 2025, the manufacturing subsector grew by 3.9% compared to growth of 2.9% during the same period in 2024. The lower rate of growth was primarily a result of a decrease in the manufacture of chemical and chemical products, which recorded a 9.2% period-on-period decrease. This was partially offset by an increase in the manufacture of food products, which recorded an 11.1% period-on-period increase.

***Service Sector***

In the first nine months of 2025, the service sector grew by 6.2% compared to growth of 6.7% in the same period of 2024. In the first nine months of 2025, lower growth was recorded across most of the subsectors, with growth in accommodation and food service activities of 6.2%, finance and insurance activities of 5.9% and transportation and storage of 7.2%, compared to a growth of 12.0%, 9.1%, and 8.6%, respectively, in the same period in 2024, respectively.

***Net Primary Income***

In the first nine months of 2025, net primary income grew by 22.7% compared to growth of 32.1% during the same period in 2024. This lower growth was primarily due to the decreased growth in inflows arising from compensation of 19.6% in the first nine months of 2025 compared to a growth of 27.2% in the first nine months of 2024, and the decreased growth in inflows arising from property income of 0.9% in the first nine months of 2025 compared to a growth of 17.2% in the first nine months of 2024.

**Prices, Employment and Wages** 

***Inflation***

The following table sets out the CPI and inflation rate for the specified periods. Figures are based on the 2018 CPI basket.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Changes in Consumer Price Index** | **Changes in Consumer Price Index** | **Changes in Consumer Price Index** | **Changes in Consumer Price Index** | **Changes in Consumer Price Index** | **Changes in Consumer Price Index** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
|  Consumer price index | 104.8 | 108.9 | 115.3 | 122.2 | 126.1 | 128.2 |
|  Inflation rate<sup>(1)</sup> | 2.4% | 3.9% | 5.8% | 6.0% | 3.2% | 1.7% |

---

*Sources: Bangko Sentral; Philippine Statistics Authority.* 

Note:

(1) Represents the average of monthly inflation figures of the full year.

------

***Consumer Price Index***

The average inflation rate for 2025 was 1.7%, lower than the average inflation rate of 3.2% in 2024. This reflects the lower prices of key commodities such as rice and petroleum products along with easing demand-side price pressures as core inflation also moderated.

***Producer Price Index ("PPI")***

The producer price index as of November 30, 2025, based on preliminary data, recorded an average inflation of 0.1%, compared to average inflation of 0.5% as of November 30, 2024. This was primarily attributable to decreases in the price indices for manufacture of transport equipment industry division, which registered an average inflation of 0.1%.

***Employment and Wages***

The following table presents selected employment estimates for various sectors of the economy for the specified periods.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Selected Employment Information** | **Selected Employment Information** | **Selected Employment Information** | **Selected Employment Information** | **Selected Employment Information** | **Selected Employment Information** |
|  | **2020<sup>(1)</sup>** | **2021<sup>(2)</sup>** | **2022<sup>(3)</sup>** | **2023<sup>(4)</sup>** | **2024<sup>(5)</sup>** | **2025<sup>(6)</sup>** |
|  | **(all figures in percentages except as indicated)** | **(all figures in percentages except as indicated)** | **(all figures in percentages except as indicated)** | **(all figures in percentages except as indicated)** | **(all figures in percentages except as indicated)** | **(all figures in percentages except as indicated)** |
|  Employed persons (in thousands)<sup>(7)</sup> | 39837 | 43988 | 46890 | 50525 | 50185 | 49265 |
|  Unemployment rate | 10.3 | 7.8 | 5.4 | 4.4 | 3.8 | 4.4 |
|  **Employment share by sector:** |  |  |  |  |  |  |
|  Agriculture, forestry and fishing sector | 24.8 | 25.6 | 24.0 | 24.4 | 21.3 | 20.0 |
|  Industry sector |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining and quarrying | 0.5 | 0.4 | 0.3 | 0.4 | 0.6 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | 8.1 | 8.0 | 7.7 | 7.5 | 6.8 | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction | 9.4 | 9.1 | 8.8 | 10.1 | 10.7 | 9.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water supply, sewerage, waste management and remediation activities | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricity, gas, steam and air conditioning supply | 0.2 | 0.1 | 0.2 | 0.2 | 0.1 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total industry sector | 18.3 | 17.8 | 17.1 | 18.3 | 18.3 | 17.9 |
|  Service sector |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation and storage | 7.4 | 6.5 | 6.7 | 6.9 | 8.0 | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale and retail trade; repair of motor vehicles and motorcycles | 20.5 | 21.5 | 22.3 | 20.3 | 20.3 | 20.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance and housing<sup>(8)</sup> | 8.4 | 8.2 | 7.6 | 7.4 | 8.4 | 8.2 |
|  Other services<sup>(9)</sup> | 20.6 | 20.4 | 22.2 | 22.7 | 23.8 | 25.6 |
|  Total service sector | 56.9 | 56.6 | 58.9 | 57.3 | 60.5 | 62.1 |
|  Total employed | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |

---

*Sources: Philippine Statistics Authority; Annual Labor and Employment Status; Labor Force Survey.* 

Notes:

(1) Annual estimates were based on the final results of the 2020 Labor Force Survey.

(2) Annual estimates were based on the final results of the 2021 Labor Force Survey.

(3) Annual estimates were based on the final results of the 2022 Labor Force Survey.

(4) Preliminary results as of December 2023 based on the 2023 Annual Estimates of Labor Force Survey December
rounds.

(5) Preliminary results as of November 2024 based on the 2024 Annual Estimates of Labor Force Survey November
rounds.

(6) Preliminary results as of November 2025 based on the 2025 Annual Estimates of Labor Force Survey November
rounds.

(7) Does not include OFWs.

------

(8) Sum of financial and insurance activities, real estate activities and public administration and defense;
compulsory social security subsectors.

(9) Sum of all other service sectors excluding transport and storage, wholesale and retail trade; repair of motor
vehicles and motorcycles, finance and housing.

As of November 2025, based on preliminary data, the total number of employed persons in the Republic, excluding OFWs, was estimated at 49.3 million. The unemployment rate was 4.4% as of November 2025 based on preliminary data, higher than the 3.2% unemployment rate recorded as of November 2024. The rate of labor force participation was 64.0% as of November 2025, lower than 64.6% as of November 2024. As of November 2025, workers in the Republic were primarily employed in the service sector, representing 62.1% of the total employed population in the Republic, of which workers in the wholesale and retail trade and repair of motor vehicles and motorcycles comprised 20.5% of the total employed. Workers in the agriculture, forestry and fishing sector and the industry sector comprised 20.0% and 17.9%, respectively, of the total employed as of November 2025, compared to 20.0% and 17.9%, respectively, as of November 2024.

The following tables present employment information in the Republic by gender and by age group as of the specified dates:

---

| | | |
|:---|:---|:---|
|  | **Percentage Distribution of<br>Population 15 Years Old and<br>over by Employment<br>Status, by Age Group** | **Percentage Distribution of<br>Population 15 Years Old and<br>over by Employment<br>Status, by Age Group** |
|  | **November 2024** | **November 2025** |
|  | **(Unemployed)** | **(Unemployed)** |
|  | **(all figures in percentages)** | **(all figures in percentages)** |
|  Both sexes 15 – 24 | 36.7 | 33.0 |
| 25 – 34 | 33.4 | 37.8 |
| 35 – 44 | 14.8 | 13.0 |
| 45 – 54 | 7.0 | 8.3 |
| 55 – 64 | 7.0 | 6.0 |
|  65 and over | 1.2 | 1.8 |
|  Not reported | 0.0 | 0.0 |
|  Total for all ages | 100.0 | 100.0 |

---

*Sources: Philippine Statistics Authority; November 2025 Labor Force Survey.* 

---

| | | |
|:---|:---|:---|
|  | **Percentage Distribution of<br>Labor Force by Sex** | **Percentage Distribution of<br>Labor Force by Sex** |
|  | **November 2024** | **November 2025** |
|  | **(all figures in percentages)** | **(all figures in percentages)** |
|  **Labor Force** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Male | 58.5 | 58.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Female | 41.5 | 41.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 100.0 | 100.0 |
|  **Employed** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Male | 58.4 | 58.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Female | 41.6 | 41.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 100.0 | 100.0 |
|  **Unemployed** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Male | 60.2 | 57.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Female | 39.8 | 42.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 100.0 | 100.0 |

---

*Sources: Philippine Statistics Authority; November 2025 Labor Force Survey.*

------

As of November 2025, 33.0% of the total unemployed population consisted of young people aged 15 to 24 years old, lower than the 36.7% recorded as of November 2024. In terms of gender, the female population represented 41.8% and 42.2% of the employed and unemployed workforce, respectively, as of November 2025, whereas the male population represented 58.2% and 57.8% of the employed and unemployed workforce, respectively, as of November 2025.

**National Savings** 

The following table sets out gross savings and gross domestic savings as a percentage of GDP.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **National Savings** | **National Savings** | **National Savings** | **National Savings** | **National Savings** | **National Savings** |
| **Item** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** |
|  | **(%)** | **(%)** | **(%)** | **(%)** | **(%)** | **(%)** |
|  Gross savings (% of GDP) | 31.8 | 24.8 | 20.2 | 22.5 | 27.3 | 29.2 |
|  Gross domestic savings (% of GDP) | 14.3 | 9.7 | 9.2 | 9.1 | 9.2 | 9.3 |

---

*Source: World Bank national accounts data.* 

------

**Balance of Payments** 

The following table sets out the balance of payments of the Republic for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance of Payments** | **Balance of Payments** | **Balance of Payments** | **Balance of Payments** | **Balance of Payments** | **Balance of Payments** |
|  | **2020** | **2021** | **2022** | **2023<sup>(1)</sup>** | **2024<sup>(2)</sup>** | **2025<sup>(3)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  Current account<sup>(4)</sup> | 11578 | (5943) | (18261) | (12387) | (18262) | (12507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 119867 | 130082 | 143234 | 152172 | 157251 | 123825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 108289 | 136024 | 161495 | 164559 | 175513 | 136331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goods, Services, and Primary Income | (15807) | (35444) | (48857) | (43511) | (49949) | (36462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total exports | 91627 | 99630 | 111856 | 119956 | 124375 | 99050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total imports | 107435 | 135074 | 160714 | 163467 | 174324 | 135512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goods and Services | (19909) | (38767) | (53806) | (47853) | (54895) | (40251) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 80034 | 87798 | 98832 | 103588 | 106649 | 85714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 99943 | 126565 | 152638 | 151441 | 161544 | 125965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goods | (33775) | (52806) | (69.791) | (66036) | (68863) | (50018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 48212 | 54228 | 57710 | 55257 | 55056 | 47790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 81987 | 107034 | 127412 | 121292 | 123920 | 97807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services | 13866 | 14039 | 15895 | 18183 | 13968 | 9767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 31822 | 33570 | 41122 | 48332 | 51592 | 37925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 17956 | 19531 | 25226 | 30149 | 37624 | 28158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primary Income | 4101 | 3323 | 4949 | 4342 | 4946 | 3789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 11594 | 11832 | 13024 | 16367 | 17726 | 13336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 7492 | 8509 | 8076 | 12025 | 12780 | 9547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secondary Income | 27386 | 29501 | 30596 | 31124 | 31687 | 23955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 28240 | 30452 | 31378 | 32217 | 32876 | 24775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 854 | 950 | 781 | 1092 | 1190 | 819 |
|  Capital account<sup>(4)</sup> | 63 | 80 | 23 | 74 | 72 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 88 | 99 | 86 | 88 | 82 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 25 | 19 | 62 | 14 | 10 | 6 |
|  Financial account<sup>(5)</sup> | (6906) | (6433) | (13885) | (13606) | (20204) | (12200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net acquisition of financial assets<sup>(6)</sup> | 13286 | 10261 | 2533 | 4147 | 4690 | 5396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net incurrence of liabilities<sup>(6)</sup> | 20192 | 16694 | 16419 | 17753 | 24893 | 17596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct investment | (3260) | (9732) | (5631) | (5400) | (6568) | (4635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net acquisition of financial assets<sup>(6)</sup> | 3562 | 2251 | 3861 | 3525 | 2872 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net incurrence of liabilities<sup>(6)</sup> | 6822 | 11983 | 9492 | 8925 | 9440 | 5537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio investment | (1680) | 10237 | (1684) | 3544 | (4744) | (1303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net acquisition of financial assets<sup>(6)</sup> | 6567 | 7809 | (281) | 3463 | 960 | 6667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net incurrence of liabilities<sup>(6)</sup> | 8246 | (2428) | 1402 | (81) | 5704 | 7970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial derivatives | (199) | 49 | (48) | (115) | (271) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net acquisition of financial assets<sup>(6)</sup> | (796) | (449) | (632) | (779) | (1023) | (739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net incurrence of liabilities<sup>(6)</sup> | (596) | (498) | (584) | (664) | (753) | (767) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investment | (1767) | (6987) | (6523) | (11635) | (8621) | (6289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net acquisition of financial assets<sup>(6)</sup> | 3953 | 649 | (415) | (2062) | 1881 | (1433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net incurrence of liabilities<sup>(6)</sup> | 5720 | 7636 | 6108 | 9573 | 10502 | 4856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unclassified items<sup>(7)</sup> | (2526) | 774 | (2911) | 2378 | (1405) | (5086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overall balance of payments position<sup>(8)</sup> | 16022 | 1345 | (7263) | 3672 | 609 | (5315) |

---

*Sources: Department of Economic Statistics; Bangko Sentral.* 

------

Notes:

(1) Revised data.

(2) Preliminary data.

(3) Preliminary data as of September 30, 2025 or for the first nine months of 2025, as applicable.

(4) Balances in the current and capital accounts are derived by deducting debit entries from credit entries.

(5) Balances in the financial account are derived by deducting net incurrence of liabilities from net acquisition
of financial assets.

(6) Negative values of Net Acquisition of Financial Assets indicate withdrawal/disposal of financial assets;
negative values of Net Incurrence of Liabilities indicate repayment of liabilities.

(7) Net unclassified items is an offsetting account to the overstatement or understatement in either receipts or
payments of the recorded balance of payments components relative to the overall balance of payments position.

(8) The overall balance of payments position is calculated as the change in the country's net international
reserves, less non-economic transactions (revaluation and gold monetization/demonetization). Alternatively, it can be derived by adding the current and capital account balances less financial account plus net unclassified items.

**Overall Balance of Payments Performance** 

In the first nine months of 2025, based on preliminary data, the overall balance of payments position of the Republic recorded a deficit of $5.3 billion, compared to a surplus of $5.1 billion in the first nine months of 2024. The change was primarily a result of a decreased net inflow in the financial account from $21.6 billion in the first nine months of 2024 to $12.2 billion in the first nine months of 2025. This was partially offset by a narrower current account deficit from $13.3 billion in the first nine months of 2024 to $12.5 billion in the first nine months of 2025.

***Current Account***

In the first nine months of 2025, according to preliminary data, the current account recorded a deficit of $12.5 billion, compared to a deficit of $13.3 billion in the first nine months of 2024. The lower deficit was primarily the result of a higher net receipts in the primary income accounts from $3.5 billion in the first nine months of 2024 to $3.8 billion in the first nine months of 2025, and a higher net receipts in the secondary income from $23.3 billion in the first nine months of 2024 to $24.0 billion in the first nine months of 2025.

***Goods Trade***

In the first nine months of 2025, according to preliminary data, the trade-in-goods deficit decreased by 0.2% to $50.0 billion, compared to $50.1 billion in the first nine months of 2024, as the growth in exports outpaced that of imports. The exports of goods grew by 13.0% from $42.3 billion in the first nine months of 2024 to $47.8 billion in the first nine months of 2025, while the imports of goods increased by 5.8% from $92.4 billion in the first nine months of 2024 to $97.8 billion in the first nine months of 2025.

------

***Exports of Goods***

The following table sets out the Republic's exports of goods by major commodity group for the specified periods, as reported by the PSA.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** | **Exports by Major Commodity Groups** |
|  | **Annual** | **Annual** | **Annual** | **Annual** | **Annual** | **Growth<br>Rates** | **January-November** | **January-November** | **Growth<br>Rates** | **Percentage of<br>Total Exports** | **Percentage of<br>Total Exports** |
|  | **2020<sup>(1)</sup>** | **2021** | **2022** | **2023<sup>(1)</sup>** | **2024<sup>(2)</sup>** | **2024<sup>(2)</sup>** | **2024** | **2025<sup>(3)</sup>** | **2025<sup>(3)</sup>** | **2020** | **2025<sup>(3)</sup>** |
|  | | | | | | **(%)** | | | **(%)** | **(%)** | **(%)** |
|  | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** |
|  Agricultural products |  |  |  |  |  |  |  |  |  |  |  |
|  Coconut products | 1230 | 1947 | 2563 | 1549 | 2620 | 69.2 | 2339 | 3253 | 39.1 | 3.5 | 4.2 |
|  Sugar and products | 66 | 76 | 6 | 5 | 19 | 325.6 | 18 | 48 | 167.8 | 0 | 0.1 |
|  Fruits and vegetables | 2624 | 2248 | 2199 | 2278 | 2365 | 3.8 | 2154 | 2601 | 20.8 | 3.2 | 3.4 |
|  Other agro-based products | 864 | 1000 | 1123 | 956 | 957 | 0.1 | 843 | 807 | (4.2) | 1.2 | 1 |
|  Total agricultural based products | 4784 | 5271 | 5891 | 4787 | 5962 | 24.5 | 5354 | 6710 | 25.3 | 7.9 | 8.7 |
|  Forest products | 297 | 377 | 357 | 270 | 194 | (28.2) | 176 | 190 | 7.6 | 0.3 | 0.2 |
|  Mineral products | 5093 | 6721 | 7268 | 7142 | 7010 | (1.9) | 6456 | 6604 | 2.3 | 9.6 | 8.5 |
|  Petroleum products | 193 | 6 | 7 | 7 | 185 | x | 164 | 323 | 97.1 | 0.2 | 0.4 |
|  Manufacturing |  |  |  |  |  |  |  |  |  |  |  |
|  Electronic products | 37951 | 42496 | 46155 | 41909 | 39081 | (6.7) | 36278 | 41908 | 15.5 | 53.7 | 54.1 |
|  Other electronics | 2724 | 3432 | 3504 | 3744 | 3659 | (2.3) | 3365 | 3396 | 0.9 | 5 | 4.4 |
|  Garments | 652 | 742 | 854 | 706 | 662 | (6.2) | 609 | 650 | 6.6 | 0.9 | 0.8 |
|  Textile yarns/fabrics | 313 | 294 | 291 | 249 | 257 | 3.3 | 239 | 279 | 17 | 0.4 | 0.4 |
|  Footwear | 114 | 111 | 108 | 82 | 91 | 11.1 | 84 | 129 | 53.5 | 0.1 | 0.2 |
|  Travel goods and handbags | 420 | 647 | 706 | 567 | 547 | (3.5) | 499 | 505 | 1.2 | 0.7 | 0.7 |
|  Wood manufacturing | 187 | 205 | 167 | 70 | 76 | 8.6 | 70 | 56 | (19.5) | 0.1 | 0.1 |
|  Furniture and fixtures | 344 | 381 | 309 | 289 | 280 | (3.2) | 258 | 338 | 30.9 | 0.4 | 0.4 |
|  Chemicals | 1.339 | 1939 | 1880 | 1771 | 2008 | 13.4 | 1852 | 1746 | (5.7) | 2.7 | 2.3 |
|  Non-metallic mineral manufacturing | 226 | 296 | 309 | 287 | 365 | 27.2 | 333 | 385 | 15.8 | 0.5 | 0.5 |
|  Machinery and transport equipment | 2248 | 2371 | 2215 | 2399 | 2646 | 10.3 | 2413 | 3254 | 34.9 | 3.6 | 4.2 |
|  Processed food and beverages | 1245 | 1465 | 1404 | 1311 | 1505 | 14.7 | 1394 | 1333 | (4.4) | 2.1 | 1.7 |
|  Iron and steel | 37 | 67 | 133 | 143 | 147 | 2.9 | 139 | 201 | 44.6 | 0.2 | 0.3 |
|  Baby carriages, toys, games and sporting goods | 237 | 294 | 325 | 283 | 257 | (9.0) | 242 | 245 | 1.2 | 0.4 | 0.3 |
|  Basketwork, wickerwork, and other articles of plaiting materials | 43 | 63 | 45 | 39 | 36 | (6.9) | 32 | 30 | (7.5) | 0 | 0 |
|  Miscellaneous | 819 | 1018 | 885 | 690 | 751 | 8.8 | 697 | 695 | (0.4) | 1 | 0.9 |
|  Others | 4881 | 5232 | 5361 | 5334 | 5977 | 12.1 | 5541 | 6877 | 24.1 | 8.2 | 8.9 |
|  Total Manufacturing | 53779 | 61053 | 64651 | 59870 | 58343 | (2.6) | 54045 | 62026 | 14.8 | 80 | 80.1 |
|  Special transactions | 1068 | 1265 | 1400 | 1541 | 1522 | (1.2) | 1400 | 1542 | 10.1 | 2.1 | 2 |
|  Total exports | 65215 | 74693 | 79574 | 73617 | 73215 | (0.5) | 67596 | 77394 | 14.5 | 100 | 100 |

---

*Sources: Philippine Statistics Authority; Bangko Sentral.* 

------

Notes:

(1) Revised data.

(2) Preliminary data.

(3) Preliminary data as of November 30, 2025 or for the first eleven months of 2025, as applicable.

*x* Growth rate is more than 1,000%. 

The following table sets out the Republic's exports of goods by destination for the specified periods, as reported by the PSA.

---

| | | |
|:---|:---|:---|
|  | **Export of<br>Goods by<br>Destination<sup>(1)</sup>** | **Percentage of<br>Total Exports** |
|  | **2025<sup>(2)</sup>** | **2025<sup>(2)</sup>** |
|  | **($ millions)** | **(%)** |
|  Country |  |  |
|  United States of America | 12333 | 15.9 |
|  Hong Kong | 11270 | 14.6 |
|  People's Republic of China | 8505 | 11.0 |
|  Japan | 10590 | 13.7 |
|  Netherlands | 3275 | 4.2 |
|  Republic of China (Taiwan) | 2993 | 3.9 |
|  Singapore | 3198 | 4.1 |
|  Germany | 3072 | 3.9 |
|  Republic of Korea | 3019 | 3.8 |
|  Malaysia | 2435 | 3.1 |
|  Thailand | 2642 | 3.4 |
|  Vietnam | 1414 | 1.8 |
|  Indonesia | 906 | 1.2 |
|  Mexico | 1052 | 1.4 |
|  India | 1371 | 1.8 |
|  Canada | 1260 | 1.6 |
|  Switzerland | 667 | 0.9 |
|  Italy | 349 | 0.5 |
|  Australia | 1672 | 2.2 |
|  United Arab Emirates | 423 | 0.5 |
|  Others | 4949 | 6.4 |
|  Total | 77394 | 100.0 |
|  <br> *Sources: Philippine Statistics Authority.* |  |  |

---

Notes:

(1) Beginning September 1, 2024, the BSP will only publish BSP generated statistics, except for certain major
indicators. As such, previously published selected non-BSP-produced statistics, such as those from other government agencies, will no longer be published by the BSP.

(2) Preliminary data as of November 30, 2025 or for the first eleven months of 2025, as applicable.

In the first eleven months of 2025, according to preliminary PSA data, total exports of goods increased by 14.5% to $77.4 billion, from the $67.6 billion recorded in the first eleven months of 2024. This was primarily a result of an increase in exports of manufactured goods and total agricultural products, which comprised a 25.3% increase in exports of total agricultural based products from $5.4 billion in the first eleven months of 2024 to $6.7 billion in the first eleven months of 2025 and a 14.8% increase in the export of manufactured goods from $54.0 billion in the first eleven months of 2024 to $62.0 billion in the first eleven months of 2025. The United

------

States issued an Executive Order on November 14, 2025 granting tariff exemptions on select agricultural exports including coconut, bananas, coffee, and other key products. This is expected to enhance the competitiveness of Philippine agri-exports to the United States.

***Imports of Goods***

The following table sets out the sources of the Philippines' imports of goods by commodity group for the specified periods, as reported by the PSA.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Imports by Major Commodity Groups** | **Imports by Major Commodity Groups** | **Imports by Major Commodity Groups** | **Imports by Major Commodity Groups** | **Imports by Major Commodity Groups** | **Imports by Major Commodity Groups** | **Imports by Major Commodity Groups** | **Imports by Major Commodity Groups** | **Imports by Major Commodity Groups** | **Imports by Major Commodity Groups** | **Imports by Major Commodity Groups** |
|  | **Annual** | **Annual** | **Annual** | **Annual** | **Annual** | **Growth<br>Rates** | **January - November** | **January - November** | **Growth<br>Rates** | **Percentage of<br>Total<br>Imports** | **Percentage of<br>Total<br>Imports** |
| **Commodities** | **2020** | **2021** | **2022** | **2023** | **2024<sup>(1)</sup>** | **2024<sup>(1)</sup>** | **2024** | **2025<sup>(1)</sup>** | **2025<sup>(2)</sup>** | **2020** | **2025<sup>(2)</sup>** |
|  |  |  |  |  |  | **(%)** |  |  | **(%)** | **(%)** | **(%)** |
|  | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** |
|  Capital goods | 29752 | 35461 | 37917 | 35717 | 35698 | (0.1) | 32796 | 36796 | 12.2 | 27.8 | 30 |
|  Raw materials and Intermediate goods |  |  |  |  |  |  |  |  |  |  |  |
|  Unprocessed raw materials | 3265 | 4400 | 6078 | 6848 | 6537 | (4.6) | 6224 | 4187 | (32.7) | 5.3 | 3.4 |
|  Semi-processed raw materials | 32893 | 43583 | 46250 | 38612 | 39816 | 3.1 | 36864 | 40474 | 9.8 | 31.3 | 33 |
|  Raw materials and intermediate goods | 36158 | 47984 | 52328 | 45461 | 46352 | 2 | 43087 | 44661 | 3.7 | 36.6 | 36.4 |
|  Mineral fuels and lubricants | 7635 | 13625 | 23795 | 20110 | 19056 | (5.2) | 17695 | 15135 | (14.5) | 15 | 12.3 |
|  Consumer goods |  |  |  |  |  |  |  |  |  |  |  |
|  Durable | 7196 | 9027 | 10617 | 12432 | 12417 | (0.1) | 11504 | 12822 | 11.5 | 9.8 | 10.5 |
|  Non-durable | 8251 | 9842 | 11758 | 12009 | 13397 | 11.6 | 12223 | 12711 | 4 | 10.4 | 10.4 |
|  Total consumer goods | 15447 | 18868 | 22375 | 24441 | 25814 | 5.6 | 23727 | 25532 | 7.6 | 20.1 | 20.8 |
|  Special transactions | 820 | 947 | 805 | 479 | 508.7 | (6.2) | 473 | 470 | (0.5) | 0.4 | 0.4 |
|  Total imports | 89812 | 116885 | 137221 | 126209 | 127429 | 1 | 117778 | 122595 | 4.1 | 100 | 100 |

---

*Sources: Philippine Statistics Authority; Bangko Sentral.* 

Notes:

(1) Revised data.

(2) Preliminary data as of November 30, 2025 or for the first eleven months of 2025, as applicable.

------

The following table sets out the Republic's imports of goods by origin for the specified periods, as reported by the PSA.

---

| | | |
|:---|:---|:---|
|  | **Imports of Goods by Source/Origin** | **Imports of Goods by Source/Origin** |
|  | **Import of Goods<br>by<br>Source/Origin<sup>(1)</sup>** | **Percentage of<br>Total Imports** |
|  | **2025<sup>(2)</sup>** | **2025<sup>(2)</sup>** |
|  | **($ millions)** | **(%)** |
|  Country |  |  |
|  People's Republic of China | 35130 | 28.7 |
|  Republic of Korea | 9529 | 7.8 |
|  Japan | 9767 | 8 |
|  Indonesia | 9423 | 7.7 |
|  United States of America | 7413 | 6 |
|  Thailand | 7002 | 5.7 |
|  Vietnam | 5283 | 4.3 |
|  Singapore | 5279 | 4.3 |
|  Malaysia | 5164 | 4.2 |
|  Republic of China (Taiwan) | 4298 | 3.5 |
|  Germany | 1914 | 1.6 |
|  India | 1926 | 1.6 |
|  Australia | 2216 | 1.8 |
|  Hong Kong | 1762 | 1.4 |
|  Saudi Arabia | 1511 | 1.2 |
|  Brazil | 1574 | 1.3 |
|  Italy | 986 | 0.8 |
|  United Arab Emirates | 1334 | 1.1 |
|  France | 1284 | 1 |
|  Oman | 231 | 0.2 |
|  Others | 9571 | 7.8 |
|  Total | 122595 | 100 |

---

*Sources: Philippine Statistics Authority.* 

Notes:

(1) Beginning September 1, 2024, the BSP will only publish BSP generated statistics, except for certain major
indicators. As such, previously published selected non-BSP-produced statistics, such as those from other government agencies, will no longer be published by the BSP.

(2) Preliminary data as of November 30, 2025 or for the first eleven months of 2025, as applicable.

In the first eleven months of 2025, according to preliminary PSA data, total imports of goods increased by 4.1% to $122.6 billion, from the $117.8 billion recorded in the first eleven months of 2024. This was primarily a result of the increase in imports of capital goods and consumer goods. Imports of capital goods increased by 12.2% to $36.8 billion in the first eleven months of 2025, compared to $32.8 billion in the first eleven months of 2024. Imports of consumer goods increased by 7.6% to $25.5 billion in the first eleven months of 2025, compared to $23.7 billion in the first eleven months of 2024.

------

***Services***

The following table sets out the Republic's services by sector for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Service Trade** | **Service Trade** | **Service Trade** | **Service Trade** | **Service Trade** | **Service Trade** |
|  | **2020** | **2021** | **2022** | **2023** | **2024<sup>(1)</sup>** | **2025<sup>(2)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  Total services | 13866 | 14039 | 15895 | 18183 | 13968 | 9767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 31822 | 33570 | 41122 | 48332 | 51592 | 37925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 17956 | 19531 | 25226 | 30149 | 37624 | 28158 |
|  Manufacturing services on physical inputs owned by others | 4152 | 5033 | 5443 | 4920 | 4912 | 3597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 4152 | 5033 | 5443 | 4920 | 4912 | 3597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 0 | 0 | 0 | 0 | 0 | 0 |
|  Maintenance and repair services | (11) | (8) | (70) | (153) | (201) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 59 | 42 | 112 | 100 | 108 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 70 | 50 | 181 | 253 | 309 | 113 |
|  Transport | (2525) | (3493) | (3967) | (4380) | (3923) | (3108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 1669 | 1568 | 2688 | 3063 | 3571 | 2252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 4194 | 5060 | 6655 | 7443 | 7494 | 5361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of which: Passenger | 460 | 163 | 520 | 314 | 218 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 708 | 353 | 1065 | 1501 | 1481 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 248 | 190 | 544 | 1187 | 1263 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of which: Freight | (3132) | (3989) | (4986) | (4982) | (4832) | (3575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 564 | 672 | 760 | 629 | 613 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 3696 | 4661 | 5746 | 5611 | 5445 | 4095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of which: Other | 147 | 333 | 498 | 287 | 691 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 396 | 542 | 863 | 932 | 1477 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 249 | 209 | 364 | 645 | 786 | 449 |
|  Travel | (2298) | (2661) | (744) | 2465 | (3465) | 4251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 1791 | 600 | 4174 | 9118 | 9318 | 6612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 4088 | 3262 | 4918 | 6653 | 12784 | 10863 |
|  Construction services | (11) | 41 | 16 | (300) | (199) | (118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 85 | 88 | 74 | 125 | 89 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 97 | 47 | 57 | 425 | 288 | 183 |
|  Insurance and pension services | (1314) | (1749) | (1893) | (1904) | (1906) | (1534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 75 | 101 | 100 | 86 | 121 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 1389 | 1850 | 1993 | 1989 | 2027 | 1593 |
|  Financial services | (453) | (211) | (752) | (1330) | (2007) | (1110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 90 | 194 | 244 | 304 | 436 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 543 | 405 | 996 | 1633 | 2443 | 1571 |
|  Charges for the use of intellectual property | (504) | (590) | (539) | (421) | (415) | (281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 15 | 33 | 12 | 30 | 28 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 519 | 623 | 551 | 452 | 443 | 294 |
|  Telecommunications, computer, and information services | 4414 | 4179 | 4591 | 5163 | 5931 | 4739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 5930 | 6300 | 6673 | 7098 | 8085 | 6355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 1515 | 2121 | 2082 | 1935 | 2155 | 1616 |
|  Other business services | 12815 | 13986 | 14188 | 14413 | 15553 | 12110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 17798 | 19478 | 21456 | 23293 | 24666 | 18227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 4983 | 5492 | 7268 | 8881 | 9113 | 6118 |
|  Personal, cultural and recreational services | (18) | (103) | (28) | 42 | 87 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 136 | 112 | 127 | 169 | 227 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 154 | 214 | 155 | 126 | 141 | 95 |
|  Government services | (381) | (385) | (351) | (332) | (398) | (328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exports | 22 | 22 | 21 | 26 | 29 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imports | 403 | 407 | 372 | 358 | 427 | 352 |

---

*Source: Bangko Sentral.* 

------

Note:

(1) Preliminary data.

(2) Preliminary data as of September 30, 2025.

In the first nine months of 2025, according to preliminary data, the trade-in-services account recorded a 2.6% decline from a $10.0 billion surplus in the first nine months of 2024 to a surplus of $9.8 billion. This was primarily a result of a 77.5% increase in the deficit for travel from a deficit of $2.4 billion in the first nine months of 2024 to a deficit of $4.3 billion in the first nine months of 2025. However, this was offset by an 8.9% increase in the surplus from other business services from a surplus of $11.1 billion in the first nine months of 2024 to a surplus of $12.1 billion in the first nine months of 2025.

***Primary Income***

The following table sets out the Republic's primary income for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Primary Income** | **Primary Income** | **Primary Income** | **Primary Income** | **Primary Income** | **Primary Income** |
|  | **2020** | **2021** | **2022** | **2023** | **2024<sup>(1)</sup>** | **2025<sup>(2)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  Total Primary Income | 4101 | 3323 | 4949 | 4342 | 4946 | 3789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 11594 | 11832 | 13024 | 16367 | 17726 | 13336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 7492 | 8509 | 8076 | 12025 | 12780 | 9547 |
|  Compensation of employees | 8413 | 8662 | 8878 | 9070 | 9326 | 7037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 8549 | 8825 | 9067 | 9289 | 9474 | 7153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 136 | 163 | 189 | 219 | 148 | 116 |
|  Investment income | (4311) | (5339) | (3930) | (4728) | (4380) | (3248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 3045 | 3007 | 3957 | 7078 | 8253 | 6183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 7356 | 8346 | 7887 | 11806 | 12632 | 9431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct investment | (3076) | (4123) | (3136) | (4087) | (3282) | (2342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 1218 | 872 | 1280 | 2945 | 3300 | 2428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 4293 | 4995 | 4416 | 7032 | 6582 | 4770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income on equity and investment fund | (3476) | (4647) | (2904) | (3837) | (2822) | (1884) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 362 | 234 | 57 | 257 | 410 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 3838 | 4881 | 2961 | 4094 | 3232 | 2445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and withdrawals from income of quasi-corporations | (2682) | (3530) | (1494) | (2414) | (1653) | (881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 212 | 253 | 181 | 368 | 414 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 2894 | 3784 | 1675 | 2783 | 2067 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested earnings | (794) | (1117) | (1410) | (1423) | (1169) | (1003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 150 | (20) | (125) | (112) | (4) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 944 | 1097 | 1286 | 1311 | 1165 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 400 | 524 | (232) | (250) | (460) | (458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 855 | 639 | 1223 | 2688 | 2890 | 1867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 455 | 115 | 1455 | 2938 | 3350 | 2325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio investment | (1962) | (2264) | (2393) | (2102) | (2905) | (2574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 456 | 693 | 389 | 425 | 433 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 2417 | 2957 | 2782 | 2526 | 3338 | 2964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income on equity and investment fund shares | (825) | (846) | (901) | (805) | (1460) | (1210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 10 | 6 | 1 | 12 | 6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 835 | 852 | 902 | 817 | 1466 | 1214 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Primary Income** | **Primary Income** | **Primary Income** | **Primary Income** | **Primary Income** | **Primary Income** |
|  | **2020** | **2021** | **2022** | **2023** | **2024<sup>(1)</sup>** | **2025<sup>(2)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends on equity excluding investment fund shares | (825) | (846) | (901) | (805) | (1460) | (1210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 10 | 6 | 1 | 12 | 6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 835 | 852 | 902 | 817 | 1466 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | (1136) | (1418) | (1492) | (1297) | (1445) | (1365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 446 | 687 | 388 | 413 | 426 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 1582 | 2105 | 1880 | 1710 | 1867 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short term | (84) | (385) | (276) | (63) | (14) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 118 | 133 | 12 | 10 | 0 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 202 | 518 | 288 | 73 | 14 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long term | (1052) | (1033) | (1216) | (1234) | (1432) | (1412) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 328 | 555 | 376 | 403 | 426 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 1380 | 1587 | 1592 | 1637 | 1858 | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Banks | (12) | (12) | (10) | (8) | (8) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit-taking corporation, except the central bank | (143) | (145) | (161) | (135) | (141) | (135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General government | (1073) | (1261) | (1196) | (1333) | (1580) | (1468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other sectors | 176 | 384 | 151 | 242 | 297 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 328 | 555 | 376 | 403 | 426 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 152 | 171 | 226 | 160 | 129 | 132 |
|  Other investment income | (381) | (258) | (151) | (983) | (1303) | (747) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 264 | 135 | 538 | 1264 | 1410 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 645 | 393 | 689 | 2247 | 2713 | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central banks | (4) | (1) | (28) | (134) | (149) | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 4 | 1 | 28 | 134 | 149 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit-taking corporation, except the central bank | 105 | 60 | 367 | 613 | 610 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 196 | 115 | 447 | 808 | 867 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 91 | 55 | 80 | 194 | 257 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General government | (374) | (210) | (439) | (1545) | (1838) | (1147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other sectors | (108) | (107) | (51) | 83 | 74 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 69 | 21 | 91 | 456 | 542 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 176 | 127 | 142 | 374 | 468 | 303 |

---

*Source: Bangko Sentral.* 

Note:

(1) Preliminary data.

(2) Preliminary data as of September 30, 2025 or for the first nine months of 2025, as applicable.

In the first nine months of 2025, according to preliminary data, the primary income account recorded a surplus of $3.8 billion, representing an 8.7% increase from the surplus of $3.5 billion recorded in the first nine months of 2024. The increased surplus was primarily the result of a 3.1% increase in compensation of employees account surplus, which increased from $6.8 billion in the first nine months of 2024 to $7.0 billion in the first nine months of 2025.

------

***Secondary Income***

The following table sets out the Republic's secondary income for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Secondary Income** | **Secondary Income** | **Secondary Income** | **Secondary Income** | **Secondary Income** | **Secondary Income** |
|  | **2020** | **2021** | **2022** | **2023** | **2024<sup>(1)</sup>** | **2025<sup>(2)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  Total Secondary Income | 27386 | 29501 | 30596 | 31124 | 31687 | 23955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 28240 | 30452 | 31378 | 32217 | 32876 | 24775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 854 | 950 | 781 | 1092 | 1190 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Government | 631 | 720 | 550 | 597 | 516 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 671 | 760 | 590 | 634 | 552 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 39 | 39 | 41 | 37 | 36 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial corporations, nonfinancial corporations, households and non-profit institutions serving households | 26754 | 28781 | 30047 | 30528 | 31171 | 23590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 27569 | 29692 | 30788 | 31583 | 32324 | 24374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 815 | 911 | 741 | 1055 | 1153 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal transfers | 26259 | 27767 | 28873 | 29716 | 30685 | 23143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts | 26334 | 27860 | 28982 | 29807 | 30806 | 23239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments | 75 | 93 | 109 | 91 | 121 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current transfers | 496 | 1014 | 1174 | 812 | 486 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit | 1236 | 1832 | 1806 | 1775 | 1518 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debit | 740 | 818 | 632 | 964 | 1032 | 689 |

---

*Source: Bangko Sentral.* 

Note:

(1) Preliminary data.

(2) Preliminary data as of September 30, 2025 or for the first nine months of 2025, as applicable.

In the first nine months of 2025, according to preliminary data, the secondary income account recorded a surplus of $24.0 billion, 2.9% higher than the $23.3 billion recorded in the first nine months of 2024. This higher surplus was due mainly to a 3.1% increase in financial corporations, nonfinancial corporations, households, and non-profit institutions serving households account surplus, from $22.9 billion in the first nine months of 2024 to $23.6 billion in the first nine months of 2025.

**Financial Account** 

The financial account is divided into four categories: direct investments, portfolio investments, financial derivative investments and other investments.

------

The following table sets out the Republic's direct investments for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Direct Investments** | **Direct Investments** | **Direct Investments** | **Direct Investments** | **Direct Investments** | **Direct Investments** |
|  | **2020** | **2021** | **2022** | **2023<sup>(1)</sup>** | **2024<sup>(2)</sup>** | **2025<sup>(3)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  Total direct investment | (3260) | (9732) | (5631) | (5400) | (6568) | (4635) |
|  Net acquisition of financial assets | 3562 | 2251 | 3861 | 3525 | 2872 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct investor in direct investment enterprises | 125 | 285 | 563 | 667 | 2595 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Placements | 248 | 501 | 748 | 787 | 2786 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | 123 | 216 | 185 | 120 | 191 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of earnings | 150 | (20) | (125) | (112) | (4) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt instruments | 3287 | 1986 | 3423 | 2969 | 281 | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct investor in direct investment enterprises | 22 | 401 | 101 | 375 | 464 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct investment enterprises in direct investor | 3265 | 1584 | 3322 | 2595 | (183) | (514) |
|  Net incurrence of liabilities | 6822 | 11983 | 9492 | 8925 | 9440 | 5537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity and investment fund shares | 2651 | 4476 | 3243 | 2393 | 2705 | 1905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct investor in direct investment enterprises | 1706 | 3379 | 1957 | 1081 | 1540 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Placements | 2099 | 3934 | 2206 | 2080 | 2168 | 1463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | 392 | 555 | 249 | 998 | 628 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of earnings | 944 | 1097 | 1286 | 1311 | 1165 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt instruments | 4172 | 7507 | 6250 | 6533 | 6735 | 3632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct investor in direct investment enterprises | 3868 | 7333 | 6019 | 6655 | 6560 | 4014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct investment enterprises in direct investor | 304 | 174 | 231 | (122) | 175 | (382) |

---

*Source: Bangko Sentral.* 

Note:

(1) Revised data.

(2) Preliminary data.

(3) Preliminary data as of September 30, 2025 or for the first nine months of 2025, as applicable.

------

The following table sets out the Republic's portfolio investments for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Portfolio Investments** | **Portfolio Investments** | **Portfolio Investments** | **Portfolio Investments** | **Portfolio Investments** | **Portfolio Investments** |
|  | **2020** | **2021** | **2022** | **2023<sup>(1)</sup>** | **2024<sup>(2)</sup>** | **2025<sup>(3)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  Portfolio investment | (1680) | 10237 | (1684) | 3544 | (4744) | (1303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net acquisition of financial assets | 6567 | 7809 | (281) | 3463 | 960 | 6667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity and investment fund shares | 1014 | 1786 | (529) | 1714 | 531 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central banks | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit-taking corporations, except the central bank | 2 | (35) | (3) | (40) | 15 | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other sectors | 1012 | 1821 | (525) | 1754 | 516 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities | 5553 | 6023 | 247 | 1749 | 430 | 6180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central bank | 1378 | 3414 | 97 | 91 | 58 | (364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit-taking corporations, except the central bank | 1985 | (1414) | (656) | (819) | 3602 | 3687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other sectors | 2190 | 4024 | 806 | 2476 | (3230) | 2857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net incurrence of liabilities | 8246 | (2428) | 1402 | (81) | 5704 | 7970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity and investment fund shares | (2541) | (975) | (488) | (444) | (87) | (457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit-taking corporations, except the central bank | (739) | 803 | 645 | 304 | 243 | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other sectors | (1802) | (1778) | (1133) | (748) | (330) | (389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities | 10787 | (1452) | 1890 | 363 | 5791 | 8426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central bank | (24) | (7) | (8) | (14) | (9) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit-taking corporations, except the central bank | 424 | (1069) | 156 | (1645) | 483 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General government | 6094 | 225 | 2945 | 1932 | 4866 | 6032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other sectors | 4294 | (601) | (1202) | 90 | 451 | 1907 |

---

*Source: Bangko Sentral. Note:* 

Note:

(1) Revised data.

(2) Preliminary data.

(3) Preliminary data as of September 30, 2025 or for the first nine months of 2025, as applicable.

From 2020 to September 30, 2025, the Government did not engage in derivative transactions with non-resident counterparties for either hedging or speculative purposes. However, the Bangko Sentral occasionally engages in derivative instrument transactions such as options, forwards and swaps for purposes of managing risk and enhancing yield.

------

The following table sets out the Republic's other investments for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Other Investments** | **Other Investments** | **Other Investments** | **Other Investments** | **Other Investments** | **Other Investments** |
|  | **2020** | **2021** | **2022** | **2023<sup>(1)</sup>** | **2024<sup>(2)</sup>** | **2025<sup>(3)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  Total other investment | (1767) | (6987) | (6523) | (11635) | (8621) | (6289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net acquisition of financial assets | 3953 | 649 | (415) | (2062) | 1881 | (1433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency and deposits | 2673 | (631) | 21 | (1489) | 1358 | (1579) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit-taking corporations, except the central bank | 1240 | 184 | (629) | (753) | 441 | (814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other sectors | 1433 | (815) | 650 | (736) | 917 | (766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | 1174 | 1165 | (520) | (744) | 401 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit-taking corporations, except the central bank | 1174 | 1165 | (520) | (744) | 401 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade credits and advances<sup>(4)</sup> | 118 | 141 | 94 | 92 | 56 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accounts receivable | (12) | (26) | (11) | 79 | 66 | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net incurrence of liabilities | 5720 | 7636 | 6108 | 9573 | 10502 | 4856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency and deposits | (333) | 380 | 479 | (141) | (248) | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | 6462 | 4421 | 5242 | 9624 | 10270 | 4091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit-taking corporations, except the central bank | (3260) | (1166) | 28 | 2087 | 4133 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term | (3260) | (1166) | 28 | 2087 | 4133 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General government | 7334 | 4450 | 3757 | 4792 | 5042 | 3012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term drawings | 8517 | 5642 | 4795 | 6088 | 6741 | 4253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term repayments | 1182 | 1192 | 1038 | 1295 | 1700 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other sectors | 2387 | 1137 | 1457 | 2745 | 1095 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term | 1932 | 704 | 1518 | 3049 | 674 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drawings | 3507 | 2602 | 3354 | 6723 | 4258 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments | 1576 | 1898 | 1837 | 3674 | 3584 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term | 456 | 432 | (61) | (304) | 421 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade credits and advances | (787) | 265 | 510 | (66) | 35 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accounts payable—other | 378 | (202) | (123) | 155 | 445 | 120 |

---

*Source: Bangko Sentral.* 

Notes:

(1) Revised data.

(2) Preliminary data.

(3) Preliminary data as of September 30, 2025 or for the first nine months of 2025, as applicable.

(4) All trade credits are short-term credits in non-governmental sectors.

According to preliminary data, the financial account recorded a net outflow of $12.2 billion in the first nine months of 2025, lower than the net outflow of $21.6 billion in the first nine months of 2024. This decrease in net outflow was primarily a result of an 82.1% decrease in portfolio investment from a net outflow of $7.3 billion in the first nine months of 2024 to a net outflow of $1.3 billion in the first nine months of 2025.

------

**Foreign Direct Investment** 

The following table sets out foreign direct investments in the Philippines by industry for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Foreign Direct Investment by Industry<sup>(1)</sup>** | **Net Foreign Direct Investment by Industry<sup>(1)</sup>** | **Net Foreign Direct Investment by Industry<sup>(1)</sup>** | **Net Foreign Direct Investment by Industry<sup>(1)</sup>** | **Net Foreign Direct Investment by Industry<sup>(1)</sup>** | **Net Foreign Direct Investment by Industry<sup>(1)</sup>** |
| **Industry** | **2020** | **2021** | **2022** | **2023<sup>(2)</sup>** | **2024<sup>(3)</sup>** | **2025<sup>(4)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  Total equity other than reinvestment of earnings, net | 1706.3 | 3379.4 | 1957.1 | 1081.2 | 1540.1 | 1021.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agriculture, forestry and fishing | 0 | 0.4 | 3.7 | 5.2 | 3.2 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining and quarrying | 0.6 | 6 | 5 | 7.1 | (3.3) | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | 754 | 550.6 | 737.5 | 894.8 | 1467 | 610.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricity, gas, steam and air conditioning supply | (38.3) | 2042.3 | 51.5 | (9.2) | (106.4) | (278.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water supply, sewerage, waste management and remediation activities | 4.7 | (8.5) | 0 | 0 | 0 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction | 99.8 | 51.5 | 160.9 | 69.7 | 47.4 | (9.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale and retail trade and repair of motor vehicles and motorcycles | 93.4 | 16.2 | 107.1 | (244.7) | (13.4) | 389.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation and storage | 102.9 | 72.6 | 30.5 | 17.5 | 12.5 | 23.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accommodation and food service activities | 7.8 | 10.2 | 16.6 | 21.1 | 18.1 | 10.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information and communication | 1300 | 56.5 | 177.4 | 112.2 | 102.4 | 28.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial and insurance activities | 230.5 | 362.2 | 255.9 | (90.1) | (125.4) | 55.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate activities | 187.9 | 137.1 | 353.8 | 220.3 | 101.3 | 116.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional, scientific and technical activities | 24.4 | 48.1 | 33.6 | (27.5) | (5.5) | 14.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative and support service activities | 90.7 | 15.3 | 11.5 | 12 | 27 | 47.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public administration and defense; compulsory social security | 0 | 0 | 0 | 0 | 0.2 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education | 0.8 | 7.3 | 0.9 | 2.2 | 2 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Human health and social work activities | 14.3 | 8 | 3.4 | 89.6 | 2.3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arts, entertainment and recreation | 28 | 3.3 | 0.9 | 0.1 | 10.3 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other service activities | 0.1 | 0.3 | 6.9 | 0.7 | 0.4 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others, not elsewhere classified(5) | 0 | 0 | 0 | 0 | 0 | 0 |
|  Reinvestment of earnings | 944.2 | 1097.1 | 1285.5 | 1311.4 | 1165 | 1088.2 |
|  Debt instruments | 4171.6 | 7506.9 | 6249.6 | 6532.6 | 6734.9 | 4069.1 |
|  Total | 6822.1 | 11983.4 | 9492.2 | 8925.1 | 9440 | 6179.2 |

---

*Source: Bangko Sentral.* 

Notes:

(1) Data restated using the 2009 Philippine Standard Industrial Classification and in accordance with the BPM6
framework. Pursuant to BPM6, net FDI flows refers to non-residents' net equity capital (calculated as placements less withdrawals plus reinvestment of earnings plus debt instruments (i.e., net intercompany borrowings)).

(2) Revised data.

(3) Preliminary data.

(4) Preliminary data as of October 31, 2025 or for the first ten months of 2025, as applicable.

(5) Covers non-residents investments in non-banks sourced from the Cross-Border Transactions Survey and in local
banks; sectoral or industry breakdown statistics are not available.

------

The following table sets out foreign direct investments in the Philippines by country for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Foreign Direct Investment by Country<sup>(1)(2)</sup>** | **Net Foreign Direct Investment by Country<sup>(1)(2)</sup>** | **Net Foreign Direct Investment by Country<sup>(1)(2)</sup>** | **Net Foreign Direct Investment by Country<sup>(1)(2)</sup>** | **Net Foreign Direct Investment by Country<sup>(1)(2)</sup>** | **Net Foreign Direct Investment by Country<sup>(1)(2)</sup>** |
|  | **2020** | **2021** | **2022** | **2023<sup>(3)</sup>** | **2024** | **2025<sup>(5)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  **Country** |  |  |  |  |  |  |
|  Total equity other than reinvestment of earnings, net | 1706.3 | 3379.4 | 1957.1 | 1081.2 | 1540.1 | 1021.9 |
|  Asia | 1185.9 | 3326.2 | 1585.9 | 1302.5 | 825.6 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASEAN<sup>(6)</sup> | 295.8 | 2582 | 673.1 | 321.6 | 173.9 | 164.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East<sup>(7)</sup> | 8.9 | 6.3 | 45.8 | (2.9) | (1.6) | 10.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Asia | 881.2 | 737.9 | 867 | 983.8 | 653.3 | 810.8 |
|  Americas | 191.6 | 157.1 | 260 | 56.5 | 109.8 | 158.9 |
|  Oceania | (2.6) | (8.2) | 6.4 | 6.3 | (0.4) | 2.1 |
|  Europe | 329.3 | (96.8) | 104.3 | (285.1) | 603.2 | (117.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Union<sup>(8)(9)</sup> | 278.7 | (121.3) | 29.2 | (288.0) | (163.7) | (111.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Europe | 50.6 | 24.5 | 75.1 | 573.1 | 766.9 | (5.8) |
|  Africa | 1.1 | 1 | 0.5 | 0.7 | 1.7 | 0.8 |
|  Others<sup>(10)</sup> | 0.9 | 0 | 0.1 | 0.2 | 0.2 | 0.7 |
|  International organization | 0 | 0 | 0 | 0 | 0 | 0 |
|  Reinvestment of earnings<sup>(11)</sup> | 944.2 | 1097.1 | 1285.5 | 1311.4 | 1165 | 1088.2 |
|  Debt instruments<sup>(11)</sup> | 4171.6 | 7506.9 | 6249.6 | 6532.6 | 6734.9 | 4069.1 |
|  Total | 6822.1 | 11983.4 | 9492.2 | 8925.1 | 9440 | 6179.2 |

---

*Source: Bangko Sentral.* 

Notes:

(1) Data restated using the 2009 Philippine Standard Industrial Classification and in accordance with the BPM6
framework. Pursuant to BPM6, net FDI flows refers to non-residents' net equity capital (calculated as placements less withdrawals plus reinvestment of earnings plus debt instruments (i.e., net intercompany borrowings)).

(2) Effective July 17, 2023, the BSP adopted the country list based on the ISO 3166 Country Codes and the
country classification based on Continental Grouping (Asia, America, Oceania, Europe, and Africa). For comparability across periods, the data for 2018-2023 were revised to reflect the updated totals by continental group.

(3) Revised data.

(4) Preliminary data.

(5) Preliminary data as of October 31, 2025 or for the first ten months of 2025, as applicable.

(6) Includes Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Singapore, Thailand and Viet Nam.

(7) Includes Bahrain, Egypt, the Islamic Republic of Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Oman,
Palestinian Territory, Qatar, Saudi Arabia, the Syrian Arab Republic (Syria), United Arab Emirates and Yemen.

(8) Includes Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.

(9) The United Kingdom left the European Union effective January 1, 2021. For comparability across periods,
data prior to January 2021 were revised to reflect the UK's exit from the EU.

(10) Other countries not specified.

(11) Country breakdowns statistics are not available.

------

In the first ten months of 2025, according to preliminary data, net inflows of foreign direct investment were $6.2 billion, 24.5% lower than the $8.2 billion recorded in the first ten months of 2024. The lower inflows were mainly due to a decrease in inflows for net equity other than reinvestment of earnings, which decreased from $1.5 billion in the first ten months of 2024 to $1.0 billion in the first ten months of 2025, and in the manufacturing industry, from an inflow of $1.4 billion for the first ten months of 2024 to an inflow of $0.6 billion ten months of 2025. Reinvestment of earnings in the Republic increased to $1.1 billion in the first ten months of 2025, compared with $1.0 billion in the first ten months of 2024.

In the first ten months of 2025, according to preliminary data, the contribution of new equity investments to net inflows of foreign direct investment decreased to an inflow of $1.0 billion in the first ten months of 2025 from an inflow of $1.5 billion in the first ten months of 2024.

Foreign direct investment decreased primarily as a result of a decrease in new equity investments of foreign direct investment from Europe from a net inflow of $653.5 million in the first ten months of 2024 to net outflow of $117.5 million in the first ten months of 2025. This was partially offset by increases in new equity investments of foreign direct investment from Asia and the Americas from a net inflow of $718.5 million and $84.2 million, respectively, in the first ten months of 2024 to net inflows of $977.0 million and $158.9 million, respectively, in the first ten months of 2025.

**International Reserves** 

The following table sets out the gross international reserves of the Bangko Sentral as of the specified dates, compiled in a manner consistent with the revised balance of payments framework and the treatment of IMF accounts in the depository corporations survey published in the IMF's International Financial Statistics.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross International Reserves of Bangko Sentral** | **Gross International Reserves of Bangko Sentral** | **Gross International Reserves of Bangko Sentral** | **Gross International Reserves of Bangko Sentral** | **Gross International Reserves of Bangko Sentral** | **Gross International Reserves of Bangko Sentral** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025<sup>(2)</sup>** |
|  | **($ in millions, except months and percentages)** | **($ in millions, except months and percentages)** | **($ in millions, except months and percentages)** | **($ in millions, except months and percentages)** | **($ in millions, except months and percentages)** | **($ in millions, except months and percentages)** |
|  **Sector** |  |  |  |  |  |  |
|  Reserve position in the IMF<sup>(3)</sup> | 813.1 | 801.6 | 789.8 | 760.9 | 675.6 | 727.3 |
|  Gold | 11650.3 | 9332.8 | 9282.3 | 10557.2 | 11005.7 | 18577.5 |
|  Special Drawing Rights ("SDR") | 1232.9 | 3938.9 | 3764.8 | 3809.6 | 3732.7 | 3911.8 |
|  Foreign investments | 93644.5 | 91624.5 | 81369.5 | 87854.8 | 89476.0 | 87008.9 |
|  Foreign exchange<sup>(4)</sup> | 2821.6 | 3096.6 | 942.8 | 770.7 | 1366.5 | 647.2 |
|  Total | 110117.4 | 108794.4 | 96149.2 | 103753.2 | 106256.5 | 110872.6 |
|  Total as number of months of imports of goods and services | 12.3 | 9.7 | 7.2 | 7.6 | 7.5 | 7.4 |
|  Total as a % of short-term debt<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Original maturity | 775.0 | 721.0 | 578.5 | 606.9 | 501.7<sup>(1)</sup> | 512.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residual maturity | 520.2 | 545.8 | 384.3 | 394.5 | 376.5<sup>(1)</sup> | 396.9 |

---

*Source: Bangko Sentral.* 

Notes:

(1) Revised data.

(2) Preliminary data.

(3) The reserve position in the IMF refers to the country's claim on the IMF's General Resources
Account. It is an asset of the Government but is treated as part of the gross international reserves.

------

(4) Consists of time deposits, investments in securities issued or guaranteed by Government or international
organizations and repurchase agreements.

(5) Short-term debt based on residual maturity refers to outstanding short-term external debt on original maturity
plus principal payments on medium-and long-term loans of the public and private sectors due within the next 12 months. Figures reflect data based on debt service schedule on outstanding external debt and outstanding short-term external debt as of
30 September 2025.

Preliminary data indicate that gross international reserves were $110.9 billion as of December 31, 2025, an increase from the $103.8 billion recorded as of December 31, 2024. This increase was mainly due to an increase of $7.6 billion in gold to $18.6 billion as of December 31, 2025 from $11.0 billion as of December 31, 2024. The level of gross international reserves as of December 31, 2025 was sufficient to cover approximately 7.4 months of imports of goods and payments of services and income, and was equivalent to 5.1 times the Republic's short-term debt based on original maturity and 4.0 times based on residual maturity. Net international reserves at the end of December 2025 were $110.9 billion.

**Monetary System** 

***Monetary Policy***

As of September 30, 2025, Bangko Sentral, according to unaudited and preliminary financial information, had total assets of ₱7,806.5 billion, of which international reserves accounted for ₱6,298.8 billion. Bangko Sentral's remaining assets consisted mainly of domestic securities, loans and advances, bank premises and other fixed assets and other assets, and its liabilities consisted mainly of currency in circulation and deposits from banks and quasi-banks.

***Money Supply***

The following table presents certain information regarding the Philippines' money supply as of the specified dates.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Money Supply (SRF-based)** | **Money Supply (SRF-based)** | **Money Supply (SRF-based)** | **Money Supply (SRF-based)** | **Money Supply (SRF-based)** | **Money Supply (SRF-based)** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025<sup>(1)</sup>** |
|  | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** |
|  M1<sup>(2)</sup> |  |  |  |  |  |  |
|  Currency in circulation | 1731.8 | 1876.8 | 2020.0 | 2115.9 | 2366.9 | 2344.5 |
|  Current account deposits | 3724.1 | 4323.3 | 4603.3 | 4750.0 | 5027.3 | 5208.6 |
|  Total | 5455.9 | 6200.1 | 6623.3 | 6865.9 | 7394.1 | 7553.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; percentage increase<sup>(3)</sup> | 21.2% | 13.6% | 6.8% | 3.7% | 7.7% | 7.1%<sup>(6)</sup> |
|  M2<sup>(4)</sup> | 13564.2 | 14769.5 | 15918.1 | 16948.8 | 18334.2 | 19055.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; percentage increase<sup>(3)</sup> | 10.3% | 8.9% | 7.8% | 6.5% | 8.2% | 8.1%<sup>(6)</sup> |
|  M3<sup>(5)</sup> | 14222.0 | 15343.4 | 16405.9 | 17441.3 | 18790.1 | 19439.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; percentage increase<sup>(3)</sup> | 9.6% | 7.9% | 6.9% | 6.3% | 7.7% | 7.6%<sup>(6)</sup> |

---

*Sources: Department of Economic Statistics; Bangko Sentral.* 

Notes:

(1) Preliminary data as of November 30, 2025.

(2) Consists of currency in circulation and demand deposits.

(3) Year-on-year.

(4) Consists of M1, savings deposits and time deposits.

(5) Consists of M2 and deposit substitutes.

(6) Period-on-period changes.

------

As of November 30, 2025, according to preliminary data, the Republic's money supply (M3) was ₱19.4 trillion, an increase of 7.6% from the ₱18.1 trillion as of November 30, 2024. This growth in money supply was mainly driven by the increase in domestic claims, which increased by 10.6% compared to the level as of November 30, 2024. This increase was primarily driven by an increase in net claims on other sectors, which increased by 10.4% compared to the level as of November 30, 2024. Bangko Sentral's net foreign asset position increased by 4.4% to ₱7.4 trillion as of November 30, 2025 and the net foreign asset position of other depository corporations increased by 26.9% to ₱920.1 billion as of November 30, 2025.

The following table presents information regarding domestic interest and deposit rates for the periods indicated.

**Domestic Interest and Deposit Rates** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Domestic Interest and Deposit Rates** | **Domestic Interest and Deposit Rates** | **Domestic Interest and Deposit Rates** | **Domestic Interest and Deposit Rates** | **Domestic Interest and Deposit Rates** | **Domestic Interest and Deposit Rates** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
|  | **(weighted averages per period)**<br> **(%)** | **(weighted averages per period)**<br> **(%)** | **(weighted averages per period)**<br> **(%)** | **(weighted averages per period)**<br> **(%)** | **(weighted averages per period)**<br> **(%)** | **(weighted averages per period)**<br> **(%)** |
|  91-day Treasury bill rates | 2.0 | 1.1 | 1.9 | 5.4 | 5.7 | 4.8<sup>(1)</sup> |
|  Bank average lending rates<sup>(1)</sup> | 7.0 | 6.1 | 6.0 | 7.6 | 7.9 | N/A |

---

*Source: Bangko Sentral.* 

Notes:

(1) Preliminary data.

***Foreign Exchange System***

The following table sets out exchange rate information between the peso and the U.S. dollar for the periods and as of dates indicated.

---

| | | |
|:---|:---|:---|
|  | **Exchange Rates of Peso<br>per U.S. Dollar** | **Exchange Rates of Peso<br>per U.S. Dollar** |
| **Year** | **Period<br>End** | **Period<br>Average<sup>(1)</sup>** |
| 2020 | 48.036 | 49.624 |
| 2021 | 50.774 | 49.255 |
| 2022 | 56.120 | 54.478 |
| 2023 | 55.567 | 55.630 |
| 2024 | 58.014 | 57.291 |
| 2025 | 58.805 | 57.505 |

---

*Sources: Reference Exchange Rate Bulletin; Treasury Department; Bangko Sentral.* 

Notes:

(1) The average of the monthly average exchange rates for each month of the applicable period.

In 2025, the average exchange rate was ₱57.505 per U.S. dollar, compared to ₱57.291 per U.S. dollar in 2024. The slight depreciation of the peso against the U.S. dollar in 2025 was primarily attributable to the strengthening of the U.S. dollar amid new U.S. economic policies, including on tariffs, inflation concerns and ongoing geopolitical tensions.

------

**The Philippine Financial System** 

***Composition***

The following table sets out the total resources of the Philippine financial system by category of financial institution as of the dates specified.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Total Resources of the Financial System<sup>(1)</sup>** | **Total Resources of the Financial System<sup>(1)</sup>** | **Total Resources of the Financial System<sup>(1)</sup>** | **Total Resources of the Financial System<sup>(1)</sup>** | **Total Resources of the Financial System<sup>(1)</sup>** | **Total Resources of the Financial System<sup>(1)</sup>** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2020** | **2021** | **2022** | **2023<sup>(2)</sup>** | **2024<sup>(2)</sup>** | **2025<sup>(3)</sup>** |
|  | **(**₱ **in billions)** | **(**₱ **in billions)** | **(**₱ **in billions)** | **(**₱ **in billions)** | **(**₱ **in billions)** | **(**₱ **in billions)** |
|  **Banks** |  |  |  |  |  |  |
|  Universal/Commercial banks | 18527 | 19761 | 22376 | 24316 | 26438 | 27567 |
|  Thrift banks | 1192 | 1338 | 1028 | 1104 | 1170 | 1420 |
|  Digital banks |  |  |  | 91 | 122 | 166 |
|  Rural banks | 308 | 341 | 403 | 446 | 527 | 506 |
|  Total banks | 20028 | 21440 | 23807 | 25957 | 28256 | 29659 |
|  Non-bank financial institutions<sup>(3)</sup> | 4674 | 4917 | 5236 | 5561 | 5704 | 6104<sup>(5)</sup> |
|  Total assets | 24702 | 26357 | 28864 | 31339 | 33780 | 35762 |

---

*Source: Department of Economic Statistics; Bangko Sentral.* 

Notes:

(1) Excludes assets of Bangko Sentral ng Pilipinas.

(2) Preliminary data.

(3) Preliminary data as of November 30, 2025.

(4) Includes Investment Houses, Finance Companies, Investment Companies, Securities Dealers/Brokers, Pawnshops,
Lending Investors, Non-Stock Savings and Loan Associations, Credit Card Companies (which are under Bangko Sentral supervision), Government Non-bank Financial Institutions, Authorized Agent Banks, Forex Corporations, and Private and Government
Insurance Companies (i.e., SSS and GSIS).

(5) Data as of June 30, 2025.

***Structure of the Financial System***

As of December 31, 2025, according to preliminary data, the Republic had 44 operating universal and commercial banks.

------

The following table sets out the outstanding loans of universal and commercial banks as of the dates specified, classified by sector and their percentages by sector are net of Bangko Sentral's Reverse Repurchase Agreements.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal and Commercial Banks' Outstanding; Loans by Sector <sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding; Loans by Sector <sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding; Loans by Sector <sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding; Loans by Sector <sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding; Loans by Sector <sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding; Loans by Sector <sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding; Loans by Sector <sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding; Loans by Sector <sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding; Loans by Sector <sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding; Loans by Sector <sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding; Loans by Sector <sup>(1)</sup>** | **Universal and Commercial Banks' Outstanding; Loans by Sector <sup>(1)</sup>** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2020** | **2020** | **2021** | **2021** | **2022** | **2022** | **2023** | **2023** | **2024** | **2024** | **2025<sup>(2)</sup>** | **2025<sup>(2)</sup>** |
|  | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** |
|  Total | 9442.2 | 100% | 9892.2 | 100% | 11206.2 | 100% | 12283.6 | 100% | 13518.4 | 100.0% | 14062.8 | 100.0% |
|  Agriculture, Forestry and Fishing | 211.4 | 2.2% | 200.6 | 2.0% | 207.1 | 1.9% | 214.8 | 1.7% | 232.4 | 1.8% | 246.6 | 1.8% |
|  Mining and Quarrying | 43.5 | 0.5% | 37.3 | 0.4% | 39.3 | 0.4% | 44.9 | 0.4% | 55.8 | 0.4% | 65.5 | 0.5% |
|  Manufacturing | 933.2 | 9.9% | 1088.8 | 11.0% | 1260.4 | 11.5% | 1271.6 | 10.4% | 1365.5 | 10.4% | 1178.8 | 8.5% |
|  Electricity, Gas, Steam and Air conditioning Supply | 1044.0 | 11.1% | 1046.4 | 10.6% | 1197.7 | 11.0% | 1273.4 | 10.4% | 1454.6 | 11.1% | 1707.5 | 12.4% |
|  Water Supply, Sewerage, Waste Management and Remediation Activities | 103.7 | 1.1% | 109.7 | 1.1% | 135.8 | 1.2% | 177.1 | 1.4% | 205.5 | 1.6% | 219.8 | 1.6% |
|  Construction | 375.6 | 4.0% | 383.5 | 3.9% | 448.0 | 4.1% | 492.4 | 4.0% | 554.4 | 4.2% | 503.8 | 3.7% |
|  Wholesale and Retail Trade and Repair of Motor Vehicles and Motorcycles | 1112.6 | 11.8% | 1125.8 | 11.4% | 1269.7 | 11.6% | 1371.4 | 11.2% | 1509.6 | 11.5% | 15799 | 11.5% |
|  Accommodation and Food Service Activities | 162.4 | 1.7% | 150.7 | 1.5% | 149.8 | 1.4% | 151.7 | 1.2% | 167.4 | 1.3% | 175.2 | 1.3% |
|  Transportation and Storage | 302.2 | 3.2% | 330.0 | 3.3% | 347.4 | 3.2% | 381.9 | 3.1% | 493.5 | 3.8% | 536.1 | 3.9% |
|  Information and Communication | 376.1 | 4.0% | 482.0 | 4.9% | 589.0 | 5.4% | 630.9 | 5.1% | 685.1 | 5.2% | 720.3 | 5.2% |
|  Financial and Insurance Activities | 881.0 | 9.3% | 970.6 | 9.8% | 1039.0 | 9.5% | 987.2 | 8.0% | 1060.4 | 8.1% | 1097.7 | 8.0% |
|  Real Estate Activities | 1768.1 | 18.7% | 1930.9 | 19.5% | 2187.9 | 20.0% | 2428.3 | 19.8% | 2651.0 | 20.2% | 2781.2 | 20.2% |
|  Professional, Scientific and Technical Activities | 54.6 | 0.6% | 57.8 | 0.6% | 42.4 | 0.4% | 37.7 | 0.3% | 56.5 | 0.4% | 65.7 | 0.5% |
|  Administrative and Support Service Activities | 37.6 | 0.4% | 31.1 | 0.3% | 39.9 | 0.4% | 43.9 | 0.4% | 47.4 | 0.4% | 45.2 | 0.3% |
|  Public Administration and Defense; Compulsory Social Security | 144.6 | 1.5% | 152.6 | 1.5% | 170.3 | 1.6% | 192.7 | 1.6% | 212.1 | 1.6% | 236.2 | 1.7% |
|  Education | 39.9 | 0.4% | 34.8 | 0.4% | 33.9 | 0.3% | 31.0 | 0.3% | 31.7 | 0.2% | 30.5 | 0.2% |
|  Human Health and Social Work Activities | 89.3 | 0.9% | 93.2 | 0.9% | 96.7 | 0.9% | 101.8 | 0.8% | 101.3 | 0.8% | 97.6 | 0.7% |
|  Arts, Entertainment and Recreation | 150.1 | 1.6% | 162.4 | 1.6% | 174.2 | 1.6% | 173.3 | 1.4% | 226.3 | 1.7% | 232.5 | 1.7% |
|  Other Service Activities | 65.0 | 0.7% | 67.8 | 0.7% | 84.3 | 0.8% | 95.1 | 0.8% | 89.3 | 0.7% | 86.9 | 0.6% |
|  Activities of Households as Employers, Undifferentiated Goods & Services Producing Activities of Households for Own Use | 86.3 | 0.9% | 67.3 | 0.7% | 69.2 | 0.6% | 18.4 | 0.1% | 16.8 | 0.1% | 28.8 | 0.2% |
|  Others<sup>(3)</sup> | 1400.8 | 14.8% | 1368.8 | 13.8% | 1624.4 | 12.2% | 2164.4 | 17.6% | 2302.0 | 14.6% | 2426.9 | 15.6% |

---

*Source: Bangko Sentral.* 

Notes:

(1) Net of amortization.

(2) Preliminary data as of October 31, 2025.

(3) Includes loans to individuals for household consumption purposes, loans under the Bangko Sentral's
reverse repurchase arrangement and loans to non-residents.

------

As of December 31, 2025, according to preliminary data, the Republic had 371 operating rural and cooperative banks.

As of December 31, 2025, according to preliminary data, the Republic had 42 operating thrift banks (including microfinance-oriented banks).

As of December 31, 2025, according to preliminary data, the Bangko Sentral regulated or supervised five non-bank financial institutions with quasi-banking functions. The Bangko Sentral also supervised or regulated 1,563 non-bank financial institutions without quasi-banking functions, according to preliminary data as of December 31, 2025.

***Non-Performing Loans***

The following table provides information regarding NPLs for universal and commercial banks as of the dates indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Total Loans (Gross) and Non-Performing Loans by type of Bank<sup>(1)</sup>** | **Total Loans (Gross) and Non-Performing Loans by type of Bank<sup>(1)</sup>** | **Total Loans (Gross) and Non-Performing Loans by type of Bank<sup>(1)</sup>** | **Total Loans (Gross) and Non-Performing Loans by type of Bank<sup>(1)</sup>** | **Total Loans (Gross) and Non-Performing Loans by type of Bank<sup>(1)</sup>** | **Total Loans (Gross) and Non-Performing Loans by type of Bank<sup>(1)</sup>** |
|  | **As of December 31, (unless otherwise stated)** | **As of December 31, (unless otherwise stated)** | **As of December 31, (unless otherwise stated)** | **As of December 31, (unless otherwise stated)** | **As of December 31, (unless otherwise stated)** | **As of December 31, (unless otherwise stated)** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025<sup>(2)</sup>** |
|  | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** | **(**₱ **in billions, except percentages)** | |
|  Private Domestic Universal banks |  |  |  |  |  |  |
|  Total loans | 7711.6 | 8061.1 | 9260.2 | 9983.6 | 11331.7 | 12187.6 |
|  Non-performing loans | 244.6 | 290.8 | 233.5 | 251.3 | 274.5 | 308.1 |
|  Ratio of non-performing loans to total loans | 3.2% | 3.6% | 2.5% | 2.5% | 2.4% | 2.5% |
|  Other Private Commercial banks |  |  |  |  |  |  |
|  Total loans | 361 | 387 | 238.7 | 265.3 | 150.2 | 155.5 |
|  Non-performing loans | 17.6 | 19.7 | 13.2 | 14.9 | 11.2 | 10.5 |
|  Ratio of non-performing loans to total loans | 4.9% | 5.1% | 5.5% | 5.6% | 7.5% | 6.8% |
|  Government banks<sup>(3)</sup> |  |  |  |  |  |  |
|  Total loans | 1321.3 | 1434.5 | 1748.8 | 2033.6 | 2158.8 | 2061.8 |
|  Non-performing loans | 36.3 | 55.1 | 86.7 | 106.9 | 132.4 | 133.8 |
|  Ratio of non-performing loans to total loans | 2.8% | 3.9% | 5.0% | 5.3% | 6.1% | 6.5% |
|  Foreign banks |  |  |  |  |  |  |
|  Total loans | 525.5 | 574.5 | 554.9 | 568.9 | 561.7 | 726.8 |
|  Non-performing loans | 10.2 | 6.1 | 3.1 | 6.6 | 6.7 | 7.2 |
|  Ratio of non-performing loans to total loans | 2.0% | 1.1% | 0.6% | 1.2% | 1.2% | 1.0% |
|  Total loans | 9919.5 | 10457.1 | 11802.5 | 12851.5 | 14202.3 | 15131.7 |
|  Total non-performing loans | 308.8 | 371.6 | 336.5 | 379.8 | 424.7 | 459.6 |
|  Ratio of non-performing loans to total loans | 3.1% | 3.6% | 2.9% | 3.0% | 3.0% | 3.0% |

---

*Source: Bangko Sentral.* 

Notes:

(1) Includes transactions of local banks' foreign offices but excludes banks under liquidation.

(2) Preliminary data as of November 30, 2025.

(3) Consists of LBP, DBP and Al-Amanah Islamic Investment Bank of the Philippines.

As of November 30, 2025, according to preliminary data, the gross non-performing loan ratio was 3.0%, which was lower than the ratio of 3.2% recorded as of November 30, 2024. Non-performing loans increased by 4.2% to ₱459.6 billion as of November 30, 2025 from the ₱441.1 billion recorded as of November 30, 2024, primarily due to inflation and rising interest rates, which weighed down borrowers' capacity to pay. The universal and commercial bank industry's total loan portfolio increased by 11.2% to ₱15,131.7 billion as of November 30, 2025 from the ₱13,606.9 billion recorded as of November 30, 2024.

------

**The Philippine Securities Markets** 

***History and Development***

The PSEi closed at 6,437.78 points on January 19, 2026.

***Government Securities Market***

As of November 30, 2025, outstanding Government securities amounted to ₱12.1 trillion, 61.4% of which were issuances of treasury bills and fixed rate treasury bonds. The remaining issuances of Government securities consisted of retail treasury bonds, benchmark bonds and onshore dollar bonds, among others.

**Public Finance** 

The following table sets out the consolidated financial position on a cash basis as of the dates indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Consolidated Public Sector Financial Position of the<br>Republic** | **Consolidated Public Sector Financial Position of the<br>Republic** | **Consolidated Public Sector Financial Position of the<br>Republic** | **Consolidated Public Sector Financial Position of the<br>Republic** | **Consolidated Public Sector Financial Position of the<br>Republic** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** |
|  | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** |
|  Public sector borrowing requirement: |  |  |  |  |  |
|  National Government | (1371.4) | (1670.1) | (1614.1) | (1512.1) | (1506.4) |
|  CB Restructuring | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
|  Monitored Government-owned corporations | (1.5) | 37.2 | 31.9 | 65.5 | 0.8 |
|  Adjustment of net lending and equity to GOCCs | 22.1 | 16.4 | 25.6 | 27.8 | 9.1 |
|  Other adjustments | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
|  Total public sector borrowing requirement | (1350.8) | (1616.4) | (1556.6) | (1418.8) | (1496.4) |
|  As a percentage of GDP | (7.5)% | (8.3)% | (7.1)% | (5.8)% | (5.7)% |
|  Other public sector: |  |  |  |  |  |
|  Social Security System and Government Service Insurance System | 84.1 | 190.6 | 226.0 | 281.5 | 175.8 |
|  Bangko Sentral<sup>(2)</sup> | (7.9) | 19.8 | 47.2 | (5.9) | 97.1 |
|  Government financial institutions | 25.9 | 29.5 | 45.1 | 52.0 | 44.5 |
|  Local government units | 272.3 | 284.6 | 433.3 | 325.3 | 358.4 |
|  Timing adjustment of interest payments to the Bangko Sentral | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
|  Other adjustments | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
|  Total other public sector | 374.4 | 524.4 | 751.7 | 652.8 | 675.8 |
|  Consolidated public sector financial position | (976.4) | (1092.0) | (804.9) | (765.9) | (820.6) |
|  As a percentage of GDP | (5.4)% | (5.6)% | (3.7)% | (3.2)% | (3.1)% |

---

*Sources: Fiscal Policy and Planning Office; Department of Finance.* 

Notes:

(1) BSP net income is as of September 30, 2024.

As of December 31, 2024, the consolidated public sector financial position of the republic recorded a deficit of ₱820.6 billion, an increase in deficit from the ₱765.9 billion deficit recorded as of December 31, 2023. The increase in the public sector financial position deficit was largely due to an increase in deficit of public sector borrowing requirement. The deficit as of December 31, 2024 was equivalent to 5.7% of the Republic's GDP as of December 31, 2024 at current prices.

------

**Government Revenues and Expenditures** 

The following table sets out Government revenues and expenditures for the periods indicated.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Government Revenues and Expenditures<sup>(1)</sup>** | **Government Revenues and Expenditures<sup>(1)</sup>** | **Government Revenues and Expenditures<sup>(1)</sup>** | **Government Revenues and Expenditures<sup>(1)</sup>** | **Government Revenues and Expenditures<sup>(1)</sup>** | **Government Revenues and Expenditures<sup>(1)</sup>** | **Government Revenues and Expenditures<sup>(1)</sup>** | **Government Revenues and Expenditures<sup>(1)</sup>** |
|  | **Actual** | **Actual** | **Actual** | **Actual** | **Actual** | **Actual** | **Budget** | **Budget** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025<sup>(2)</sup>** | **2024** | **2025** |
|  | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** |
|  **Cash Revenues** |  |  |  |  |  |  |  |  |
|  Tax revenues: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bureau of Internal Revenue | 1951.0 | 2078.1 | 2335.7 | 2517.0 | 2851.6 | 2651.3 | 2905.6 | 3219.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bureau of Customs | 537.7 | 643.6 | 862.4 | 883.2 | 916.7 | 784.6 | 859.5 | 958.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others Government offices<sup>(3)</sup> | 18.5 | 24.0 | 21.7 | 29.1 | 32.4 | 33.4 | 31.7 | 35.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total tax revenues | 2507.2 | 2745.7 | 3220.3 | 3429.3 | 3800.7 | 3798.6 | 3820.3 | 4214.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As a percentage of GDP (at current market prices) | 14.0% | 14.1% | 14.6% | 14.1% | 14.4% | 15.2<sup>(4)</sup>% | 14.4% | 14.9% |
|  Non-tax revenues: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bureau of the Treasury income | 219.7 | 125.3 | 154.8 | 227.6 | 283.4 | 215.2 | 187.0 | 179.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees and charges | 23.1 | 31.7 | 46.4 | 56.3 | 65.2 | 30.8 | 73.0 | 65.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Privatizations | 0.5 | 0.3 | 1.6 | 0.9 | 3.3 | 2.0 | 42.1 | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (including Foreign grants) | 105.5 | 102.5 | 122.9 | 110.0 | 266.5 | 102.7 | 147.5 | 57.0 |
|  Total non-tax revenues | 348.7 | 259.9 | 325.7 | 394.8 | 618.3 | 350.6 | 449.6 | 306.5 |
|  Total revenues | 2856.0 | 3005.5 | 3545.5 | 3824.1 | 4419.0 | 4149.2 | 4269.9 | 4520.4 |
|  **Expenditures** |  |  |  |  |  |  |  |  |
|  Allotment to local government units | 804.5 | 892.7 | 1103.3 | 926.1 | 1024.1 | 1057.1 | 1012.1 | 1128.3 |
|  Interest payments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign | 101.4 | 96.1 | 119.4 | 192.6 | 223.5 | 207.4 | 219.5 | 231.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic | 279.1 | 333.3 | 383.5 | 435.7 | 539.8 | 593.1 | 544.0 | 616.3 |
|  Total interest payments | 380.4 | 429.4 | 502.9 | 628.3 | 763.3 | 800.5 | 763.4 | 848.0 |
|  Tax expenditures | 33.1 | 36.7 | 39.8 | 31.7 | 51.1 | 45.9 | 14.5 | 14.5 |
|  Subsidy | 229.0 | 184.8 | 200.4 | 163.5 | 138.8 | 95.8 | 199.1 | 135.5 |
|  Equity and net lending | 34.9 | 65.4 | 38.4 | 27.3 | 7.9 | 4.4 | 62.4 | 30.5 |
|  Others | 2745.4 | 3066.6 | 3275.0 | 3559.3 | 3940.2 | 3409.1 | 3702.7 | 3925.3 |
|  Total expenditures | 4227.4 | 4675.6 | 5159.6 | 5336.2 | 5925.4 | 5412.8 | 5754.3 | 6082.1 |
|  Surplus/(Deficit) | (1371.4) | (1670.1) | (1614.1) | (1512.1) | (1506.4) | (1263.7) | 1484.3) | (1561.7) |
|  **Financing** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net domestic borrowings | 1558.3 | 1473.1 | 1027.3 | 811.7 | 905.3 | 1183.9 | 903.4 | 1124.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross domestic borrowings | 1998.7 | 2010.6 | 1643.4 | 1634.2 | 1923.3 | 2111.5 | 1923.9 | 2111.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Amortization | 440.4 | 537.5 | 616.1 | 822.5 | 1018.0 | 927.6 | 1020.5 | 987.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net foreign borrowings | 600.8 | 331.5 | 389.6 | 437.9 | 401.9 | 270.0 | 403.4 | 269.1 |
|  Total net financing requirement | 2159.0 | 1804.6 | 1417.0 | 1249.7 | 1307.2 | 1453.9 | 1306.8 | 1393.9 |
|  Change in cash | 787.6 | 134.5 | (197.2) | (262.4) | (199.2) | 190.2 |  |  |

---

*Sources: Bureau of the Treasury; Department of Finance; Department of Budget and Management.* 

------

Notes:

(1) Follows the GFSM 2014 concept wherein reporting of debt amortization reflects the actual principal repayments
to the creditor including those serviced by the Bond Sinking Fund. Financing includes gross proceeds of liability management transactions such as bond exchanges.

(2) Preliminary data as of November 30, 2025.

(3) Represents tax revenues of the Department of Environment and Natural Resources, Bureau of Immigration and
Deportation, Land Transportation Office and other Government entities.

(4) Preliminary data as of September 30, 2025 or for the first nine months of 2025, as applicable.

***Revenues***

*Sources* 

Total Government revenues in the first eleven months of 2025 were ₱4,149.2 billion, a 1.1% increase over the ₱4,104.3 billion recorded in the first eleven months of 2024. In the first eleven months of 2025, Bureau of Internal Revenue collections were ₱2,905.6 billion, an 8.9% increase from the ₱2,667.8 billion recorded in the first eleven months of 2024. The Bureau of Customs recorded collections of ₱859.5 billion in the first eleven months of 2025, a 1.1% increase from the ₱850.0 billion recorded in the first eleven months of 2024. Non-tax revenues were ₱350.6 billion in the first eleven months of 2025, a 36.9% decrease from the ₱555.2 billion recorded in the first eleven months of 2024.

*Expenditures* 

Total Government expenditures in the first eleven months of 2025 were ₱5,412.8 billion, a 2.5% increase over the ₱5,281.2 billion recorded in the first eleven months of 2024. This increase was primarily due to higher disbursements in allotment to local government units, higher interest payments and other national Government expenditures.

**The Government Budget** 

***The Budget Process***

***2026 Budget***

On January 5, 2026, President Marcos signed into law Republic Act No. 12314, or the General Appropriations Act for 2026. The 2026 budget sets program expenditures at ₱6.793 trillion, 7.38% higher than the ₱6.326 trillion 2025 budget. This budget is anchored on the three pillars of the Philippines Development Plan 2023-2028, namely (i) to develop and protect the capabilities of individuals and families, (ii) transform production sectors to generate more quality jobs and competitive products, and (iii) create an enabling environment. The 2026 budget is the Republic's main fiscal stimulus that will fund programs, activities, and/or projects to pursue strong capital formation accompanied by accelerated government spending and maintenance of infrastructure spending, while also scaling up sustainable and green investments that are aligned with the National Climate Change Action Plan 2011-2028 and the Sustainable Development Goals to ensure that the 2026 budget is not only growth-enhancing but also disaster-responsive and climate-resilient.

**Debt** 

***External Debt***

For foreign borrowings by the private sector, Bangko Sentral approval is required if the loans (i) are guaranteed by the public sector; or (ii) will be serviced with foreign exchange from the Philippine banking system.

------

The following table sets out the total outstanding Bangko Sentral-approved and registered external debt as of the dates indicated.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Bangko Sentral Approved External Debt<br>As of December 31,** | **Bangko Sentral Approved External Debt<br>As of December 31,** | **Bangko Sentral Approved External Debt<br>As of December 31,** | **Bangko Sentral Approved External Debt<br>As of December 31,** | **Bangko Sentral Approved External Debt<br>As of December 31,** | **Bangko Sentral Approved External Debt<br>As of December 31,** | **Bangko Sentral Approved External Debt<br>As of December 31,** |
|  | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025<sup>(1)</sup>** |
|  | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | **($ in millions, except percentages)** | |
|  By Maturity: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term<sup>(2)</sup> | 17208 | 14209 | 15090 | 16619 | 17096 | 20945 | 20912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medium and long-term | 66410 | 84279 | 91339 | 94649 | 108298 | 116683 | 128181 |
|  Total | 83618 | 98488 | 106428 | 111268 | 125394 | 137628 | 149093 |
|  By Debtor<sup>(3)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking system | 23943 | 21559 | 23539 | 23673 | 24239 | 28280 | 28967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public sector<sup>(4)</sup> | 59675 | 76929 | 82889 | 87596 | 101154 | 109348 | 120127 |
|  Total | 83618 | 98488 | 106428 | 111268 | 125394 | 137628 | 149093 |
|  By Creditor Type: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks and financial institutions | 26478 | 24006 | 23695 | 25446 | 28664 | 31218 | 32211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suppliers | 4187 | 3136 | 3687 | 3994 | 4328 | 4525 | 4372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multilateral | 14428 | 21407 | 27125 | 29375 | 33105 | 37499 | 40173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bilateral | 10963 | 12752 | 12508 | 12835 | 15196 | 16619 | 18005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond holders/note holders | 25449 | 35028 | 36940 | 36817 | 40946 | 45109 | 51212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 2112 | 2160 | 2474 | 2802 | 3154 | 2659 | 3120 |
|  Total | 83618 | 98.488 | 106428 | 111268 | 125394 | 137628 | 149093 |
|  Ratios: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt service burden to exports of goods, and services & primary income | 6.7% | 6.7% | 7.5% | 6.3% | 10.2% | 11.4% | 8.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt service burden to GNI<sup>(5)</sup> | 2.1% | 1.9% | 2.2% | 2.0% | 3.0% | 3.3% | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; External debt to GNI | 20.2% | 25.3% | 26.1% | 26.0% | 25.8% | 26.4% | 27.0%<sup>(5)</sup> |

---

*Source: Bangko Sentral.* 

Notes:

(1) Preliminary data as of September 30, 2025.

(2) Debt with original maturity of one year or less.

(3) Classification by debtor is based on the primary obligor under the relevant loan or rescheduling documentation.

(4) Includes public sector debt whether or not guaranteed by the Government; does not include public banks.

(5) For comparability with annual figures, GNI and GDP were annualized by taking the sum over the past four
quarters of the GNI and GDP, respectively.

------

**Government Financing Initiatives** 

The following are the major program loans approved by creditor agencies or availed of by the Government from 2020 to November 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Program Loan** | **Creditor** | **Amount** | **Date Signed** |
|  |  | **($) unless**<br> **otherwise**<br> **specified** |  |
| COVID-19 Active Response and Expenditure Support Program | ADB | 1,500 million | April 2020 |
| Third Disaster Risk Management Development Policy Loan | WB-IBRD | 500 million | April 2020 |
| Support to Capital Market Generated Infrastructure Financing, Subprogram 1 | ADB | 400 million | June 2020 |
| Expanded Social Assistance Program | ADB | 500 million | June 2020 |
| COVID-19 Active Response and Expenditure Support Program | AIIB | 750 million | June 2020 |
| Expanding Private Participation in Infrastructure Program, Subprogram 2 | AFD | EUR 150 million | June 2020 |
| Inclusive Finance Development Program, Subprogram 2 | AFD | EUR 100 million | June 2020 |
| Emergency COVID-19 Response Development Policy Loan | WB-IBRD | 500 million | June 2020 |
| COVID-19 Crisis Response Emergency Support Loan | JICA | JPY 50 billion | July 2020 |
| Competitive and Inclusive Agriculture Development Program, Subprogram 1 | ADB | 400 million | August 2020 |
| Inclusive Development Program, Subprogram 2 | ADB | 300 million | August 2020 |
| Disaster Resilience Improvement Program | ADB | 500 million | September 2020 |
| Post Disaster Standby Loan (Phase 2) | JICA | JPY 50 billion | September 2020 |
| Program Loan for COVID-19 Emergency Response Program | KEXIM-EDCF | 100 million | October 2020 |
| Promoting Competitiveness and Enhancing Resilience to Natural Disasters Subprogram 2 Development Policy Loan | WB-IBRD | 600 million | December 2020 |
| Philippines First Financial Sector Reform Development Policy Loan | WB-IBRD | 400 million | December 2020 |
| Facilitating Youth School-to-Work Transition Program, Subprogram 3 | ADB | 400 million | December 2020 |
| Second Health System Enhancement to Address and Limit COVID-19 under the Asia Pacific Vaccine Access Facility | AIIB | 300 million | March 2021 |
| Philippines First Financial Sector Reform Development Policy Loan | WB-IBRD | 400 million | July 2021 |
| Facilitating Youth School to Work Program, Subprogram 3 | ADB | 400 million | August 2021 |
| Local Governance Reform Program, Subprogram 2 | ADB | 400 million | November 2021 |
| Philippines Fourth Disaster Risk Management Development Policy Loan with a Catastrophe- Deferred Drawdown Option | WB-IBRD | 500 million | November 2021 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Program Loan** | **Creditor** | **Amount** | **Date Signed** |
|  |  | **($) unless**<br> **otherwise**<br> **specified** |  |
| Disaster Risk Reduction Enhancement at the Local Level Program | AFD | EUR 250 million | December 2021 |
| Build Universal Health Care Program, Subprogram 1 | ADB | 600 million | December 2021 |
| Promoting Competitiveness and Enhancing Resilience to Natural Disasters Subprogram 3 Development Policy Loan | WB-IBRD | 600 million | December 2021 |
| Program Loan for COVID-19 Emergency Response Program (II) – Vaccination Program | KEXIM-EDCF | 100 million | December 2021 |
| Second Health System Enhancement to Address and Limit COVID-19 under the Asia Pacific Vaccine Access Facility – Additional Financing | AIIB | 250 million | December 2021 |
| COVID-19 Crisis Response Emergency Support Loan II | JICA | JPY 30 billion | April 2022 |
| Climate Change Action Program, Subprogram 1 | ADB | 250 million | June 2022 |
| Support to Capital Market Generated Infrastructure Financing, Subprogram 2 | ADB | 400 million | June 2022 |
| Climate Change Action Program, Subprogram 1 | AFD | EUR 150 million | December 2022 |
| Competitive and Inclusive Agriculture Development Program, Subprogram 2 | ADB | 500 million | February 2023 |
| Post-COVID-19 Business and Employment Recovery Program, Subprogram 1 | ADB | 500 million | February 2023 |
| Second Philippines Financial Sector Reform Development Policy Loan | WB-IBRD | 600 million | February 2023 |
| Post-COVID-19 Business and Employment Recovery Program, Subprogram 1 | AIIB | 500 million | May 2023 |
| Philippines First Sustainable Recovery Development Policy Loan | WB-IBRD | 750 million | June 2023 |
| Post Disaster Stand-by Loan Phase 3 (PDSL 3) | JICA | JPY 30 billion | August 2023 |
| Inclusive Finance Development Program, Subprogram 3 | ADB | 300 million | November 2023 |
| Philippines First Digital Transformation Development Policy Loan | WB-IBRD | 600 million | November 2023 |
| Domestic Resource Mobilization Program, Subprogram 1 | ADB | 400 million | December 2023 |
| Build Universal Health Care Program, Subprogram 2 | ADB | EUR equivalent of 450 million | December 2023 |
| Inclusive Finance Development Program, Subprogram 3 | AIIB | 300 million | December 2023 |
| Domestic Resource Mobilization, Subprogram 1 | AIIB | 400 million | December 2023 |
| Philippines Disaster Risk Management and Climate Development Policy Loan with a Catastrophe Deferred Drawdown Option | WB-IBRD | 500 million | December 2023 |
| Philippines First Digital Transformation Development Policy Loan | AIIB | EUR equivalent of USD 400 million | January 2024 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Program Loan** | **Creditor** | **Amount** | **Date Signed** |
|  |  | **($) unless**<br> **otherwise**<br> **specified** |  |
| Build Universal Health Care Program, Subprogram 2 | AIIB | EUR equivalent of USD 400 million | January 2024 |
| Philippines Second Sustainable Recovery Development Policy Loan | WB-IBRD | EUR equivalent of USD 750 million | August 2024 |
| Philippines Second Digital Transformation Development Policy Loan | WB-IBRD | EUR equivalent of USD 750 million | November 2024 |
| Climate Change Action Program - Subprogram 2 | ADB | EUR equivalent of USD 500 million | December 2024 |
| Public Financial Management Reform Program - Subprogram 1 | ADB | USD 500 million | December 2024 |
| Second Disaster Resilience Improvement Program | ADB | USD 500 million | February 2025 |
| Business and Employment Recovery Program, Subprogram 2 | ADB | USD 500 million | March 2025 |
| Climate Change Action Program, Subprogram 2 (CCAP 2) | JICA | JPY 35 billion | March 2025 |
| Build Universal Health Care, Subprogram 2 (BUHC 2) | JICA | JPY 30 billion | March 2025 |
| Philippines First Energy Transition and Climate Resilience Development Policy Loan (ETCR DPL1) | WB-IBRD | USD 800 million | April 2025 |
| Climate Change Action Program, Subprogram 2 | AFD | EUR 250 million | April 2025 |
|  Insurance Reform Program, Subprogram 1 | ADB | JPY equivalent of USD 400 million | November 2025 |

---

*Source: International Finance Group, Department of Finance. As of November 30, 2025.* 

------

***Public Sector Debt***

The following table presents the Republic's outstanding consolidated public sector debt as of the dates indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Outstanding Consolidated Public Sector Debt<sup>(1)</sup>** | **Outstanding Consolidated Public Sector Debt<sup>(1)</sup>** | **Outstanding Consolidated Public Sector Debt<sup>(1)</sup>** | **Outstanding Consolidated Public Sector Debt<sup>(1)</sup>** | **Outstanding Consolidated Public Sector Debt<sup>(1)</sup>** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** |
|  | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** |
|  Outstanding Consolidated non-financial public sector debt: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic | 5771.3 | 7097.2 | 8021.7 | 8710.5 | 9472.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign | 3201.7 | 3592.9 | 4225.7 | 4608.4 | 5059.8 |
|  **Total** | 8973.0 | 10690.1 | 12247.4 | 13319.0 | 14531.8 |
|  Financial public corporations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bangko Sentral:<sup>(2)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic | 4868.7 | 4664.8 | 4580.9 | 4765.9 | 4813.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign | 183.5 | 330.2 | 340.4 | 345.7 | 356.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 5052.3 | 4995.0 | 4921.3 | 5111.5 | 5169.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFIs:<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic | 56.0 | 43.6 | 30.2 | 23.6 | 31.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign | 113.9 | 104.2 | 117.7 | 85.2 | 67.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 169.9 | 147.8 | 147.9 | 108.9 | 98.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic | 4924.7 | 4708.4 | 4611.1 | 4789.5 | 4844.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign | 297.4 | 434.4 | 458.0 | 430.9 | 423.2 |
|  **Total** | 5222.1 | 5142.8 | 5069.2 | 5220.4 | 5267.4 |
|  Less: Intrasector-debt holdings |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government securities held by GFIs and Bangko Sentral | 2131.5 | 2539.1 | 2640.8 | 2481.0 | 2396.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government deposits at Bangko Sentral | 798.6 | 907.6 | 431.8 | 379.8 | 318.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFIs deposits at Bangko Sentral | 740.1 | 698.6 | 638.2 | 484.1 | 434.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GOCC deposits at Bangko Sentral | 0.0 | 0.0 | 0.0 | 1.4 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GOCC loans/other debt held by GFIs | 183.6 | 189.4 | 195.4 | 184.7 | 179.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFIs loans/other debt held by Bangko Sentral | 36.0 | 36.0 | 27.6 | 27.3 | 27.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local governments debt held by GFIs | 93.9 | 120.0 | 160.0 | 188.3 | 219.2 |
|  **Total** | 3983.7 | 4490.6 | 4093.9 | 3746.7 | 3574.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government's securities held by Bangko Sentral | 92.4 | 87.5 | 78.6 | 78.7 | 70.8 |
|  **Total** | 4076.1 | 4578.1 | 4172.5 | 3825.4 | 3645.4 |
|  Total public sector |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic | 6712.4 | 7315.0 | 8538.9 | 9753.3 | 10741.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign | 3406.7 | 3939.8 | 4605.2 | 4960.7 | 5412.1 |
|  **Total** | 10119.1 | 11254.8 | 13144.1 | 14714.0 | 16153.7 |

---

*Sources: Fiscal Policy and Planning Office; Department of Finance.* 

------

Note:

(1) The consolidated public sector comprises the general government sector, non-financial public corporations, and
financial public corporations, after elimination of intra-debt holdings among these sectors.

(2) Comprises all liabilities of Bangko Sentral (including currency issues) except for allocation of SDRs and
revaluation of international reserves.

(3) Comprises all liabilities of DBP, LBP, and Trade & Investment Development Corporation.

The following table presents the Republic's outstanding consolidated non-financial public sector debt as of the dates indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Outstanding Consolidated Non-financial<br>Public Sector Debt<sup>(1)</sup><br>As of December 31,** | **Outstanding Consolidated Non-financial<br>Public Sector Debt<sup>(1)</sup><br>As of December 31,** | **Outstanding Consolidated Non-financial<br>Public Sector Debt<sup>(1)</sup><br>As of December 31,** | **Outstanding Consolidated Non-financial<br>Public Sector Debt<sup>(1)</sup><br>As of December 31,** | **Outstanding Consolidated Non-financial<br>Public Sector Debt<sup>(1)</sup><br>As of December 31,** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** |
|  | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** | **(₱ in billions, except percentages)** |
|  Total<sup>(2)</sup> | 8973 | 10690.1 | 12247.4 | 13319 | 14531.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic | 5771.3 | 7097.2 | 8021.7 | 8710.5 | 9472.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign | 3201.7 | 3592.9 | 4225.7 | 4608.4 | 5059.8 |
|  National Government | 9795 | 11728.5 | 13418.9 | 14616.3 | 16051.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic | 6694.7 | 8170.4 | 9208.4 | 10017.9 | 10930.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign | 3100.3 | 3558.1 | 4210.5 | 4598.3 | 5120.9 |
|  Non-financial public corporations (major GOCCs)<sup>(3)</sup> | 399.7 | 367.3 | 346.5 | 299.6 | 297.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic<sup>(3)</sup> | 234.2 | 246.7 | 236.7 | 191.7 | 253.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign<sup>(3)</sup> | 165.5 | 120.6 | 109.8 | 108 | 44.4 |
|  Extrabudgetary: NIA and PNR | 1.1 | 1 | 0.9 | 0.8 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign | 1 | 1 | 0.9 | 0.8 | 0 |
|  Local government units<sup>(4)</sup> | 113.1 | 136.6 | 174.5 | 200.9 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic | 113.1 | 136.6 | 174.5 | 200.9 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign | 0 | 0 | 0 | 0 | 0 |
|  Less: Government debt held by Bond Sinking Funds)<sup>(5)</sup> | 640 | 698.6 | 706.3 | 696.8 | 733.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic | 579.5 | 616.7 | 616.3 | 603.6 | 640.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign | 60.5 | 81.9 | 90 | 93.3 | 92.6 |
|  Intra-sector debt holdings (domestic) | 638.2 | 801.2 | 952.5 | 1084.6 | 1306.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government debt held by SSIs | 628.6 | 791.9 | 943.8 | 1076.9 | 1298.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government debt held by LGUs | 0.01 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LGU loans held by MDFO | 9.6 | 9.3 | 8.7 | 7.7 | 7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government debt held by GOCCs | 11.2 | 9.7 | 8.8 | 2.4 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onlending from National Government to GOCCs | 41.8 | 28.9 | 20.3 | 9.4 | 7.6 |
|  Infra-sector debt holdings (external) | 4.7 | 4.9 | 5.4 | 5.4 | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GOCCs debt held by National Government | 4.7 | 4.9 | 5.4 | 5.4 | 5.6 |
|  Total (as % of GDP) | 56.4% | 58.0% | 59.7% | 60.5% | 61.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic (as % of GDP) | 37.4% | 37.7% | 38.8% | 40.1% | 40.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign (as % of GDP) | 19.0% | 20.3% | 20.9% | 20.4% | 20.5% |

---

*Sources: Fiscal Policy and Planning Office; Department of Finance.* 

------

Notes:

(1) The consolidated non-financial public sector comprises the general government sector and non-financial public
corporations. The consolidated non-financial public sector does not include financial public corporations.

(2) Government debt under the revised methodology excludes contingent obligations.

(3) Excludes extrabudgetary items (MA and PNR).

(4) Borrowings from private banks guaranteed by the LGUs since the fourth quarter of 2016.

(5) Including Securities Stabilization Fund and adjustment in the Government debt held by the Bond Sinking Fund.

As of December 31, 2024, the outstanding consolidated public sector debt was ₱16.2 trillion, equivalent to 61.1% of the Republic's GDP, compared with a public sector-debt-to-GDP ratio of 60.5% as of December 31, 2023. As of December 31, 2024, total outstanding consolidated GG debt was ₱14.5 trillion, reflecting a 9.1% increase over the ₱13.3 trillion recorded as of December 31, 2023. Total domestic debt increased by 8.7% to ₱9.5 trillion as of December 31, 2024 from ₱8.7 trillion as of December 31, 2023. Foreign debt increased by 9.8% to ₱5.1 trillion as of December 31, 2024 from ₱4.6 trillion as of December 31, 2023.

***Direct Debt of the Republic***

The following table summarizes the outstanding direct debt of the Republic as of the dates indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Outstanding Direct Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Debt of the Republic<sup>(1)(2)</sup>** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2020** | **2021** | **2022** | **2023** | **2024<sup>(3)</sup>** | **2025<sup>(4)</sup>** |
|  | **(₱ in millions, except as otherwise indicated)** | **(₱ in millions, except as otherwise indicated)** | **(₱ in millions, except as otherwise indicated)** | **(₱ in millions, except as otherwise indicated)** | **(₱ in millions, except as otherwise indicated)** | **(₱ in millions, except as otherwise indicated)** |
|  **Medium/long-term debt<sup>(5)</sup>** | **8838966** | **10932406** | **13008499** | **14071375** | **15297133** | **16701611** |
|  Domestic | 5738647 | 7374271 | 8798026 | 9473038 | 10176246 | 11170688 |
|  External (U.S.$ million) | 64562 | 69803 | 75436 | 82976 | 88525 | 94177 |
|  **Short-term debt<sup>(6)</sup>** |  |  |  |  |  |  |
|  Domestic | 956040 | 796143 | 410361 | 544892 | 754168 | 946368 |
|  Total debt | 9795006 | 11728549 | 13418860 | 14616267 | 16051302 | 17647979 |

---

*Sources: Bureau of the Treasury; Department of Finance.* 

Notes:

(1) Includes Government debt that is on-lent to GOCCs and other public sector entities. Excludes debt guaranteed by
the Government and debt originally guaranteed by other public sector entities for which the guarantee has been assumed by the Government. The table reflects debt of the Government only and does not include any other public sector debt.

(2) Amounts in original currencies were translated into U.S. dollars or pesos, using the Bangko Sentral's
reference exchange rates at the end of each period.

(3) Revised data.

(4) Preliminary data as of November 30, 2025.

(5) Debt with original maturities of one year or longer.

(6) Debt with original maturities of less than one year.

------

***Direct Domestic Debt of the Republic***

The following table summarizes the outstanding direct domestic debt of the Republic as of the dates indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Outstanding Direct Domestic Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Domestic Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Domestic Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Domestic Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Domestic Debt of the Republic<sup>(1)(2)</sup>** | **Outstanding Direct Domestic Debt of the Republic<sup>(1)(2)</sup>** |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025<sup>(3)</sup>** |
|  | **(**₱ **in millions)** | **(**₱ **in millions)** | **(**₱ **in millions)** | **(**₱ **in millions)** | **(**₱ **in millions)** | **(**₱ **in millions)** |
|  Loans |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct | 156 | 156 | 156 | 156 | 156 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assumed<sup>(4)</sup> | 792 | 0 | 0 | 0 | 0 | 0 |
|  **Total loans** | 948 | 156 | 156 | 156 | 156 | 156 |
|  Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury bills | 949479 | 796143 | 410361 | 529892 | 754168 | 946368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury notes/bonds | 5744260 | 7374115 | 8797870 | 9487882 | 10176090 | 11170532 |
|  **Total securities** | **6693739** | **8170258** | **9208231** | **10017774** | **10930259** | **12116900** |
|  **Total debt** | **9795006** | **11728549** | **13418860** | **14616267** | **16051302** | **17647979** |

---

*Sources: Bureau of the Treasury; Department of Finance.* 

Notes:

(1) Includes Government debt that is on-lent to GOCCs and other public sector entities. Excludes debt guaranteed by
the Government and debt originally guaranteed by other public sector entities for which the guarantee has been assumed by the Government. The table reflects debt of the Government only, and does not include any other public sector debt.

(2) Amounts in original currencies were translated into U.S. dollars or pesos, as applicable, using the Bangko
Sentral's reference exchange rates at the end of each period.

(3) Preliminary data as of November 30, 2025. Amounts in original currencies were translated into U.S. dollars or
pesos, as applicable, using Bangko Sentral's reference exchange rates as of December 1, 2025, which was the next business day following the end of the period indicated.

(4) Assumed loans of Development Bank of the Philippines, the National Development Company and the Philippine
National Bank.

The following table sets out the direct domestic debt service requirements of the Republic for the years indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direct Domestic Debt Service Requirements of the Republic<sup>(1)</sup>** | **Direct Domestic Debt Service Requirements of the Republic<sup>(1)</sup>** | **Direct Domestic Debt Service Requirements of the Republic<sup>(1)</sup>** | **Direct Domestic Debt Service Requirements of the Republic<sup>(1)</sup>** |
|  | **Principal<br>Repayments** | **Interest<br>Payments** | **Total<sup>(2)</sup>** | **Total<sup>(2)</sup>** |
|  | **(₱ in millions)** | **(₱ in millions)** | **(₱ in millions)** | **($ in millions)** |
| 2020 | 440401 | 279056 | 719457 | 14977 |
| 2021 | 537538 | 333335 | 870873 | 17152 |
| 2022 | 659834 | 383452 | 1043286 | 18590 |
| 2023 | 854165 | 435742 | 1289907 | 23214 |
| 2024 | 1018036 | 539829 | 1557865 | 26853 |
| 2025<sup>(3)</sup> | 1009109 | 593067 | 1602176 | 27252 |
| 2026<sup>(4)</sup> | 889338 | 707477 | 1596815 | 28014 |

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*Sources: Bureau of the Treasury; Department of Finance.* 

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Notes:

(1) Excludes debt service in respect of Government debt that is on-lent to GOCCs and other public sector entities
guaranteed by the Government and debt originally guaranteed by other public sector entities for which the guarantee has been assumed by the Government.

(2) Amounts in pesos were translated into U.S. dollars using the applicable Bangko Sentral reference exchange rates
at the end of each period. For the period from 2024 to 2025, amounts in pesos were translated into U.S. dollars using the Bangko Sentral's reference exchange rates at the end of the applicable period.

(3) Data as of November 30, 2025.

(4) Projection based on Budget of Expenditures and Sources of Financing FY 2026. Amounts in pesos were translated
into U.S dollar using DBCC approved exchange rate (P57.0/USD-midpoint). Principal payment includes settlement of promissory note to BSP for advances made in 2016 to cover increase in IMF quota subscription.

***Direct External Debt of the Republic***

The following table summarizes the outstanding direct external debt of the Republic as of the dates indicated.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Outstanding Direct External Debt of the Republic<sup>(1)(2)</sup><br>As of December 31,** | **Outstanding Direct External Debt of the Republic<sup>(1)(2)</sup><br>As of December 31,** | **Outstanding Direct External Debt of the Republic<sup>(1)(2)</sup><br>As of December 31,** | **Outstanding Direct External Debt of the Republic<sup>(1)(2)</sup><br>As of December 31,** | **Outstanding Direct External Debt of the Republic<sup>(1)(2)</sup><br>As of December 31,** | **Outstanding Direct External Debt of the Republic<sup>(1)(2)</sup><br>As of December 31,** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025<sup>(3)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  Loans |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multilateral | 19275 | 22574 | 25155 | 28890 | 33212 | 35975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bilateral | 8042 | 8308 | 8581 | 9254 | 8949 | 10245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial | 2 | 1 | 1 | 0 | 0 | 0 |
|  **Total loans** | 27319 | 30883 | 33737 | 38144 | 42161 | 46220 |
|  Securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro Bonds | 2387 | 4609 | 4320 | 3811 | 3573 | 4406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yen Bonds | 2388 | 1687 | 1787 | 1615 | 966 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippine Peso Notes | 2700 | 1679 | 981 | 988 | 947 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chinese Yuan Bonds | 607 | 392 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Bonds | 29161 | 30553 | 34611 | 37418 | 39878 | 40647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Islamic Certificates | 0 | 0 | 0 | 1000 | 1000 | 1000 |
|  **Total securities** | 37243 | 38920 | 41699 | 44832 | 46364 | 47957 |
|  **Total** | **64562** | **69803** | **75436** | **82976** | **88525** | **94177** |

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*Sources: Bureau of the Treasury; Department of Finance.* 

Notes:

(1) Includes Government debt that is on-lent to GOCCs and other public sector entities. Excludes debt guaranteed by
the Government and debt originally guaranteed by other public sector entities for which the guarantee has been assumed by the Government. The table reflects debt of the Government only, and does not include any other public sector debt.

(2) Amounts in original currencies were translated into U.S. dollars using the applicable Bangko Sentral reference
exchange rates at the end of each period.

(3) Preliminary data as of November 30, 2025.

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The following table sets out, by designated currency and the equivalent amount in U.S. dollars, the outstanding direct external debt of the Republic as of the date indicated.

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| | | | |
|:---|:---|:---|:---|
|  | **Summary of Outstanding Direct External<br>Debt of the Republic by Currency<sup>(1)</sup><br>As of November 30, 2025** | **Summary of Outstanding Direct External<br>Debt of the Republic by Currency<sup>(1)</sup><br>As of November 30, 2025** | **Summary of Outstanding Direct External<br>Debt of the Republic by Currency<sup>(1)</sup><br>As of November 30, 2025** |
|  | **Amount in<br>Original<br>Currency** | **Equivalent<br>Amount in<br>$<sup>(3)</sup>** | **% of<br>Total** |
|  | **(in millions, unless otherwise indicated,<br>except percentages)** | **(in millions, unless otherwise indicated,<br>except percentages)** | **(in millions, unless otherwise indicated,<br>except percentages)** |
|  U.S. dollar | 74256 | 74256 | 78.9% |
|  Japanese yen | 1389730 | 8904 | 9.5% |
|  Euro | 8248 | 9564 | 10.2% |
|  Peso | 54794 | 933 | 1.0% |
|  Other currencies |  | 520 | 0.6% |
|  Total |  | 94177 | 100.0% |

---

*Sources: Bureau of the Treasury; Department of Finance.* 

Notes:

(1) Includes Government debt that is on-lent to GOCCs and other public sector entities. Excludes debt guaranteed by
the Government and debt originally guaranteed by other public sector entities for which the guarantee has been assumed by the Government. The table reflects debt of the Government only and does not include any other public sector debt.

(2) Includes Government debt that is on-lent to GOCCs and other public sector entities. Excludes debt guaranteed by
the Government and debt originally guaranteed by other public sector entities for which the guarantee has been assumed by the Government. The table reflects debt of the Government only and does not include any other public sector debt.

(3) Amounts in original currencies were translated into U.S. dollars using Bangko Sentral's reference
exchange rates as of December 1, 2025, which was the next business day following the end of the period indicated.

The following table sets out the direct external debt service requirements of the Republic for the years indicated.

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| | | | |
|:---|:---|:---|:---|
|  | **Direct External Debt Service<br>Requirements of the Republic<sup>(1)</sup>** | **Direct External Debt Service<br>Requirements of the Republic<sup>(1)</sup>** | **Direct External Debt Service<br>Requirements of the Republic<sup>(1)</sup>** |
| **Year** | **Principal<br>Repayments** | **Interest<br>Payments** | **Total** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| 2020<sup>(2)</sup> | 2949 | 2110 | 5059 |
| 2021<sup>(2)</sup> | 4671 | 1893 | 6564 |
| 2022<sup>(2)</sup> | 2325 | 2128 | 4453 |
| 2023<sup>(2)</sup> | 2180 | 3466 | 5646 |
| 2024<sup>(2)</sup> | 4125 | 3852 | 7977 |
| 2025<sup>(2)</sup> | 3659 | 3532 | 7192 |
| 2026<sup>(3)(4)</sup> | 2917 | 4255 | 7172 |

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*Sources: Bureau of the Treasury; Department of Finance.* 

Notes:

(1) Excludes debt service in respect of Government debt that is on-lent to GOCCs and other public sector entities
or guaranteed by the Government and debt originally guaranteed by other public sector entities for which the guarantee has been assumed by the Government.

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(2) Amounts in original currencies were translated into U.S. dollars using the applicable Bangko Sentral reference
exchange rates at the end of each period.

(3) Data as of November 30, 2025.

(4) Projection based on Budget of Expenditures and Sources of Financing FY 2026. Amounts in pesos were translated
into U.S dollar using DBCC approved exchange rate (P57.0/USD-midpoint).

***Government-Guaranteed Debt***

The following table sets out guarantees of indebtedness by the Republic, including guarantees assumed by the Government, as of the dates indicated.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Summary of Outstanding Guarantees of the Republic<sup>(1)(2)</sup><br>As of December 31,** | **Summary of Outstanding Guarantees of the Republic<sup>(1)(2)</sup><br>As of December 31,** | **Summary of Outstanding Guarantees of the Republic<sup>(1)(2)</sup><br>As of December 31,** | **Summary of Outstanding Guarantees of the Republic<sup>(1)(2)</sup><br>As of December 31,** | **Summary of Outstanding Guarantees of the Republic<sup>(1)(2)</sup><br>As of December 31,** | **Summary of Outstanding Guarantees of the Republic<sup>(1)(2)</sup><br>As of December 31,** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **2025<sup>(4)</sup>** |
|  | **(in billions)** | **(in billions)** | **(in billions)** | **(in billions)** | **(in billions)** | **(in billions)** |
|  Total (₱) | 458.3 | 423.9 | 399.0 | 349.4 | 346.7 | 356.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic (₱) | 254.4 | 195.1 | 205.8 | 181.8 | 255.5 | 267.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; External (₱) | 203.9 | 228.8 | 193.3 | 167.7 | 91.2 | 88.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; External ($)<sup>(3)</sup> | 4.2 | 4.5 | 3.5 | 3.0 | 1.6 | 1.5 |

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*Sources: Bureau of the Treasury; Department of Finance.* 

Notes:

(1) Includes debt originally guaranteed by the Government and debt guaranteed by other public sector entities for
which the guarantee has been assumed by the Government.

(2) Amounts in original currencies were translated into U.S. dollars or pesos, as applicable, using Bangko
Sentral's reference exchange rates at the end of each period.

(3) Amounts in original currencies were translated into U.S. dollars using the applicable Bangko Sentral reference
exchange rates as of the next business day following the end of the period indicated.

(4) Based on preliminary data as of November 30, 2025.

***Payment History of Foreign Debt***

The following table sets out the outstanding foreign-currency bonds issued by the Republic as of the dates indicated.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Foreign Currency Bonds Issued by the Republic<sup>(1)</sup>** | **Foreign Currency Bonds Issued by the Republic<sup>(1)</sup>** | **Foreign Currency Bonds Issued by the Republic<sup>(1)</sup>** | **Foreign Currency Bonds Issued by the Republic<sup>(1)</sup>** |
|  | **Original<br>Balance as of<br>Issue Date<sup>(2)</sup>** | **Outstanding<br>Balance as of<br>December 31,<br>2023<sup>(3)</sup>** | **Outstanding<br>Balance as of<br>December 31,<br>2024<sup>(4)</sup>** | **Outstanding<br>Balance as of<br>November 30,<br>2025<sup>(5)</sup>** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
|  U.S. dollar bonds | 71420.1 | 37418 | 39878 | 40647 |
|  Chinese Yuan Bond | 556.2 | 0 | 0 | 0 |
|  Euro Bonds | 8275.3 | 3811 | 3573 | 4406 |
|  Japanese yen bonds | 4013.3 | 1615 | 966 | 971 |
|  Islamic Certificates | 1000 | 1000 | 1000 | 1000 |
|  Total foreign-currency bonds | 85164.9 | 43844 | 45417 | 47024 |

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*Sources: Bureau of the Treasury; Department of Finance* 

Notes:

(1) Excludes debt securities of GOCCs and other public sector entities guaranteed by the Government.

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(2) Represents the aggregate of the original balances as of the issue dates of foreign currency bonds outstanding
as of October 31, 2025. Amounts in original currencies were translated into U.S. dollars using the applicable Bangko Sentral reference exchange rates prevailing on the date of issuance.

(3) Amounts in original currencies were translated into U.S. dollars using Bangko Sentral's reference
exchange rates as of January 2, 2024, which was the next business day following the end of the period indicated.

(4) Amounts in original currencies were translated into U.S. dollars using Bangko Sentral's reference
exchange rates as of January 2, 2025, which was the next business day following the end of the period indicated.

(5) Amounts in original currencies were translated into U.S. dollars using Bangko Sentral's reference
exchange rates as of December 1, 2025, which was the next business day following the end of the period indicated.