Philippine National Debt Overview

Source: Bureau of the Treasury (BTr) Official Release

Total Outstanding National Debt

₱19,070,000,000,000

~₱19.07 Trillion

Sovereign interest payments equal approx. ₱28,450 / sec.

Debt Per Filipino Citizen

₱165,180

For every man, woman, and newborn child based on an estimated population of ~115.5 Million.

Every citizen shares in this sovereign obligation regardless of income or age.

Philippine Loans & Debt Tracker

A comprehensive record of foreign loans taken by the Philippine government across administrations.

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100 loans

Ferdinand Marcos Jr.Partido Federal ng Pilipinas

15 loans

2025ADBapproved

$2,640,000,000 ≈ ₱153,120,000,000

Infrastructure, Energy, Social Programs (3 loans)

2025BTr Domestic Marketdisbursed

₱121,160,000,000 ≈ $2,088,965,517

Aggregate outstanding domestic debt stock (government securities: T-bills, T-bonds, RTBs) as of year-end.

2025JICAapproved

$900,000,000 ≈ ₱52,200,000,000

NSCR Clark Phase 2 & Metro Manila Flood Control

2025World Bankapproved

$3,700,000,000 ≈ ₱214,600,000,000

Multi-sector: Agri, Social Protection, Climate

2024ADBdisbursed

$800,000,000 ≈ ₱46,400,000,000

Taguig-Pasig Urban Mobility (MRT-4 continuing)

2024BTr Domestic Marketdisbursed

₱109,300,000,000 ≈ $1,884,482,759

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2024JICAdisbursed

$1,300,000,000 ≈ ₱75,400,000,000

Davao City Bypass Road (45.5km, 4-lane)

2024World Bankdisbursed

$650,000,000 ≈ ₱37,700,000,000

Energy Transition & Carbon Pricing Support

2024World Bankdisbursed

$750,000,000 ≈ ₱43,500,000,000

National ID System Expansion (PhilSys)

2023ADBdisbursed

$1,000,000,000 ≈ ₱58,000,000,000

MRT-4 (Metro Manila East Rail)

2023BTr Domestic Marketdisbursed

₱102,000,000,000 ≈ $1,758,620,690

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2023JICAdisbursed

$1,300,000,000 ≈ ₱75,400,000,000

Pasig-Marikina River Channel Improvement Phase IV

2023World Bankdisbursed

$1,000,000,000 ≈ ₱58,000,000,000

Philippines Sustainable Agriculture Transformation

2022ADBdisbursed

$600,000,000 ≈ ₱34,800,000,000

Ecozone and Logistics Dev. Infrastructure

2022World Bankdisbursed

$750,000,000 ≈ ₱43,500,000,000

Accelerating PH Human Capital Investments

Rodrigo DutertePDP-Laban

25 loans

2022BTr Domestic Marketdisbursed

₱92,084,000,000 ≈ $1,587,655,172

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2022China Eximdisbursing

$350,000,000 ≈ ₱20,300,000,000

Davao-Samal Island Bridge

2021ADBdisbursed

$1,000,000,000 ≈ ₱58,000,000,000

Social Protection Support Program (post-COVID)

2021BTr Domestic Marketdisbursed

₱81,704,140,000 ≈ $1,408,692,069

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2021JICAdisbursed

$1,200,000,000 ≈ ₱69,600,000,000

Metro Manila Subway Phase 1 continuation

2021World Bankdisbursed

$600,000,000 ≈ ₱34,800,000,000

PH COVID-19 Vaccine Access & Health System Strengthening

2020ADBdisbursed

$2,500,000,000 ≈ ₱145,000,000,000

COVID-19 Active Response & Expenditure Support (CARES)

2020AIIBdisbursed

$750,000,000 ≈ ₱43,500,000,000

COVID-19 Crisis Recovery Support Program

2020BTr Domestic Marketdisbursed

₱66,946,870,000 ≈ $1,154,256,379

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2020JICAdisbursed

$1,000,000,000 ≈ ₱58,000,000,000

NSCR — Malolos to NAIA Link

2020World Bankdisbursed

$1,000,000,000 ≈ ₱58,000,000,000

Emergency Development Policy Loan (COVID)

2020World Bankdisbursed

$500,000,000 ≈ ₱29,000,000,000

PH COVID-19 Emergency Response Project

2019ADBdisbursed

$750,000,000 ≈ ₱43,500,000,000

Health Human Resource Dev. Program

2019BTr Domestic Marketdisbursed

₱51,276,000,000 ≈ $884,068,966

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2019China Eximcancelled

$2,000,000,000 ≈ ₱116,000,000,000

Mindanao Railway Project Phase 1 (Tagum-Davao-Digos)

Reason: Cancelled 2022 by Marcos Jr. administration

2019JICAdisbursed

$1,800,000,000 ≈ ₱104,400,000,000

Metro Manila Subway Phase 1 (33km)

2018ADBdisbursed

$600,000,000 ≈ ₱34,800,000,000

Malolos-Clark Railway (co-financed NSCR)

2018BTr Domestic Marketdisbursed

₱47,768,590,000 ≈ $823,596,379

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2018China Eximcancelled

$940,000,000 ≈ ₱54,520,000,000

Subic-Clark Railway Project (SCRP)

Reason: Cancelled 2022 by Marcos Jr. administration

2018World Bankdisbursed

$900,000,000 ≈ ₱52,200,000,000

Disaster Risk Finance & Resilience Program

2017ADBdisbursed

$500,000,000 ≈ ₱29,000,000,000

Financial Sector Development Program II

2017BTr Domestic Marketdisbursed

₱44,412,600,000 ≈ $765,734,483

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2017China Eximdisbursing

$183,000,000 ≈ ₱10,614,000,000

Kaliwa Dam (New Centennial Water Source)

2017JICAdisbursed

$1,500,000,000 ≈ ₱87,000,000,000

NSCR Malolos-Clark extension

2016China Eximdisbursed

$167,000,000 ≈ ₱9,686,000,000

Chico River Pump Irrigation Project

Benigno Aquino IIILiberal Party

17 loans

2016BTr Domestic Marketdisbursed

₱39,340,970,000 ≈ $678,292,586

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2016World Bankdisbursed

$600,000,000 ≈ ₱34,800,000,000

Unified Leyte Geothermal Power Rehab

2015ADBdisbursed

$500,000,000 ≈ ₱29,000,000,000

Inclusive Finance Development Program

2015BTr Domestic Marketdisbursed

₱38,843,800,000 ≈ $669,720,690

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2015JICAdisbursed

$1,200,000,000 ≈ ₱69,600,000,000

Metro Manila Bus Rapid Transit; NSCR continuation

2014ADBdisbursed

$600,000,000 ≈ ₱34,800,000,000

NSCR — Clark Phase 1

2014BTr Domestic Marketdisbursed

₱38,206,030,000 ≈ $658,724,655

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2014World Bankdisbursed

$400,000,000 ≈ ₱23,200,000,000

Public-Private Partnership Program

2013BTr Domestic Marketdisbursed

₱37,334,220,000 ≈ $643,693,448

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2013JICAdisbursed

$800,000,000 ≈ ₱46,400,000,000

Metro Manila Subway Feasibility & Early Works

2013World Bankdisbursed

$500,000,000 ≈ ₱29,000,000,000

Typhoon Haiyan Emergency Recovery Loan

2012ADBdisbursed

$450,000,000 ≈ ₱26,100,000,000

Judicial Reform Support

2012BTr Domestic Marketdisbursed

₱34,683,750,000 ≈ $597,995,690

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2012World Bankdisbursed

$500,000,000 ≈ ₱29,000,000,000

Conditional Cash Transfer (Pantawid) Expansion

2011ADBdisbursed

$300,000,000 ≈ ₱17,400,000,000

Strengthening Revenue Admin Program

2011BTr Domestic Marketdisbursed

₱28,733,570,000 ≈ $495,406,379

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2011JICAdisbursed

$1,100,000,000 ≈ ₱63,800,000,000

North-South Commuter Railway (NSCR) Phase 1 begins

Gloria Macapagal-ArroyoLakas-CMD

27 loans

2010BTr Domestic Marketdisbursed

₱27,182,020,000 ≈ $468,655,517

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2010JICAdisbursed

$900,000,000 ≈ ₱52,200,000,000

Laguna de Bay Institutional Strengthening & CW Mgmt

2009ADBdisbursed

$750,000,000 ≈ ₱43,500,000,000

Countercyclical Support Facility (GFC response)

2009BTr Domestic Marketdisbursed

₱24,700,400,000 ≈ $425,868,966

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2009IMFfully repaid

$1,000,000,000 ≈ ₱58,000,000,000

Flexible Credit Line (FCL) — Crisis Buffer

2009World Bankdisbursed

$500,000,000 ≈ ₱29,000,000,000

Development Policy Loan (COVID precursor)

2008ADBdisbursed

$500,000,000 ≈ ₱29,000,000,000

Infrastructure Reform

2008BTr Domestic Marketdisbursed

₱24,144,280,000 ≈ $416,280,690

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2008World Bankdisbursed

$200,000,000 ≈ ₱11,600,000,000

Rural Power Project

2007ADBdisbursed

$400,000,000 ≈ ₱23,200,000,000

Financial Sector Program

2007BTr Domestic Marketdisbursed

₱22,011,670,000 ≈ $379,511,552

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2007JICAdisbursed

$700,000,000 ≈ ₱40,600,000,000

North Rail Transit Project (NTR) Phase 1

2006BTr Domestic Marketdisbursed

₱21,540,780,000 ≈ $371,392,759

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2006JICAdisbursed

$850,000,000 ≈ ₱49,300,000,000

Metro Manila Flood Control Phase II

2005ADBdisbursed

$350,000,000 ≈ ₱20,300,000,000

Development Policy Support

2005BTr Domestic Marketdisbursed

₱21,642,930,000 ≈ $373,153,966

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2005World Bankdisbursed

$250,000,000 ≈ ₱14,500,000,000

Public Expenditure Reform

2004BTr Domestic Marketdisbursed

₱20,012,200,000 ≈ $345,072,414

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2004JICAdisbursed

$600,000,000 ≈ ₱34,800,000,000

South Luzon Expressway Improvement

2003ADBdisbursed

$300,000,000 ≈ ₱17,400,000,000

Road Network Improvement

2003BTr Domestic Marketdisbursed

₱17,037,810,000 ≈ $293,755,345

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2003World Bankdisbursed

$200,000,000 ≈ ₱11,600,000,000

Social Expenditure Management Program

2002ADBdisbursed

$250,000,000 ≈ ₱14,500,000,000

Power Sector Restructuring Program

2002BTr Domestic Marketdisbursed

₱14,712,020,000 ≈ $253,655,517

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2002JICAdisbursed

$400,000,000 ≈ ₱23,200,000,000

Metro Manila Urban Transport Integration (MRT-3 related)

2001BTr Domestic Marketdisbursed

₱12,476,830,000 ≈ $215,126,379

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

2001World Bankdisbursed

$300,000,000 ≈ ₱17,400,000,000

Structural Adjustment / Fiscal Consolidation

Joseph EstradaPMP

3 loans

2000BTr Domestic Marketdisbursed

₱10,682,000,000 ≈ $184,172,414

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

1999BTr Domestic Marketdisbursed

₱9,784,040,000 ≈ $168,686,897

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

1999JICAdisbursed

$420,000,000 ≈ ₱24,360,000,000

Mindanao Arterial Road Improvement Project

Fidel V. RamosLakas-NUCD

9 loans

1998BTr Domestic Marketdisbursed

₱8,509,310,000 ≈ $146,712,241

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

1997ADBfully repaid

$1,000,000,000 ≈ ₱58,000,000,000

Asian Financial Crisis Emergency Support Facility

1997BTr Domestic Marketdisbursed

₱7,496,080,000 ≈ $129,242,759

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

1996BTr Domestic Marketdisbursed

₱7,420,570,000 ≈ $127,940,862

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

1995BTr Domestic Marketdisbursed

₱7,183,950,000 ≈ $123,861,207

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

1995JICAdisbursed

$550,000,000 ≈ ₱31,900,000,000

Metro Manila Skyway Stage 1 & Expressway Decongestion

1994BTr Domestic Marketdisbursed

₱6,649,780,000 ≈ $114,651,379

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

1993ADBdisbursed

$300,000,000 ≈ ₱17,400,000,000

Power Sector Fast-Track Energy Program

1993BTr Domestic Marketdisbursed

₱6,768,670,000 ≈ $116,701,207

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

Corazon AquinoUNIDO

4 loans

1992BTr Domestic Marketdisbursed

₱4,979,170,000 ≈ $85,847,759

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

1992Commercial Banksfully repaid

$4,500,000,000 ≈ ₱261,000,000,000

Philippine Brady Bonds Commercial Debt Restructuring Plan

1991BTr Domestic Marketdisbursed

₱3,378,900,000 ≈ $58,256,897

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

1990BTr Domestic Marketdisbursed

₱3,004,410,000 ≈ $51,800,172

Aggregate outstanding domestic debt stock (government securities and loans) as of year-end.

Lender Breakdown

Browse Creditors Directory

Lender	Type	Total Outstanding (USD)	Loan Count	% of Total
BTr Domestic Market	Domestic	$21,121,287,586	40	26.6%
JICA	Bilateral Japan	$16,520,000,000	17	20.8%
ADB	Multilateral	$16,090,000,000	21	20.3%
World Bank	Multilateral	$13,800,000,000	19	17.4%
Commercial Banks	Bond	$4,500,000,000	1	5.7%
US Ex-Im Bank	Other	$2,300,000,000	1	2.9%
IMF	Imf	$1,840,000,000	2	2.3%
Paris Club	Other	$1,800,000,000	2	2.3%
AIIB	Multilateral	$750,000,000	1	0.9%
China Exim	Bilateral China	$700,000,000	3	0.9%
Total		$79,421,287,586	107	100%