Public Debt Ledger

Ledger · Sovereign borrowing

Philippine national government external debt in pesos and dollars

The Philippines reported PHP 6.412 trillion in external national government debt at the end of September 2026, equivalent to USD 102.426 billion. Since December 2025, the balance rose 14.67% in pesos and 7.69% in dollars. The Bureau of the Treasury’s conversion rate changed over the same period.

Sources checked

Public Debt Ledger Editorial Team

Compare the indexed debt balancesOne external debt balance expressed in two currencies

Peso expression

Shared scale · 0 index to 114.67 index

  • December 2025100 index
  • January 2026103.89 index
  • February 2026101.59 index
  • March 2026106.47 index
  • April 2026108.29 index
  • May 2026108.22 index
  • June 2026111.38 index
  • July 2026112.31 index
  • August 2026113.87 index
  • September 2026114.67 index

December 2025 equals 100 for both series. Using an index makes the change in each currency directly comparable while the table retains the actual peso and dollar amounts.

Source 1 Source 2

The reporting rate changes the peso equivalent

The Treasury used PHP 58.790 per US dollar at the end of December 2025 and PHP 62.601 in September 2026. The latter rate assigns more pesos to a given number of dollars. The monthly table shows the published conversion rate alongside both reported values. Source 1

The two measures can move in opposite directions

Between January and February 2026, external debt edged up from USD 98,538 million to USD 98,554 million. Its peso equivalent fell from PHP 5,809,188 million to PHP 5,680,536 million. The conversion rate moved from PHP 58.954 to PHP 57.639 per dollar. The changes describe valuations of the stock and do not measure monthly disbursements. Source 1

Debt currency and the domestic or external split are different categories

The Treasury classified PHP 6,411,986 million as external debt in September. Its separate denomination table counted PHP 6,535,961 million of foreign-currency-denominated national government debt. The first number comes from the domestic-external split. The second comes from the currency breakdown across the portfolio. Source 1

Use the same coverage and release for comparisons

This table pairs observations from one Treasury release. It uses national government outstanding debt rather than adding guaranteed liabilities that the Treasury lists separately. The figures are balances at the stated reporting dates. Use the same coverage, publication and currency basis when comparing a different month. Source 1 Source 2

Sources

Open the data and source notes