Republic Of The Philippines 18-K Annual report (foreign governments)

Exhibit 99.D

DESCRIPTION OF THE REPUBLIC OF THE PHILIPPINES

TABLE OF CONTENTS

	Page
CERTAIN DEFINED TERMS AND CONVENTIONS		D-2
SUMMARY REPUBLIC OF THE PHILIPPINES		D-4
REPUBLIC OF THE PHILIPPINES		D-6
DEBT TABLES OF THE REPUBLIC OF THE PHILIPPINES		D-119

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CERTAIN DEFINED TERMS AND CONVENTIONS

Statistical information included in this prospectus is the latest official data publicly available at the date of this prospectus. Financial data provided in this prospectus may be subsequently revised in accordance with the Republic’s ongoing maintenance of its economic data, and that revised data will not be distributed by the Republic to any holder of the Republic’s securities. As used in this prospectus, the term “N/A” identifies statistical or financial data that is not available.

All references in this prospectus (a) to the “Republic” or the “Philippines” are to the Republic of the Philippines, (b) to the “Government” are to the national government of the Philippines and (c) to “Bangko Sentral” are to Bangko Sentral ng Pilipinas, the central bank of the Philippines.

The fiscal year of the Government commences on January 1 of each year and ends on December 31 of such year.

Unless otherwise indicated, all references in this prospectus to “Philippine Pesos,” “pesos” or “₱” are to the lawful national currency of the Philippines, those to “dollars,” “U.S. dollars” or “$” are to the lawful currency of the United States of America, those to “euro” and “€” are to the currency introduced on January 1, 1999 at the start of the third stage on European Economic and Monetary Union and those to “Japanese yen,” “yen” or “JPY” are to the lawful national currency of Japan. References to “SDR” are to Special Drawing Rights of the International Monetary Fund (the “IMF”).

This prospectus contains translations of some peso amounts into U.S. dollars for the convenience of the reader. Unless otherwise specified, the translations were made at the exchange rate as stated in the Bangko Sentral Reference Exchange Rate Bulletin published by the Treasury Department of the Bangko Sentral on the relevant date. No representation is made that the peso amounts actually represent the U.S. dollar amounts or could have been converted into U.S. dollars at the rates indicated, at any particular rate or at all.

Economists show Gross Domestic Product (“GDP”) and Gross National Income (“GNI”) in both current and constant market prices. GDP and GNI at current market prices value a country’s output using the actual prices for each year, whereas GDP and GNI at constant market prices (also referred to as “real” GDP and GNI) value output using the prices from a base year, thereby eliminating the distorting effects of inflation and deflation. In the first quarter of 2011, the standards under the Philippine System of National Accounts (the “PSNA”) for the calculation of GDP and GNI (known as gross national product (“GNP”) prior to the 2011 revisions) were revised, changing the constant base year for these calculations from 1985 to 2000. In April 2020, the PSNA further revised the PSNA standards, changing the constant base year for GDP and GNI calculations from 2000 to 2018. See “—GDP and Major Financial Indicators.” In this prospectus, unless otherwise specified, data has been presented on the basis of the PSNA standards as revised in 2020. Unless otherwise specified, growth figures for GDP and GNI in this prospectus and any prospectus supplement are period-on-period comparisons of real GDP and GNI, respectively, using the year ended December 31, 2018 as the base year. In March 2020, the Government stopped reporting GDP and GNI figures based on the year ended December 31, 2000.

The balance of payments statistics released by the Bangko Sentral are based on the trade-in-goods statistics compiled by the National Statistics Office (the “NSO”). In March 2013, the Bangko Sentral adopted the sixth edition of the IMF’s Balance of Payments Manual (“BPM6”) framework covering balance of payments statistics for 2011 onwards, pursuant to which the property income and expense accounts have been revised. Unless otherwise specified, balance of payments statistics in this prospectus and any prospectus supplement are presented on a BPM6 basis. As a result, these statistics may be different from data previously reported by the Republic.

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In July 2013, the Bangko Sentral adopted a system for compiling and reporting monetary statistics called the Standardized Report Forms (the “SRF”) format as part of the Bangko Sentral’s adherence to international best practices in statistical compilation. The SRF is a unified international framework for reporting monetary and financial statistics to the IMF. Under the SRF, foreign and domestic assets reported by the Bangko Sentral are no longer presented net of liabilities; rather, liabilities are reported separately. The presentation of general Government assets, however, remains net of liabilities. The adoption of the SRF system did not result in any change to overall monetary balances. However, the Bangko Sentral has, in connection with the adoption of the SRF, also implemented certain recommendations from the IMF pertaining to the inclusion of unsecured subordinated debt and accrued interest expense, which has given rise to minor changes in amounts previously reported.

Any discrepancies in the tables included herein between the amounts listed and the totals thereof are due to rounding.

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SUMMARY REPUBLIC OF THE PHILIPPINES

General

The Philippine archipelago has over 7,000 islands with a total land area of approximately 300,000 square kilometers. The islands are grouped into three geographic regions: Luzon, the largest island, in the north, covering an area of 141,395 square kilometers; Visayas in the central region, covering an area of 56,606 square kilometers; and Mindanao in the south, covering an area of 101,999 square kilometers. Manila is the Republic’s capital. As of the 2015 Census of Population and Housing (the “2015 Census”) conducted by the NSO, the Republic’s population was estimated at approximately 101.0 million.

Government and Politics

The Republic’s current constitution (the “Constitution”) was adopted by plebiscite in 1987. The ratification of the Constitution in 1987 restored a presidential form of government consisting of three branches: executive, legislative and judiciary. Executive power is vested in the President, who is elected by direct popular vote and who may serve one term of six years. Legislative authority is vested in the Congress of the Philippines, which consists of the Senate and the House of Representatives. Judicial power is vested in the Supreme Court and in various lower courts.

Economy

The Philippines has a mixed economy in which the Government is directly engaged in certain economic activities through government financial institutions (“GFIs”) and government-owned and controlled corporations (“GOCCs”), which are corporations of which at least 51% of the capital stock is owned by the Government either directly or indirectly through its instrumentalities. The Government actively encourages domestic and foreign private investment. The Philippines has undertaken liberalization of trade and investment in tandem with the deregulation of the financial system, foreign exchange liberalization, tax reforms, acceleration of privatization, enhancement of competition in the provision and operation of public utilities, and deregulation of the oil and power industries.

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Selected Economic Information of the Republic of the Philippines

	2017			2018			2019			2020			2021			2022 (1)
	(₱ in billions, except as indicated)
GDP (at then-current market prices)		16,556.7			18,265.2			19,517.9			17,951.6			19,410.6			10,322.8
GDP (at constant 2018 prices)		17,176.0			18,265.2			19,382.8			17,537.8			18,538.1			9,603.3
GDP per capita, PPP concept (in $ at then-current market prices)(2)		8,199			8,793			9,363			8,458			9,101			10,500
GDP growth rate (%) (at constant 2018 prices)		6.9			6.3			6.1			(9.5	)		5.7			7.8
Consumer price inflation rate (2018 CPI basket)(3)		2.9			5.2			2.4			2.4			3.9			4.7	(15)
Government surplus/(deficit) as % of GDP (at then-current market prices)		(2.1	)		(3.1	)		(3.4	)		(7.6	)		(8.6	)		(6.5	)(15)
Government debt at end of period as % of GDP (at then-current market prices)		40.2			39.9			39.6			54.6			60.4			62.1	(14)
Public sector borrowing requirement(4)		(314	)		(547	)		(626	)		(1,349	)		(1,813	)		N/A
Consolidated public sector financial position(6)		(4.6	)		(171.0	)		(184.6	)		(981.6	)		(1,639.0	)		N/A
Current account surplus/(deficit) as % of GDP (at then-current market prices)		(0.7	)		(2.6	)		(0.8	)		3.2			(1.8	)(5)		(5.0	)(5)
Overall balance of payments position at end of period as % of GDP (at then-current market prices)(7)		(0.3	)		(0.7	)		2.1			4.4			0.3	(5)		0.5	(5)
Direct domestic debt of the Government (in million ₱)(8)(9)		4,441,260			4,776,859			5,127,600			6,694,687			8,170,414			8,832,181	(15)
Direct external debt of the Government (in million $)(9)(10)		44,261			47,860			51,252			64,562			69,803			73,311	(15)
Public sector domestic debt(11)		5,830.7			6,065.3			6,307.7			6,712.4			7,315.0			N/A
Public sector external debt(10)(11)		2,562.4			2,891.8			2,966.9			3,406.7			3,940.0			N/A
Unemployment rate (%)		5.7			5.3			5.1			10.3			6.6	(12)		5.2	(14)
Gross international reserves (in billion $)(9)(13)		81.6			79.2			87.8			110.1			108.8			99.8	(15)

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

Notes:

(1) Preliminary data as of June 30, 2022, 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) 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. 2022 figures are based on preliminary data as of July 31, 2022. 2022 data is an average of monthly inflation figures.

(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) Preliminary data as of March 31, 2022 (as indicated).

(6) Comprises the aggregate 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.

(7) 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.

(8) 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.

(9) 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.

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

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

(12) Preliminary results as of December 2021 based on the 2021 Annual Estimates of Labor Force Survey December rounds.

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

(14) Preliminary results as of July 2022 based on the July 2022 Labor Force Survey.

(15) Preliminary data as of July 31, 2022.

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REPUBLIC OF THE PHILIPPINES

History, Land and People

History

Spain governed the Philippines as a colony from 1521 until 1898. On June 12, 1898, during the Spanish-American War, the Filipinos declared their independence. The United States claimed sovereignty over the Philippines under the 1898 Treaty of Paris, which ended the Spanish-American War, and governed the Philippines as a colony until 1935, when the Philippines became a self-governing commonwealth. On July 4, 1946, the Philippines became an independent republic.

Geography and General Information

The Philippine archipelago, located in Southeast Asia, comprises over 7,000 islands and a total land area of approximately 300,000 square kilometers. The Republic groups the islands into three geographic regions: Luzon in the north, covering an area of 141,395 square kilometers, Visayas in the center, covering an area of 56,606 square kilometers, and Mindanao in the south, covering an area of 101,999 square kilometers. The Republic is also divided into 17 administrative regions.

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Note: For a discussion of territorial disputes over certain islands in the West Philippine Sea, see “—Government—Territorial Dispute over the West Philippine Sea”.

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2020 Census

The Republic’s population was 109.0 million according to the 2020 Census, representing an increase of 9.4% or 8.1 million people as compared to the 2015 Census and an increase of 18.1% or 16.7 million people as compared to the 2010 Census. The Republic’s population increased by 1.6% annually, on average, during the period from 2015 to 2020, which was lower than the 1.7% average annual growth rate during the period from 2010 to 2015. Of the Republic’s 17 administrative regions, Region IV-A (Calabarzon) had the largest population in 2020 at 16.2 million, followed by the National Capital Region with 13.5 million and Region III (Central Luzon) with 12.4 million. The combined population of these three regions accounted for approximately 38.6% of the Republic’s population in 2020. The Bangsamoro Autonomous Region of Muslim Mindanao (“BARMM”), formerly known as the Autonomous Region in Muslim Mindanao (the “ARMM”), was the fastest growing region during the period from 2015 to 2020, with an average annual population growth rate of 3.1%. Of the Republic’s 81 provinces, Cavite was the most populous in 2020 at 4.3 million, followed by Bulacan at 3.7 million and Laguna at 3.4 million. In total, 29 provinces had populations in excess of 1.0 million.

The Republic has a relatively young population, with about 40% of the population under the age of 20 and a median age of 25.3, according to the 2020 Census.

The following table shows the population of the Republic, by age group, according to the 2020 Census.

2020 Household Population by Age

Age group	Total household population		Percentage of total population in age group
Under 5		11,066,707		10.2	%
5-9		11,266,823		10.4	%
10-14		11,080,715		10.2	%
15-19		10,459,186		9.6	%
20-24		9,969,846		9.2	%
25-29		9,172,896		8.4	%
30-34		8,120,568		7.5	%
35-39		7,179,320		6.6	%
40-44		6,491,312		6.0	%
45-49		5,571,168		5.1	%
50-54		4,941,712		4.5	%
55-59		4,124,118		3.8	%
60-64		3,367,223		3.1	%
65-69		2,393,521		2.2	%
70-74		1,575,398		1.4	%
75-79		930,610		0.9	%
80 and over		955,920		0.9	%
Total		108,667,043		100.0	%
Median Age		25.3

Source: Philippine Statistics Authority, 2020 Census.

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The majority of Filipinos have Malay ethnic origins. Filipino culture also includes strong Spanish, Chinese, and American influences. Filipino is the national language, but English is the primary language used in business, government and education. The population speaks over 80 other dialects and languages, including Chinese and Spanish. As of 2019, the Republic’s functional literacy rate was 91.6%.

Christianity, primarily Roman Catholicism, is the predominant religion in the Philippines. A significant Muslim minority lives in Mindanao.

Government

Governmental Structure

Since 1935, the Republic has had three constitutions. The country adopted the current Constitution by plebiscite in February 1987 after Ferdinand E. Marcos, who had ruled for 20 years, was ousted a year earlier in favor of Corazon Aquino (who opposed Marcos in the 1986 presidential election) following a people’s uprising. The Constitution restored a presidential form of government composed of three branches: executive, legislative, and judicial.

The principal features of each branch are as follows:

• Executive—The President, elected by popular vote for a single, six-year term, exercises executive power. If the President dies, becomes permanently disabled, is removed from office, or resigns, the Vice President acts as President for the remainder of the term. If the Vice President cannot serve, the President of the Senate or, if he or she cannot serve, the Speaker of the House of Representatives acts as President until the election and qualification of a new President or Vice President. The person acting as President for any remaining term may, if elected, serve a six-year term as President. President Ferdinand “Bongbong” R. Marcos Jr. commenced serving his six-year term on July 1, 2022, and his term will end on June 30, 2028.

• Legislative—The Congress, comprising the Senate and the House of Representatives, exercises the Republic’s legislative authority. The Constitution mandates a Senate of 24 members and a House of Representatives of not more than 250 members (excluding sectoral representatives), all elected by popular vote. Senators serve for a term of six years and members of the House of Representatives for a term of three years. Senate and House of Representatives seats are subject to two consecutive term and three consecutive term limits, respectively. In May 2022, elections were held for 12 Senators and all members of the House of Representatives, who, together with the 12 Senators who did not face re-election, constitute the 19th Congress of the Republic.

• Judicial—The Supreme Court and any lower courts established by law exercise the Republic’s judicial authority. The Republic’s court system is a multi-tiered system of courts of general jurisdiction that includes the Supreme Court and the Court of Appeals. Below these are the Regional Trial Courts, Metropolitan Trial Courts, Municipal Trial Courts and Municipal Circuit Trial Courts, which are all courts of original jurisdiction.

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Recent National Elections

On May 9, 2022, national and local elections were held throughout the Philippines, including the election of the president and vice president of the Republic, and elections for 12 senators and all members of the House of Representatives. President Ferdinand “Bongbong” R. Marcos, Jr. of the Partido Federal ng Pilipinas and Vice President Sara Z. Duterte of Lakas-CMD were elected and took office on July 1, 2022, marking the end of the former President Rodrigo R. Duterte’s six-year term. The next national and local elections in the Philippines are scheduled for May 2025.

Corruption Investigations and Other Proceedings

In the last few years, a number of current and past officials of the Government have been investigated or indicted for graft, corruption, plunder, extortion, bribery, or usurpation of authority, including, among others, former President Gloria Macapagal-Arroyo and former President Benigno Aquino. In July 2016, the Supreme Court acquitted former president Arroyo of plunder, and she was subsequently elected as the Speaker of the House of Representatives of the Philippines in 2018. Various other politicians and other public figures are still awaiting trial on similar charges. In addition, there have been impeachment proceedings against two then presidents as well as one then chief justice of the Supreme Court.

Political Violence

Political violence is not uncommon in the Republic. As of September 2019, more than 20 mayors and vice-mayors in the Philippines have been killed, some of these officials were alleged to have been involved in the illegal drug trade. In December 2019, a special court convicted eight members of the Ampatuan family, members of which governed the southern province of Maguindanao for decades, along with 20 other defendants on multiple counts of murder for their roles in a 2009 ambush on an election motorcade, which killed 57 people, including political opponents of the Ampatuan family and 30 journalists.

Efforts Against the Illegal Drug Trade

Former President Duterte made fighting the illegal drug trade a central focus of his administration. Since July 1, 2016, the Philippine National Police (“PNP”) arrested more than 345,000 individuals allegedly involved in illegal drugs, including more than 15,000 high-value targets over the course of more than 239,000 drug operations. Representatives of certain international organizations and foreign nations, including the Office of the High Commissioner for Human Rights of the United Nations and the United States, have expressed concern over reports of extrajudicial killings in the Republic in connection with these operations. In December 2019, lawmakers in the United States proposed legislation that would impose travel restrictions and financial sanctions on officials found to be involved in extrajudicial killings and the imprisonment of former Philippine Senator De Lima, a prominent critic of the Duterte administration’s operations against illegal drugs. In September 2021, the International Criminal Court opened an investigation of whether or not the crime against humanity of murder was committed between November 1, 2011 and March 16, 2019 in the context of the “war on drugs”. The Marcos administration intends to continue operations against illegal drugs, with a clearer focus on abuse prevention, education, and the improvement of rehabilitation centers.

Administrative Organization

As of June 30, 2022, the Republic had 17 administrative regions and 43,761 local government units. Local government units included 81 provinces, 146 cities, 1,488 municipalities (subdivisions of provinces), and 42,046 barangays. Highly urbanized cities function independently of any province, while other cities are subject to the administrative supervision of the provinces in which they are located.

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The Government is organized primarily around the various departments and department-equivalent agencies of the executive branch, which implement the various programs and projects of the Government. The departments and department-equivalent agencies are grouped into the following five sectors.

Sector	Major Department
Social services	Health; Education, Culture and Sports; Labor and Employment; Social Welfare and Development; Migrant Workers
Economic services	Agriculture; Agrarian Reform; Energy; Environment and Natural Resources; Tourism; Trade and Industry; Public Works and Highways; Transportation and Communications; Science and Technology
Defense	National Defense
General public services	Foreign Affairs; Finance; Budget and Management; Interior and Local Government; Justice; National Economic and Development Authority; Office of the Press Secretary; Autonomous Region of Muslim Mindanao; Cordillera Administrative Region
Constitutional offices	General Public Services (Elections, Audit, Civil Service, Public Order and Safety, Office of the Ombudsman); Social Services (Human Rights)

Devolution of Certain Executive Branch Functions

On June 1, 2021, then President Duterte signed Executive Order 138, which directs the full devolution of certain national government functions to local government units by no later than 2024. National government functions expected to be devolved to local governments include, among others, those related to local infrastructure, health care, livelihood, agriculture, and social welfare. Under Executive Order 138, national government agencies would instead assume more strategic and steering functions going forward to address persistent development issues.

The Republic is currently in various stages of implementing Executive Order 138. In August 2022, President Marcos ordered a team led by the Department of the Interior and Local Government to study issues pertaining to devolution and decentralization of functions of the local and national governments.

Government Corporations

The Government owns or controls a number of corporations that provide essential goods and services to the public and work with the private sector to encourage economic growth and development. Originally restricted to basic public services and national monopolies, the number of GOCCs grew from 13 in the 1930s to 301 by 1984. GOCCs are fiscally significant as major contributors to government revenue or as recipients of direct and indirect support from government revenue. At the height of the COVID-19 pandemic in 2020, GOCCs contributed over ₱100.0 billion through dividend remittances to the Government, which was used to fund social and health related expenditures, as well as to provide financial relief for industries severely impacted by the COVID-19 pandemic.

As of December 31, 2020, there were 118 GOCCs. GOCCs, including GFIs, currently account for a significant proportion of the public sector’s domestic and external debt. The Government closely monitors the contribution to the public sector deficit or surplus, and other financial indicators, of two GFIs that provide credit to enterprises in support of public policies: Land Bank of the Philippines (“LBP”) and Development Bank of the Philippines (“DBP”). As of December 31, 2020, DBP and LBP had aggregate domestic and external liabilities of around ₱3.2 trillion, which represented 58.5% of the liabilities owed by GOCCs.

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As of December 31, 2020, LBP was the largest contributor to the liabilities owed by GFIs and to the liabilities owed by all GOCCs, with liabilities of ₱2.2 trillion representing 58.2% of the liabilities owed by GFIs and 40.4% of the liabilities owed by all GOCCs. DBP was the second largest contributor to the liabilities owed by GFIs and the third largest contributor to the liabilities owed by all GOCCs, with liabilities of ₱978.0 billion representing 26.0% of the liabilities owed by GFIs and 18.05% of the liabilities owed by all GOCCs.

The Government also closely monitors certain GOCCs engaged in various major business activities (the “major GOCCs”) by recording their individual contributions to the public sector deficit or surplus position and other financial indicators. Based on audited financial statements, as of December 31, 2020, the major GOCCs had aggregate domestic and external liabilities of approximately ₱14.9 trillion, which represented 96.9% of the liabilities owed by all GOCCs and 83.0% of GDP , an increase compared to the 7.7% of GDP in 2019. In 2020, the Government counted 31 major GOCCs.

The Government has in recent years implemented a general policy to improve the corporate governance and financial performance of GOCCs by encouraging adequate contribution by these GOCCs to the Government’s fiscal consolidation efforts, integrity, efficient and effective delivery of public services, sustainability, transparency, and accountability. Further to its privatization strategies, the Government has also sought decreased intervention in the business affairs of other GOCCs in view of its policy objective for GOCCs to be self-sustaining; however, in certain instances, the Government supports the transactions of such corporations by acting as guarantor for obligations and providing such other assistance as it deems necessary and as may be allowable under law. Since 2011, several GOCCs have either been privatized or abolished by the Government, or have been classified as inactive, non-operational, or otherwise disposed of by the Government.

Marcos Administration Policy

In his first State of the Nation Address on July 25, 2022, President Marcos announced his agenda and priorities for his six-year term in office. The President outlined the government’s agenda for economic recovery and development, agriculture, tourism, social welfare, public health, education, infrastructure development and energy, climate change, migrant workers, and foreign policy.

President Marcos called for improvements to the government’s fiscal management and expenditure priorities. He called for improvements to the tax system to be more responsive to the digital economy. President Marcos also set key macroeconomic targets, including increasing GDP growth, cutting the poverty rate, and reducing the government debt-to-GDP ratio, and called on the National Economic Development Authority (“NEDA”) to formulate a new national development plan.

The President also described reforms to help address the effects of inflation and the impact of the COVID-19 pandemic. These include imposing a moratorium on payment of land amortization payments, extending financial assistance, and providing technology and production assistance for farmers. President Marcos also called for a revitalization of the country’s tourism industry, coupled with infrastructure improvements to facilitate travel to and from tourist spots. Other key agenda items include mitigating the impact of disasters on vulnerable sectors, particularly in calamity-prone areas, strengthening the public health system through the establishment of a national virology institute, national center for disease prevention and control, and a medical reserve corps. He also pushed for reforms in the education sector and a return to face-to-face classes for students. The President’s agenda also tasked the newly established Department of Migrant Workers to improve services to ensure the welfare of overseas Filipino workers.

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President Marcos called for improved digitalization to enhance governance through the digitalization and harmonization of public records, the rollout of a national ID system, and the implementation of the National Broadband Plan. On infrastructure, President Marcos committed to continuing and building on the Duterte administration’s programs, particularly building new roads and modernizing the country’s rail transport systems, as well as developing airport projects. As part of helping build greater resilience and respond to challenges brought about by climate change, the President also called for the development of renewable energy projects including hydropower, geothermal, solar, and onshore and offshore wind. In addition, he also expressed support for the revival of a nuclear power program.

President Marcos also expressed his commitment to protect Philippine territory, and to pursue an independent foreign policy.

The President also called on Congress to pass legislation he identified as key priorities. These include the National Government Rightsizing Program; budget modernization bill; valuation reform bill; Passive Income and Financial Intermediary Taxation Act; E-Government Act; Internet Transaction Act; Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery; Medical Reserve Corps; National Disease Prevention Management Authority; an act establishing the Virology Institute of the Philippines; an act establishing the Department of Water Resources; an act establishing a unified system of separation, retirement, and pension; E-Governance Act; National Land Use Act; National Defense Act; an act establishing the Mandatory Reserve Officers’ Training Corps and National Service Training Program; an enabling law for the natural gas industry; amendments to Electric Power Industry Reform Act; and amendments to the Build-Operate-Transfer Law.

Philippine Development Plan

In his first State of the Nation Address, President Marcos directed the NEDA to prepare an updated Philippine Development Plan for 2023 to 2028 by no later than the end of 2022. The Philippine Development Plan 2023-2028 will flesh out the 8-point socioeconomic agenda of the Marcos administration that will address constraints to the country’s inclusive and sustainable growth. It is expected to provide a roadmap towards improving the Philippines’ investment climate, with the objective of generating more and higher-quality employment in the medium term, thereby transforming the economy and making it more inclusive and resilient to unexpected shocks.

Under the Marcos administration, the Barangay Development Program (“BDP”) has also been established to prevent the resurgence of communist insurgency groups in geographically isolated communities by addressing underlying factors to the conflict such as poverty. The BDP pursues this aim through the implementation of socio-economic development projects designed to encourage development and social inclusivity such as the construction of farm-to-market roads, school buildings, water and sanitation systems, health stations, and livelihood programs.

Credit Ratings

In May 2021, S&P Global Ratings (“S&P”) affirmed the Republic’s BBB+ rating with a stable outlook and expressed that the rating reflects the Republic’s above-average economic growth potential and could be attributed to years of fiscal reforms and prudent debt management. The stable outlook reflects S&P’s expectation that the Republic’s domestic economy will achieve a healthy economic recovery as the COVID-19 pandemic is better contained, and that the Government’s fiscal deficits will decline significantly over the next two to three years.

In July 2020, Moody’s Investors Service (“Moody’s”) affirmed the Republic’s “Baa2” credit rating with a stable outlook. The rating affirmation and stable outlook reflected Moody’s view that the fortification of the Government’s fiscal position in recent years provides a buffer against a rise in public indebtedness due to shocks such as the ongoing global coronavirus outbreak. The Government’s track record of prudent economic and fiscal management and a robust banking system contribute to stable access to funding at moderate costs and support prospects for fiscal consolidation and debt stabilization after the shock subsides. In March 2021, Moody’s assigned a senior unsecured rating of Baa2 rating to the Republic’s Japanese yen-denominated bond offering, which mirrored the Philippines’ Baa2 rating. In April 2021, the Republic’s euro-denominated bonds received a BBB rating from Fitch and a senior unsecured Baa2 rating from Moody’s. In June 2021, the Republic’s US dollar-denominated global bonds in a dual-tranche offering was assigned “Baa2”, “BBB+”, and “BBB” ratings by Moody’s, S&P, and Fitch, respectively.

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In February 2022, Fitch Ratings (“Fitch”) affirmed the Republic’s BBB rating but downgraded its outlook from “stable” to “negative”. Fitch stated that the affirmation of the Philippines’ ratings balances its strong external buffers and high growth rates against lagging structural indicators, including low income per capita and governance, and also reflects weak government revenue mobilization compared with peers, while the “negative” outlook reflects uncertainty about medium-term growth prospects as well as possible challenges in unwinding the COVID-19 policy response.

Internal Conflict with Rebel Groups and Peace Negotiations

For over 40 years, various rebel groups in the Republic have periodically fought against Government forces. The purported objective of many of these rebel groups is to effect the separation of the traditionally Muslim portions of Mindanao from the Republic. However, other groups such as the Communist Party of the Philippines (the “CPP”), are ostensibly focused on ideological objectives rather than territorial ambitions.

The original Muslim separatist group, the Moro National Liberation Front (the “MNLF”), has existed since at least the early 1970s and has splintered twice, leading to the formation of the MILF in 1976, which is today the largest Muslim separatist group in the Philippines, and Abu Sayyaf in 1991. Despite this fragmentation, the original MNLF persists to this day. These groups have carried out a number of terrorist attacks in the Philippines, with several bombings having taken place mainly in cities in the southern part of the country. In addition, these groups have been identified as being responsible for kidnappings and other terrorist activities in the Philippines, and they have engaged in sporadic conflict with the Armed Forces of the Philippines (“AFP”).

On January 6, 2017, the AFP announced a Development Support and Security Plan called “Oplan Kapayapaan” (meaning “peace”). Under the plan, the AFP’s priority is the destruction of the terrorist group Abu Sayyaf and other local and foreign terrorist groups.

In July 2020, then President Duterte signed into law the Anti-Terrorism Act of 2020, which replaced the Human Security Act of 2007. Among its various provisions, the Anti-Terrorism Act of 2020 provides for warrantless arrests under certain circumstances and broadly defines terrorist acts, and creates a presidentially-appointed body, the Anti-Terrorism Council (“Anti-Terrorism Council”), which can designate individuals or groups as terrorists for purposes of the Anti-Terrorism Act of 2020. The Anti-Terrorism Act of 2020 was challenged before the Supreme Court. On December 9, 2021, the Supreme Court declared the law constitutional, striking down only two of the challenged provisions. Subject to the Court’s modifications, the law remains in force.

As part of the Government’s campaign against terrorism, under the Enhanced Comprehensive Local Integration Program, a package of livelihood, emergency, resettlement and housing assistance is being extended to members of local terror groups, including the Abu Sayyaf Group, ISIS affiliates and the Maute Group, which offers a fresh start to their former members to reintegrate into society.

The Moro Islamic Liberation Front

On October 7, 2012, the Government and the MILF concluded the 32nd formal exploratory peace talks with the release of a draft framework peace agreement (the “Framework Agreement”), which provides a framework for replacing the ARMM with the BARMM, a new autonomous political entity. Bangsamoro is the historical name for the traditionally Muslim portions of Mindanao. The Framework Agreement defines the powers and structures of the new Bangsamoro entity and describes the principles, processes and mechanisms that will shape relations between the Government and Bangsamoro. The Framework Agreement provides that the new entity will, subject to certain limitations, have the power to levy taxes, borrow funds from foreign and domestic lenders and share in the revenues generated through the development of natural resources within its jurisdiction. The Framework Agreement reserves the powers of defense and security, foreign policy, monetary policy and coinage, citizenship, and naturalization to the Government. The Government and the MILF signed the Framework Agreement on October 15, 2012.

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On March 27, 2014, the Comprehensive Agreement on the Bangsamoro (the “Comprehensive Agreement”) was signed by the Government and the MILF. Following the completion of the Comprehensive Agreement, the Transition Commission formally submitted its draft Bangsamoro Basic Law to the Office of the President in April 2014. On July 17, 2017, the final Bangsamoro Basic Law was officially submitted to then President Duterte, who confirmed his support for the legislation. The Bangsamoro Basic Law was passed by Congress in July 2018 as the Bangsamoro Organic Law, or Republic Act No. 11054, and ratified in January 2019. As a result, the ARMM was gradually phased out and abolished, and the process for the formal establishment of the BARMM began. Following the ratification of the Bangsamoro Organic Law, the inauguration of the BARMM took place in March 2019, and MILF Chairman Ahod Balawag Murad Ebrahim was appointed as the interim Chief Minister of the BARMM. The Bangsamoro Organic Law also created the Bangsamoro Transition Authority (“BTA”), which is the interim local government of the BARMM during the transition period until the eventual election of the BARMM Parliament, which was rescheduled to May 2025 to coincide with the Republic’s national elections. The BTA is tasked with addressing a variety of challenges, including peace and security concerns, poverty reduction, business and job creation, and stability between ethnic clans and economic classes, among others.

In June 2019, the BTA approved the Bangsamoro Transition Plan, which would serve as the framework of the Bangsamoro Government and includes an organizational chart of the various ministries and offices from the BARMM and the timeline of the gradual phasing out of agencies and offices from the defunct ARMM. In addition, the decommissioning of the MILF combatants commenced in September 2019 and the Bangsamoro Government hired ex-MILF combatants to serve as forest rangers to secure and protect the forests in the region, which contributes to the promotion of peace and order in the region. A normalization process that includes activities aimed at achieving a smooth transition for the MILF members into becoming productive members of society is ongoing. The process is currently on its third phase, with a total of 40,000 combatants and 7,000 weapons projected to undergo the decommissioning process. Additionally, the Government and the BTA are cooperating to eliminate the threat of private army groups as possible “peace spoilers” through the National Task Force on the Disbandment of Private Armed Groups.

In February 2021, then President Duterte issued presidential proclamations granting amnesty to members of the MILF and MNLF, among other rebel groups. This amnesty excludes individuals charged with terrorism under the Human Security Act of 2007 or the Anti-Terrorism Act of 2020, individuals designated as terrorists by the Anti-Terrorism Council, or those who had committed certain crimes under Philippine law or violated the Geneva Convention of 1949. Congressional approval is required for this amnesty to become effective. In January 2022, the Senate and House of Representatives concurred with Presidential Proclamation 1090 s.2021, thereby granting amnesty to the MILF members.

In August 2022, President Marcos named 80 new members of the BTA. 41 of the members of the BTA were nominated by the MILF, while 39 were nominated by the Government. The composition of the 41 MILF members is a product of a consultative process carried out by MILF through an internal review and vetting process. This list was submitted to the Office of the President through the Office of the Presidential Adviser on Peace, Reconciliation, and Unity, and was subject to a selection and evaluation process of the Office of the President.

The Moro National Liberation Front

Similar to, and concurrently with, the normalization process with the MILF undertaken pursuant to the Comprehensive Agreement, the Government is also pursuing normalization with the MNLF. The Government has pursued these efforts by, among other measures, establishing community security management in strategic MNLF communities, both within and outside the Bangsamoro, in order to reduce the supply of firearms and build resilient and economically-developed communities, providing social protection services including health insurance and study grants, and constructing new roads, bridges, warehouses, water supply systems, health care centers, community peace centers and irrigation systems.

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Since 2012, there had been sporadic violence in the ARMM involving the MNLF, which was largely limited to clan wars. Despite these developments, the Government has continued to carry out its development programs in the region.

On November 10, 2016, it was announced that the MNLF would constitute its own five-member panel separately from the peace process with the MILF in order to engage with the Government to work on the completion of the remaining commitments under the 1996 Final Peace Agreement. On July 18, 2017, the Chairman of MNLF met with then President Duterte and declared that he was no longer submitting his proposed amendatory law to enhance the Autonomous Region in Muslim Mindanao but would instead push for federalism. Since then, the MNLF has continued to push for federalism.

On November 12, 2017, fighters of the MILF and MNLF clashed in a village of Matalam after an MNLF member shot and killed a member of the rival organization. Four fighters were left injured. The clash ended when leaders of both organizations intervened and declared a ceasefire. In January 2018, MNLF leadership announced that they had joined Government forces in the fight against rebel groups, terrorist groups, and drug syndicates. In August 2018, the MNLF chair Yusop Jikiri condemned a deadly car bomb attack in Lamitan City, saying that such an attack was “un-Islamic”. The attack was reportedly carried out by a foreign militant.

MNLF leader Nur Misuari communicated to then President Duterte in March 2019 that the MNLF would go to war if a federal government was not established. In response, then President Duterte informed the media that he would like to form a panel to publicly discuss the form of a potential federal government. In August 2019, then President Duterte ordered the creation of a coordinating committee with MNLF to demonstrate efforts to bring peace to Mindanao and to fight against the Abu Sayyaf. The newly established Government-MNLF Peace Coordinating Committee convened in December 2019. During the committee meeting, the Government and MNLF agreed to implement certain of their prior commitments, including the establishment of the Bangsamoro Development Assistance Fund and the creation of a Tripartite Implementation Monitoring Committee. In January 2020, then President Duterte appointed MNLF leader Nur Misuari as the Special Economic Envoy on Islamic Affairs to the Organization of Islamic Cooperation.

In November 2020, the MNLF elected Muslimin Sema to replace Nur Misuari as MNLF Central Committee Chairman. Mr. Sema has issued statements professing his commitment to work with the MILF and the Republic in order to achieve a lasting peace in the Bangsamoro areas of Mindanao.

In August 2022, two members of the MNLF, Abdulkarim Misuari and Nurrheda Misuari, son and daughter of Nur Misuari, were appointed as members of the BTA by President Marcos, joining other members nominated by the MILF.

Abu Sayyaf

In 2002, the United States and the European Union placed Abu Sayyaf on their lists of “foreign terrorist organizations.” Moreover, the United States has in the past sent troops and military advisors to assist the AFP in its conflict with Abu Sayyaf. In July 2002, the United States and the Republic entered into a sustained military cooperation agreement that provides for annual training exercises involving both Philippine and U.S. soldiers.

In the years that followed since 2002, there has been ongoing violence relating to Abu Sayyaf, including various kidnappings and hostage incidents, hostilities and fighting, woundings and both civilian and AFP deaths that have resulted. The AFP has simultaneously been successful throughout the period in capturing or killing while in combat Abu Sayyaf militants.

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Abu Sayyaf continued violent attacks in 2019 and 2020. In February 2019, twin blasts were carried out at a cathedral in Jolo, Sulu, killing 23 people and leaving over a hundred people injured. In the same month, Abu Sayyaf demanded ransom in exchange for three foreigners who were abducted. The Government rejected the demand, citing their policy against ransom payments. In April 2019, a clash between Government troops and around 80 Abu Sayyaf members broke out in Patikul, Sulu, leaving seven dead and 21 wounded. In May 2019, a Dutch national was killed in a firefight between Abu Sayyaf and the Government. In June 2019, two bomb attacks took place in a military camp in Indadnan, Sulu, killing 8 people and wounding 22 others. The Islamic State of Iraq and Syria (“ISIS”) has claimed that the attacks were carried out by Abu Sayyaf, its local affiliate. In September 2019, a female suicide bomber, who later was identified as an Abu Sayyaf member, attacked a military checkpoint in Indanan, Sulu. In August 2020, two powerful explosions were set off by suicide bombers in the heavily populated areas of Jolo, a town in the southern part of the Republic, killing at least 14 people and wounding 75 others.

Skirmishes between AFP forces and Abu Sayyaf members have continued into 2021 and 2022. In March 2021, AFP troops tracked down and killed Abu Sayyaf leader Majan Sahidjuan in Tawi-Tawi province and rescued certain Indonesian hostages, who were later turned over to the Indonesian government. In 2022, sustained military and police operations led to the surrender of some Abu Sayyaf members to the Government.

Marawi Siege

A military raid to capture Isnilon Hapilon, a Filipino leader of the Abu Sayyaf group and also a designated commander of ISIS in Southeast Asia, in Marawi City on May 23, 2017 led to an almost six-month siege of the city. Upon the capture of Isnilon Hapilon, reinforcements from members of the Maute group, a local Islamist militant organization that has pledged allegiance to ISIS, poured into Marawi City. Massive violence took place in Marawi City including killings of over a hundred people, setting fire to buildings, taking hostages, and running street battles with Government forces. A mass evacuation of the city was ordered, and the whole city was put on lockdown. On the same day, then President Duterte signed Proclamation No. 216 declaring a state of martial law in the entire island of in Mindanao which initially lasted until July 22, 2017. On May 29, 2017, then President Duterte approved the creation of a “Peace Corridor,” jointly implemented by the Republic and the MILF, as a safe and secured pathway for the elderly, women, children, and others fleeing the conflict zones in Marawi City. The Peace Corridor was opened on June 4, 2017.

On July 22, 2017, the Senate and the House of Representatives convened a joint session to approve the extension of Proclamation No. 216 until December 31, 2017, arguing that the extension was necessary to maintain public safety and to continue work on the recovery, reconstruction, and rehabilitation of Marawi City.

On November 26, 2017, the military intensified its operations aimed at recovering remaining hostages from Abu Sayyaf by integrating the participation of local government units in Sulu. In December 2017, Congress approved the request by then President Duterte to extend martial law in Mindanao for another year in order to combat armed groups there. From May to December 2017, over 1,200 people were killed in Marawi City. On December 31, 2019, martial law in Mindanao ended, marking an end to two and a half years of heightened military tension; however, certain areas in Mindanao remain under a state of emergency and law enforcement groups are in heightened security as a measure against potential terror threats.

According to unofficial data provided by the Office of Task Force Marawi, the total cost of damages of the Marawi Siege was approximately ₱11.5 billion. Since 2018, the Government has focused on rebuilding Marawi City. In August 2018, the Government and the MILF revived a cooperation agreement, originally entered into during the siege for the purposes of rescuing civilians. Under the revived pact, the MILF and the Government agreed to work together in an effort to rehabilitate Marawi City. In 2020, a budget of ₱3.56 billion was approved to rehabilitate Marawi City.

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On April 13, 2022, then President Duterte signed Republic Act No. 116961, or the Marawi Siege Victims Compensation Act of 2022, into law. The law created the Marawi Compensation Board, tasked with facilitating the tax-free payment of reparations to qualified claimants who lost residential and commercial properties in the Marawi siege.

In May 2022, the Office of Task Force Marawi reported progress in the rehabilitation of Marawi City, with expected completion of around 89% of public infrastructure and other rehabilitation projects by the third quarter of 2022.

Communists and Affiliated Groups

The Philippines has experienced over 40 years of communist insurgency. In 2002, the United States and the European Union placed the CPP and the CPP’s armed affiliate, the New People’s Army (the “NPA”), on their lists of “foreign terrorist organizations.” As a result, the United States and European governments have frozen financial accounts linked to these groups and restricted travel of CPP and NPA members in the United States and the European Union.

Formal peace talks with communist-affiliated groups were suspended between 2004 and 2015, and sporadic fighting between the NPA and the AFP continued during that time. On August 22, 2016, the Government resumed its formal negotiations to seek peace with the National Democratic Front (the “NDF”), a political organization closely aligned with the CPP and the NPA, with the aim of forging a political settlement anchored in social, economic and political reforms. However, after the killing of three soldiers by the NPA, then President Duterte stated on February 6, 2017 that he would no longer consider the CPP, NPA and NDF as communist groups but as terrorist groups and temporarily suspended the peace talks.

Despite the temporary suspension of formal peace talks, several localized peace negotiations have been carried out since then. In December 2018, then President Duterte issued Executive Order No. 70 establishing a “Whole of Nation” approach to ending local communist armed conflict, pursuant to which local peace engagements have been carried out throughout the country. In Mindanao, local peace engagements have resulted in the mass surrender of members of the local CPP-NPA chapters.

On April 21, 2020, NPA forces attacked AFP soldiers during a COVID-19 humanitarian mission, resulting in the deaths of two AFP soldiers and wounding three others. On April 27, 2020, then President Duterte announced that peace negotiations with the CPP-NPA-NDF would be permanently terminated. On December 9, 2020, the Anti-Terrorism Council designated the CPP and NPA as terrorist organizations under the Anti-Terrorism Act of 2020, which will allow for the detention of their members and the freezing of their assets, among other things.

In February 2021, then President Duterte signed a presidential proclamation granting amnesty to former rebel members of the CPP-NPA-NDF who had voluntarily surrendered and renounced their rebellious activities. Congressional approval is required for this amnesty to become effective. The 18^th Congress did not act on the presidential proclamation before it adjourned.

In April 2021, the Anti-Terrorism Council designated CPP founding chairman Jose Maria Sison, as well as individuals linked to the National Democratic Front of the Philippines as terrorists under the Anti-Terrorism Act of 2020. In July 2021, it designated the National Democratic Front of the Philippines as a terror group.

International Relations

The Philippines places a high priority on expanding global trade through a multilateral framework of principles and rules that respect individual countries’ policy objectives and levels of economic development. The Republic’s participation in various international organizations, such as the World Trade Organization, the IMF, the World Bank (“WB”) and the ADB, allows it to encourage liberalized trade and investment and to discuss global issues that affect the Republic’s economy.

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The following table shows the Republic’s capital participation in, and loans obtained from, major international financial organizations.

Membership in International Financial Organizations
Name of Organization	Date of Admission		Subscribed		Capital Share			Capital Paid In		Loans Outstanding
	(in millions, except for percentages)
International Monetary Fund(1)		December 27, 1945		SDR2,042.9		0.43	%		1,478.2		—
International Bank for Reconstruction and Development(2)		December 27, 1945	$	1,290.2		0.42	%	$	83.4	$	10,614	(2)
Asian Development Bank (“ADB”)(3)		December 22, 1966	$	3,539.7		2.38	%	$	177.0	$	12,059.0
Asian Infrastructure Investment Bank (“AIIB”)(2)		December 28, 2016	$	979.1		1.01	%	$	195.8	$	1,057.0

Notes:

(1) As of July 31, 2022, unless otherwise noted.

(2) As of June 30, 2022.

(3) As of December 31, 2021.

Sources: The IMF, the WB, the ADB, the AIIB and the Bureau of the Treasury.

The Philippines also promotes its economic interests through membership in the following regional organizations:

• The Association of Southeast Asian Nations (“ASEAN”);

• ASEAN Free Trade Area;

• Southeast Asia, New Zealand and Australia Central Banks;

• Southeast Asian Central Banks;

• Asia-Pacific Economic Cooperation (“APEC”); and

• Executives Meeting of East Asia and Pacific Central Banks.

Relationship with the IMF

Previously, the IMF maintained relations with the Republic within the context of a regular IMF program monitoring arrangement and a subsequent post-program monitoring arrangement. Under its regular program monitoring arrangement, the IMF was allowed to influence the Republic’s fiscal policies through stabilization and structural adjustment programs. In contrast, the post-program monitoring arrangement involved program assessments based on a regular review of economic developments and policies rather than the attainment of specific quantitative targets and did not include a financing component.

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In June 2021, the IMF staff completed its 2021 Article IV Mission to the Philippines. The IMF staff reported that the Republic’s economy is recovering after a major contraction in 2020 due to the COVID-19 pandemic. The IMF noted the containment restrictions imposed by the Government which came with trade-offs affecting economic activity, and the ensuing comprehensive policy package which included fiscal, monetary, and financial policy measures. It said that it expected the Republic’s economic recovery to strengthen, underpinned by greater mobility, economic reopening, further progress in vaccination, continued policy support, and a global growth improvement. Nevertheless, the COVID-19 pandemic is expected to have long-term effects reflected in effects to tourism and other service sectors, impact of the major downturn on investments, skill losses from high unemployment and underemployment, and increased poverty. IMF staff appraisal remarked that the expansionary fiscal policy stance in 2021 should help foster recovery, and in case downside risks materialize, the Republic has fiscal space to respond. Monetary policy, on the other hand, is assessed to be appropriately accommodative. The mission emphasized the importance of steadfast implementation of structural reforms to promote investments and facilitate return to high growth.

World Bank Financing and Projects

In 2021, the World Bank committed to six projects and programs in the Philippines with an aggregate amount of $2,880 million, namely: (i) an additional $500 million for the Philippines COVID-19 Emergency Response Project — Additional Financing to support the Republic’s capacity to prevent, detect, and respond to the threat posed by COVID-19 and strengthen national systems for public health preparedness which was later supplemented by $300 million of additional financing under the Philippines COVID-19 Emergency Response Project — Additional Financing 2 to cover procurement and delivery of COVID-19 vaccines; (ii) $280 million Second Additional Financing for the Philippine Rural Development Project which aims to increase rural incomes and enhance farm and fishery productivity in the targeted areas; (iii) $400 million Philippines First Financial Sector Reform Development Policy Financing which aims to support financial sector reforms to assist the Government in achieving a resilient, inclusive, and sustainable financial sector; (iv) $300 million Philippines Seismic Risk Reduction and Resilience Project which aims to enhance the safety and seismic resilience of selected public buildings in Metro Manila and enhance the capacity of the Department of Public Works and Highways to prepare for and respond to emergencies; (v) $500 million Philippines Fourth Disaster Risk Management Development Policy Loan with a Catastrophe-Deferred Drawdown Option; and (vi) $600 million Philippines Promoting Competitiveness and Enhancing Resilience to Natural Disasters Sub-Program 3 Development Policy Loan, which aims to support ongoing government reforms, among them the amendments to the Retail Liberalization Act to promote private investment, reduction in the cost of doing business, and expansion of broadband services to promote investments in information and communications technology.

In 2022, the World Bank has thus far committed $178.1 million for the Philippines Multisectoral Nutrition Project.

Asian Development Bank Financing and Projects

In 2021, the ADB committed to four project and programs with an aggregate amount of $1,571.5 million: (i) $400 million Facilitating Youth School-to-Work Transition Program, Subprogram 3 to help the Government’s efforts to expand youth employment and skills programs; (ii) $400 million Local Governance Reform Program, Subprogram 2 to help improve local governments’ capacity to provide high-quality public services; (iii) $600 million Build Universal Health Care Program (Subprogram 1), a loan to help the Government implement health, financing, service delivery, and performance monitoring results under the Universal Health Care Act; and (iv) $175.1 million Metro Manila Bridges Project, a loan to finance the construction of three new bridges crossing the Marikina River. The ADB and AIIB also agreed to co-finance an aggregate amount of $1,200 million in loans to the Republic intended to fund the procurement of COVID-19 vaccines from the COVID-19 Vaccines Global Access Facility (“COVAX”), as well as other eligible bilateral vaccine suppliers. The ADB’s commitment under this program totaled $650 million out of the total $700 million, with the remaining $550 million funded by the AIIB.

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In 2022, the ADB has thus far committed to four projects and programs with an aggregate amount of $2,402.0 million: (i) $2 million for the Typhoon Odette Emergency Response Project; (ii) $400 million loan for Support to Capital Market-Generated Infrastructure Program Subprogram 2; (iii) $250 million loan for Climate Change Action Program Subprogram 1; and (iv) $1.75 billion loan for the South Commuter Railway Project Tranche 1.

Territorial Dispute over the West Philippine Sea

In the first eight months of 2011, tensions rose in relation to long-standing territorial disputes involving the Republic, other Southeast Asian nations (including Vietnam, Malaysia and Brunei) and China over certain islands in the West Philippine Sea, also known as the South China Sea. The increased tensions were brought about by allegations of more aggressive measures being taken by certain nations to assert their claims in these disputes. In July 2011, representatives of the claimant nations, along with other members of ASEAN, met in Bali, Indonesia to discuss how to advance the negotiations with respect to the competing claims. At this meeting, these nations, including China, agreed on basic guidelines for drafting the Code of Conduct to implement the 2002 ASEAN-China Declaration on the Conduct of Parties in the South China Sea. The Republic maintains that its claim over the disputed territories is supported by recognized principles of international law consistent with the 1982 United Nations Convention on the Law of the Sea (the “UNCLOS”).

The Republic reiterated its position in November 2011 during the ASEAN and East Asia summits in Bali, Indonesia, where China, the United States and representatives from a number of Asian countries were in attendance. The Republic also proposed a new peace plan for the disputed waters, which it labeled the “Zone of Peace, Freedom, Friendship and Cooperation.” The plan aims to clearly define the territorial claims of different countries in the region and then to cooperate in respecting those parts of the region where certain countries have undisputed claims, leaving the disputed territories for later resolution. No agreement has been reached to implement this plan.

On April 8, 2012, during one of its regular maritime patrols, a Philippine Navy surveillance aircraft identified eight Chinese fishing vessels anchored inside and around Bajo de Masinloc (also known as Scarborough Shoal), an area in the Municipality of Masinloc, Province of Zambales that the Republic regards as an integral part of its territory. The area is located 124 nautical miles west of Zambales and is within the Republic’s 200 nautical-mile Exclusive Economic Zone and the Philippine Continental Shelf. On April 10, 2012, the BRP Gregorio del Pilar dispatched an inspection team that reported that large amounts of illegally collected coral, clams and sharks were found in the compartments of the fishing vessels. The arrival of Chinese maritime surveillance vessels resulted in a standoff.

On January 22, 2013, the Republic submitted a “Notification and State of Claim against China” to an arbitral tribunal in The Hague pursuant to Article 287 and Annex VII of the UNCLOS in order to achieve a peaceful solution to the dispute over the West Philippine Sea. Despite China’s decision not to participate in the proceedings, a five-member arbitral tribunal has been constituted (the “Tribunal”). On August 27, 2013, the Tribunal released its “Rules of Procedure and Procedural Order No. 1,” setting a timetable for the submission of written arguments by each of China and the Republic. The Republic submitted its written arguments on March 30, 2014, in which it addressed matters relating to jurisdiction, admissibility and the merits of the disputes. On March 16, 2015, the Republic submitted a supplemental written submission, responding to questions posed by the Tribunal relating to issues concerning the Tribunal’s jurisdiction over and the merits of the Philippines’ claims. Between July 7 and 13, 2015, the Republic participated in oral hearings on the Tribunal’s jurisdiction over and admissibility of the Republic’s claim against China, and on July 23, 2015, the Republic filed a written submission responding to questions posed by the Tribunal at the hearing. On October 29, 2015, the Tribunal unanimously ruled that it has jurisdiction to consider the Republic’s claims and that such claims are admissible to arbitration. In addition, the Tribunal ruled that China’s decision not to participate in these proceedings does not deprive the Tribunal of jurisdiction and that the Republic’s decision to commence arbitration unilaterally was not an abuse of the UNCLOS’s dispute settlement procedure. The Republic also continues to pursue the conclusion of the Code of Conduct to implement the 2002 ASEAN-China Declaration on the Conduct of Parties in the South China Sea as a complementary approach to the arbitral proceedings.

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On May 10, 2013, the Republic formally lodged a protest with China concerning vessels that arrived on or around May 8, 2013 escorting a fleet of 30 fishing boats in another disputed area — the Second Thomas Shoal. The Second Thomas Shoal is near the Spratly Islands, a chain of resource-rich islands, islets and reefs which are claimed in part or in whole by each of China, Brunei, Malaysia, the Philippines, Taiwan and Vietnam.

From May to August 2013, China unilaterally imposed a three-month fishing ban on the northern area of the West Philippine Sea, including Bajo de Masinloc, by placing makeshift barriers. In the first half of 2013, China Marine Surveillance and Fisheries Law Enforcement Command vessels maintained their presence in the area. Beginning in August 2013, China also started deploying Chinese Coast Guard vessels in the West Philippine Sea, after the formation of China’s Unified Coast Guard Agency in July 2013. The Chinese Coast Guard vessels took over the task of the China Marine Surveillance and Fisheries Law Enforcement Command to maintain Chinese presence in the area.

Beginning in November 2013, China took certain unilateral actions to advance its claims in the West Philippine Sea, including (i) the imposition of annual fishing bans and the issuance of “Nansha Special Fishing Permits” to its fishing vessels allowing them to fish in the Spratly Islands; (ii) the issuance of new fishing regulations that require non-Chinese fishing vessels to obtain approval from Chinese authorities before fishing or surveying in the West Philippine Sea; (iii) the frequent conduct of military exercises and patrols in the West Philippine Sea; (iv) the blockade of Philippine vessels re-supplying provisions to Philippine personnel stationed in the Second Thomas Shoal; (v) the deployment of an oil rig off the continental shelf of Vietnam; and (vi) large scale reclamation activities at Johnson Reef, Cuarteron Reef, McKennan/Hughes Reef, Gaven Reef and Fiery Cross Reef.

On March 30, 2014, the Philippines submitted a memorial to the Tribunal regarding these actions, and the Tribunal set December 15, 2014 as the deadline for China’s submission of its Counter-Memorial. On December 16, 2014, a spokesman for the Chinese foreign ministry announced that China would not participate in the arbitration. On April 4, 2014, the Philippines Department of Foreign Affairs also lodged a protest with China regarding these actions. The Republic also raised these issues at the ASEAN summit meeting, held in May 2014 in Myanmar.

In August 2014, the Republic proposed a “triple-action plan” which sought a moratorium on activities that could escalate tensions in the West Philippine Sea while pushing for a speedy conclusion of a code of conduct in the West Philippine Sea and urging that disputes be resolved through arbitration under international law.

Throughout 2015, the Republic monitored Chinese vessels conducting exploration and other activities within the Exclusive Economic Zone of the Philippines, including cargo vessels, China Coast Guard vessels and vessels potentially intended for oil drilling operations. On May 28, 2015, the Chinese Navy challenged a Philippine Air Force plane.

As a part of its reclamation activities in the West Philippine Sea, on October 9, 2015, China’s Ministry of Transport announced the completion of two lighthouses in disputed areas. Airstrips have been constructed by China on Fiery Cross, Mischief and Subi Reefs. The United States and the Republic have expressed concern that China’s land reclamation projects in that area could be used to base military planes and navy ships to intimidate other claimants. On October 27, 2015, the United States, in a “freedom of navigation” patrol, sailed a guided missile destroyer within the 12 nautical mile territorial limit claimed by China around one of the artificial islands built as a part of China’s reclamation efforts in the West Philippine Sea. This action has been criticized by China. The United States conducted similar patrols near islands claimed by Vietnam and the Republic during the same patrol. On November 3, 2015, the head of the United States Pacific military command stated that the United States would continue to conduct such operations in the West Philippine Sea.

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On July 12, 2016, the Tribunal issued its decision pursuant to the dispute settlement procedures established under the UNCLOS. The Tribunal determined that as between the Philippines and China, the UNCLOS defines the scope of maritime entitlements in the West Philippine Sea and that such entitlements may not extend beyond the limits imposed therein. Accordingly, the Tribunal determined that China’s claims to historic rights, or other sovereign rights or jurisdiction, with respect to the relevant maritime areas of the West Philippine Sea are contrary to UNCLOS and without lawful effect to the extent that they exceed the geographic and substantive limits of China’s maritime entitlements under the UNCLOS. The Tribunal concluded that the UNCLOS superseded any historic rights or other sovereign rights or jurisdiction in excess of the limits imposed under the UNCLOS.

The Tribunal classified the shoals and reefs in the West Philippine Sea according to their natural condition at high tide and low tide. It was determined that although Scarborough Shoal, Johnson Reef, Cuarteron Reef, Fiery Cross Reef, Gaven Reef (north), McKennan Reef and the Spratly Islands all contain features that remain above water during high tide, these high tide features cannot sustain human habitation or economic life and thus are not entitled to an exclusive economic zone or continental shelf under the UNCLOS. Similarly, it was determined that Mischief Reef and Second Thomas Shoal are both low tide elevations that generate no maritime zones of their own. Accordingly, in respect of the foregoing, there is no possible entitlement by China to any maritime zone. Finally, the Tribunal found that both Mischief Reef and Second Thomas Shoal are located within 200 nautical miles of the Philippines’ coast on the island of Palawan and are located in an area that is not overlapped by the entitlements generated by maritime features claimed by China; therefore, Mischief Reef and Second Thomas Shoal form part of the exclusive economic zone and continental shelf of the Philippines.

Regarding interference in the Republic’s exclusive economic zone, the Tribunal found that China has, through the operation of its marine surveillance vessels, breached Article 77 of the UNCLOS with respect to the Philippines’ sovereign rights over its continental shelf, and that China has, by promulgating its 2012 moratorium on fishing in the West Philippine Sea, without exception for areas of the West Philippine Sea falling within the exclusive economic zone of the Philippines and without limiting the moratorium to Chinese flagged vessels, breached Article 56 of the UNCLOS with respect to the Philippines’ sovereign rights over the living resources of its exclusive economic zone. Similarly, the Tribunal found that in failing to prevent fishing by Chinese-flagged vessels at Mischief Reef and Second Thomas Shoal in May 2013 and its failure to prevent Chinese fishing vessels from engaging in harmful harvesting activities of endangered species at Scarborough Shoal, Second Thomas Shoal and other features in the Spratly Islands, China had breached its obligations under Articles 58(3), 192 and 194(5) of UNCLOS, and that China unlawfully prevented Filipino fishermen from engaging in traditional fishing at Scarborough Shoal from May 2012 onwards.

Regarding the island-building activities by China at Cuarteron Reef, Fiery Cross Reef, Gaven Reef (north), Johnson Reef, Hughes Reef, Subi Reef and Mischief Reef, the Tribunal also found that China had breached Articles 192, 194(1), 194(5), 197, 123 and 206 of the UNCLOS in failing to protect and preserve the marine environment. Moreover, the Tribunal found that in constructing installations and artificial islands at Mischief Reef without the authorization of the Philippines, China had breached Articles 60 and 80 of the UNCLOS with respect to the Philippines’ sovereign rights in its exclusive economic zone and continental shelf.

Finally, regarding clashes between Chinese and Filipino vessels in the West Philippine Sea, the Tribunal found that China has, by virtue of the conduct of Chinese law enforcement vessels in the vicinity of Scarborough Shoal, created serious risk of collision and danger to Philippine vessels and personnel. The Tribunal found that China has violated Rules 2, 6, 7, 8, 15 and 16 of the Convention on the International Regulations for Preventing Collisions at Sea and, as a consequence, is in breach of Article 94 of the UNCLOS.

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Immediately following the arbitral award, the Republic reiterated its abiding commitment to efforts to pursue the peaceful resolution and management of disputes with a view to promoting and enhancing peace and stability in the region. In a statement published on July 12, 2016, China declared that it considers the award null and void and without binding force. China reiterated its positions that the arbitration initiated by the Republic was in violation of earlier agreements between China and the Philippines to resolve relevant disputes in the West Philippine Sea through negotiations and that the Tribunal has no jurisdiction over the dispute.

From October 18 to 21, 2016, then President Duterte undertook a state visit to China, at which the West Philippine Sea was discussed, among other matters. In a joint statement following the visit, both sides committed to enhance cooperation between their respective coast guards to address maritime emergency incidents, as well as humanitarian and environmental concerns in the West Philippine Sea in accordance with universally recognized principles of international law including the UNCLOS. Both sides affirmed that contentious issues are not the sum total of the Philippines-China bilateral relationship and reaffirmed the importance of maintaining and promoting peace and stability, freedom of navigation in and over-flight above the West Philippine Sea, addressing their territorial and jurisdictional disputes by peaceful means, without resorting to the threat or use of force, through friendly consultations and negotiations by sovereign states directly concerned. Both sides also committed to the full and effective implementation of the 2002 Declaration on the Conduct of Parties in the South China Sea and to work substantively toward the early conclusion of a Code of Conduct in the West Philippine Sea based on consensus.

In August 2017, the 50th ASEAN Foreign Ministers’ Meeting was held in Manila and a Joint Communique was issued in relation to the West Philippine Sea. The Joint Communique emphasized the importance of non-militarization and self-restraint in the conduct of all activities by claimants and all other states. It also encouraged an improved cooperation between ASEAN and China, including the adoption of the Code of Conduct framework.

In a meeting held in Vietnam in November 2017, then President Duterte and Chinese President Xi Jinping agreed to handle the West Philippine Sea conflict through bilateral talks and reaffirmed the importance of peace in the West Philippine Sea. A few days later, at the 31st ASEAN Summit and the 20th ASEAN-China Summit, ASEAN members and China announced an agreement to begin discussion on a Code of Conduct in the West Philippine Sea to implement the 2002 ASEAN-China Declaration on the Conduct of Parties based on a negotiating framework signed in August 2017.

In March 2018, the Philippines and China identified two areas in the West Philippine Sea where joint exploration for oil and gas could be undertaken. The areas included contested territory. In May 2018, the Republic’s then Foreign Minister Alan Peter Cayetano said that then President Duterte would forcibly oppose China if it unilaterally mines the natural resources in the West Philippine Sea. The same month, Chinese strategic bombers reportedly landed on a West Philippine Sea island base, raising tensions. In July 2018, it was reported that Philippine military aircraft were receiving an increased number of Chinese radio messages warning them to stay away from fortified islands and other territories in the West Philippine Sea claimed by both countries.

In September 2018, it was reported that the Philippines and China were negotiating a deal that would enable them to jointly exploit the underwater oil and gas in disputed areas. Tension heightened between the two countries when a Chinese-registered vessel struck and sank a Philippine boat leaving 22 Filipino seamen in danger while fleeing the scene in June 2019. In September 2019, then President Duterte announced that the Republic would ignore the 2016 Arbitration Tribunal decision in order to pursue a joint oil and gas exploration venture with China. The Republic and China officially convened the intergovernmental joint steering committee on oil and gas exploration in October 2019. In 2020, China continued to assert its claims and positions in the Spratly Islands, including by declaring administrative districts to supposedly govern the Paracel Islands, the Macclesfield Bank and the Spratly Islands in April 2020.

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Should the territorial dispute in the West Philippine Sea escalate or continue, the Republic’s interests in fishing, trade and offshore drilling may be adversely affected. The Kalayaan Island Group, in the West Philippine Sea, is rich in marine and energy resources and serves as an important source of food, livelihood and foreign exchange earnings. The discovery of oil and natural gas in commercial quantities in the region has also been important in supporting the Republic’s energy needs. One of the petroleum service contracts awarded by the Republic is located in this area. A total of approximately 880 thousand hectares are covered by this service contract. This service contract is aimed at developing an estimated 1.4 to 4.6 trillion cubic feet of natural gas.

In addition, should tensions with China escalate due to the dispute in the West Philippine Sea or other reasons, the volume of trade between the Republic and China may be adversely affected. The Republic meets a significant amount of its steel requirements from Chinese imports, thus the supply of steel available to the Republic may be reduced, which, among other things, may affect infrastructure development in the Republic. Bilateral trade between the Republic and China increased steadily from 2010 to 2014. In 2015, the bilateral trade between the two countries decreased; however, from 2015 to the first six months of 2020, the bilateral trade between the Republic and China has increased steadily again, reaching approximately $12.2 billion in the first half of 2020, although this was a decrease of 28.3% over the corresponding 2019 level of approximately $17.0 billion. Exports to China accounted for 13.8% of the Republic’s total exports in 2019 and 13.8% in the first six months of 2020, and imports from China accounted for 22.8% of the Republic’s total imports in 2019 and 21.0% in the first six months of 2020. In July 2020, China was the Republic’s biggest supplier of imported goods which accounted for 25.2% of the total imports and import value from China amounted to US$1.88 billion as compared to US$2.30 billion in July 2019. In the past few years, China has been among the Republic’s largest trading partners.

In 2021, the Philippines continued to assert its rights against Chinese incursions into the West Philippine Sea. In January, the Philippines issued diplomatic protests against a new Chinese law that purportedly authorized China’s coast guard to open fire on foreign vessels and to dismantle structures built on certain islands. In March, the Philippines demanded that China recall over 200 Chinese militia vessels that were identified near a disputed reef located within the Philippines’ exclusive economic zone. In May, the Philippines lodged a new diplomatic protest protesting the deployment of Chinese vessels in the disputed area. In September, the Philippines protested “provocative acts” directed by China against Philippine authorities patrolling Philippine waters. In November, the Philippines reiterated its rights over Ayungin Shoal within the West Philippine Sea. A total of 231 diplomatic protests were filed by the Philippines as of November 2021. In May 2022, the Philippines filed another diplomatic protest against a Chinese fishing ban that encroached on the Philippines’ territory and exclusive economic zone.

On July 12, 2022, the sixth anniversary of the 2016 arbitral award, the Philippines reiterated its commitment to upholding the arbitral award, particularly as an anchor of Philippine foreign policy and actions on the West Philippine Sea.

These developments have not had any immediate effect on the Philippine economy or on economic relations between the Philippines and China.

The Republic is committed to resolving disputes in the West Philippine Sea through peaceful and rules-based means and diplomatic solutions, without threat or use of force, and in accordance with international law, specifically the UNCLOS. The Philippines continues to abide by the ruling of the South China Sea Arbitration, and continually urges China to likewise abide by the same ruling. Several countries, such as Australia, the U.S., Germany, France, the United Kingdom, Indonesia, and Vietnam, have likewise officially stated their positions echoing the Arbitral ruling or reflecting key points thereof, and calling on China to respect and be bound by the Arbitral Award. Negotiations between ASEAN and China on a Code of Conduct resumed in May 2022 after being stalled due to the COVID-19 pandemic and are currently ongoing.

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U.S. Mutual Defense Treaty

The Mutual Defense Treaty between the Republic of the Philippines and the United States of America (“U.S. Mutual Defense Treaty”) was signed on August 30, 1951. Under the U.S. Mutual Defense Treaty, the United States will come to the assistance of the Philippines if the Philippines’ metropolitan territory is attacked or if the armed forces of the Philippines is attacked in the Pacific Ocean area.

In August 2022, during the visit of United States Secretary of State Antony Blinken, the Philippines and the United States affirmed their commitment to the U.S. Mutual Defense Treaty.

Visiting Forces Agreement

The Visiting Forces Agreement (“VFA”) is a bilateral agreement between the Philippines and the United States, which provides the terms under which U.S. military forces are allowed to temporarily operate in the Philippines. On February 11, 2020, the Government sent the United States a notice terminating the VFA. The termination of the VFA was set to take effect on August 9, 2020, 180 days from the date of the notice of termination. However, on June 1, 2020, the Government suspended its termination of the VFA. On July 30, 2021, then President Duterte announced the withdrawal of the abrogation of the VFA. The Philippines continues to value its decades-old partnership with the United States as its lone mutual defense treaty ally and continues to maintain robust relations with United States.

Enhanced Defense Cooperation Agreement

On April 28, 2014, the Philippines and the United States signed the Enhanced Defense Cooperation Agreement (the “EDCA”) as a supplemental agreement to the U.S. Mutual Defense Treaty and the VFA. The EDCA has the goal of advancing the implementation of the Philippine—U.S. Mutual Defense Treaty, through the promotion of interoperability, capacity-building towards AFP modernization, strengthening the AFP for external defense, maritime security, maritime domain awareness and humanitarian assistance and disaster response. In 2015, the United States requested access to eight military bases to rotate troops, aircraft and ships. In April 2018, construction began on the first facility in the Basa Air Base in Pampanga in northern Luzon and was completed in January 2019. The site is intended to be used as a humanitarian assistance and disaster-relief facility.

Natural Disasters

Climate Change

Climate change has been identified as a threat to the Philippine economy, as it is dependent on climate sensitive sectors such as agriculture, tourism and energy. A change in the climate may have several consequences, including lower agriculture productivity, damage to coastal infrastructure, fragile ecosystems, impact on health and biodiversity, financial market disruption, lower GDP and altered migration matters. Increased frequency or severity of natural disasters may lead to casualties, the destruction of crops and livestock, the outbreak of waterborne disease and the destruction of infrastructure, such as roads and bridges. Droughts may negatively affect the supply of agricultural commodities, the food supply in general and the generation of hydroelectric power.

Typhoons and Flooding

Frequent regional typhoons and intense rainfall, in part due to climate change, make regions of the Republic susceptible to flash floods and landslides. In urban areas such as Metro Manila, clogging and siltation of drainage laterals and waterways caused by improper disposal of solid waste, obstructions and the presence of informal settlements along open waterways contribute to flooding. Low lying urban and rural areas, which serve as catch basins of rainwater within a watershed or river basin, also suffer from problems posed by unplanned and unregulated developments such as temporary housing and infrastructure projects and the presence of industrial operations along upstream waterways. Flooding, including as a result of Typhoon “Yolanda” in 2013, has affected hundreds of thousands of Filipinos and resulted in numerous fatalities. In addition, flooding in the Philippines has resulted in and may continue to result in significant damage to rice and other agricultural production, infrastructure and private property. Flooding and other natural disasters continue to pose a threat to other sectors such as transportation and health, and the economy as a whole. In addition to direct damage, natural disasters also inhibit social and economic development because funds must be reallocated from existing programs to finance relief and reconstruction assistance.

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The transportation sector is heavily affected by floods and other natural disasters that damage roads and bridges. If a natural disaster destroys critical transportation infrastructure, roads and bridges must be repaired before other disaster-related damage can be addressed. As a result, damage to transportation infrastructure can compound the effect that floods have on other sectors. For instance, the impact of flooding and other natural disasters on the health sector is mostly seen in the disruption of the delivery of health services. Damaged roads and bridges hinder the efficient transport of patients to hospitals and medical facilities in cities and reduce the capacity of the Government to deliver timely medical services to affected populations in rural areas.

Flooding also adversely affects agricultural production by damaging crops, livestock, poultry and fisheries, as well as destroying fishing boats, farming equipment, inventory and agricultural infrastructure such as irrigation channels, spillways and farm-to-market roads. In urban areas, the manufacturing, construction, wholesale and retail, restaurant and real estate industries are also impacted by the damage caused by flooding.

In November 2013, Typhoon “Yolanda” (also known as Typhoon “Haiyan”), the Philippines’ worst typhoon on record, made landfall in Eastern Samar, sustaining winds of 270 to 312 km/h while passing over the Philippines. The impact of Typhoon “Yolanda” was centered on Regions VI, VII, and VIII. A State of National Calamity was declared in Samar, Leyte, Cebu, Iloilo, Capiz, Aklan, and Palawan, and 6,300 people were reported dead from the storm, 1,061 persons were reported missing and 28,689 persons had been injured. Estimated damages had reached ₱89.6 billion, comprising an estimated ₱55.1 billion to the social sector, ₱21.8 billion to the productive sector, ₱9.6 billion to infrastructure and ₱3.1 billion in cross-sectoral damages in the regions affected by the storm.

As of December 31, 2017, a total of ₱146.2 billion had been released to implementing national government agencies, government-owned and controlled corporations and local government units for Yolanda-related programs and projects. Since Typhoon “Yolanda,” the Philippine transportation agencies have completed at least 36 airports and 23 seaport rehabilitation projects as part of their rehabilitation projects.

Since Typhoon “Yolanda”, the Republic has been hit by numerous additional typhoons or tropical storms which caused damage to agriculture, infrastructure and property, and displacement, injuries or deaths of the population, though none of them were as severe as Typhoon “Yolanda”. In December 2021, Typhoon “Odette” (also known as Typhoon “Rai”), a category 5 super typhoon, hit the Philippines. Typhoon “Odette” caused an estimated ₱24.6 billion in damage to crops, public infrastructure, and private property, and destroyed more than 1.7 million houses in eight provinces. Rehabilitation efforts are ongoing throughout the affected areas through programs led by the national and local governments.

Earthquakes and Volcanic Eruptions

The Philippines is located in the “Pacific Ring of Fire” and along a complex system of fault lines, which geologists refer to as the “Philippine Mobile Belt.” As a consequence, the Republic is susceptible to volcanic eruptions and periodic seismic activity, such as the magnitude 7.8 earthquake on Luzon Island in 1990, one of the strongest earthquakes to hit the country, and the eruption of Mount Pinatubo in 1991, one of the largest volcanic eruptions in the 20th century. Most recently, in January 2020, the Taal Volcano entered into a period of intense unrest beginning with phreatic or steam-driven activity in several points inside the Taal Volcano’s main crater that progressed into magmatic eruption. The Philippine Institute of Volcanology and Seismology (“PHILVOCS”) raised the alert level to alert level 4 on January 12, 2020, which meant that hazardous explosive eruption is possible with hours to days. Pursuant to such events, PHILVOCS ordered the total evacuation of the Volcano Island and high-risk areas within a 14-kilometre radius from the Taal Volcano’s main crater. PHILVOLCS has since lowered the alert level covering Taal Volcano to Level 1. These natural disasters have resulted in loss of life, the displacement of people and destruction of property.

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Philippine Economy

COVID-19

COVID-19, an infectious disease that was first reported to have been transmitted to humans in late 2019, has spread globally over the course of 2020, and in March 2020 it was declared as a pandemic by the World Health Organization. On January 30, 2020, the Philippines reported its first confirmed case of COVID-19. The subsequent spread of the disease has since resulted in 3,901,033 confirmed cases and the death of 62,249 people in the Philippines as of September 9, 2022, according to the Philippine Department of Health. The Government, on a national and local level, has implemented a number of measures in varying degrees to contain the spread of COVID-19, including, among others, social distancing measures, implementation of self-isolation and community quarantine measures, closure of schools, suspension of mass public transport facilities, restrictions on public gatherings, suspension of operations of non-essential businesses and travel restrictions.

On March 27, 2021, following a sharp spike in COVID-19 infections, the Government announced that the National Capital Region and the surrounding provinces of Bulacan, Laguna, and Rizal (“NCR Plus”), as well as other parts of the Philippines, would be placed under enhanced community quarantine (“ECQ”) from March 29 to April 11, and under modified ECQ (“MECQ”) until May 14, 2021. Following this, the restrictions were eased, and the areas comprising NCR Plus were placed under a general community quarantine. This status continued until June, which saw an increase in COVID-19 cases in other provinces outside the greater Manila region notwithstanding the Government’s vaccination efforts, and which led to the provinces of Cagayan, Apayao, Ifugao, Bataan, Iloilo, Negros Oriental, Zamboanga Sibugay, Zamboanga del Sur, Zamboanga del Norte, Agusan del Sur, Dinagat Islands, Surigao del Sur and the cities of Santiago, Lucena, Puerto Princesa, Naga, Iloilo, Davao, Butuan, Cagayan de Oro, and Zamboanga City being placed under modified enhanced community quarantine until the end of June 2021.

Legislative Efforts to Combat COVID-19

Former President Duterte’s emergency powers under Republic Act No. 11494, otherwise known as the “Bayanihan to Recover as One Act”, lapsed on December 19, 2020.

On December 29, 2020, then President Duterte signed Republic Act No. 11519 and Republic Act No. 11520 into law. Republic Act No. 11519 extended the availability of funds appropriated through the Bayanihan to Recover as One Act until June 30, 2021. Republic Act No. 11520 extended the availability of the 2020 budget until December 31, 2021, which enabled government agencies to spend or release unused funds under the 2020 budget during the course of 2021, rather than expiring at the end of 2020, which would have otherwise been the case.

Republic Act No. 11523, the Financial Institutions Strategic Transfer (FIST) Act (the “FIST Act”) was signed into law on February 16, 2021, and became effective on February 17, 2021. The FIST Act is intended to assist banks and other financial institutions by enabling them to sell their non-performing assets and bad loans to asset management companies, referred to as FIST corporations. It aims to strengthen the banking industry’s risk-bearing capacity, and free up capital for productive uses in the economy rather than the management of non-performing loans.

The Corporate Recovery and Tax Incentives for Enterprise (“CREATE”) Act was passed into law on March 26, 2021. The CREATE Act allows businesses to recover from the effects of the COVID-19 pandemic and aims to improve the Republic’s capacity to attract investments by lowering the corporate income tax rate and rationalizing the Republic’s tax incentives system by making it targeted, time-bound, and performance-based.

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COVID-19 Vaccination and Related Efforts

In January 2021, the Department of Health unveiled its Philippine National Deployment and Vaccination Plan for COVID-19 Vaccines. As part of this plan, the Government secured initial doses of vaccines from various manufacturers and participated in the World Health Organization’s COVAX facility in order to increase the Republic’s access to vaccine supplies.

In February 2021, the IATF adopted a vaccination priority framework conceived by the Interim National Immunization Technical Advisory Group to promote the effective deployment of the Republic’s vaccination efforts in light of the limited supply of vaccines. On February 26, 2021 then President Duterte signed into law the COVID-19 Vaccination Program Act of 2021, which authorized local government units to undertake negotiated procurement of COVID-19 vaccines, and also authorized private entities, including the Philippine Red Cross, to procure vaccines in coordination with the Government.

On March 1, 2021, the Government began its vaccination drive, with vaccines being administered to frontline health care professionals followed by eligible senior citizens, persons with comorbidities, frontline personnel in essential sectors, and indigent persons, before the vaccines were opened to the rest of the population in October 2021. As of June 25, 2021, the Philippine Food and Drug Administration (“FDA”) had granted emergency use authorization to eight COVID-19 vaccines. The Government has ramped up its COVID-19 vaccination efforts to include children aged 12 to 17 with effect from November 3, 2021, and the FDA on December 23, 2021 approved emergency use of some vaccines for children aged five to 11.

The Philippine FDA amended its emergency use authorization for certain COVID-19 vaccines to make way for a booster program. On November 16, 2021, the National Task Force Against COVID-19 issued interim operational guidelines on the administration of COVID-19 booster doses to essential workers and frontline health service providers. On November 19, 2021, the task force issued additional interim guidelines, expanding the coverage of the booster program to senior citizens aged 60 and above, and to adults with comorbidities. On December 23, 2021, the FDA announced that it had approved a shorter administration interval between the primary doses and booster shots, making around 19 million fully-vaccinated adults eligible to receive booster doses.

On July 26, 2022, the Marcos administration, together with various local government units, launched the “PinasLakas” campaign, a vaccination drive that aims to vaccinate 90% of the country’s senior citizens and to administer booster doses to 50% of the target population during the first 100 days of the Marcos administration.

As of June 28, 2022, a total of 245,382,600 doses of COVID-19 vaccines had been delivered to the Philippines. As of September 8, 2022, a total of 161,377,772 doses have been administered, with 70,211,956 administered as first dose and 72,719,989 administered as complete dose, including single-dose vaccines. In addition, 18,445,827 booster doses were administered under the booster program.

In addition to the vaccine program, the Philippine FDA also granted emergency use authorization to an anti-COVID pill for use in treating adults with mild to moderate symptoms, as well as those at risk of developing severe illnesses such as senior citizens and individuals with comorbidities.

Economic Impacts

In June 2022, the World Bank issued a growth forecast for the Philippines of 5.7% in 2022, and an average growth rate of 5.6% in 2023-2024, citing strong domestic demand and the recovery of industry and services sectors amid intensifying external uncertainties. In July 2022, the IMF projected real GDP growth for the Philippines of 6.7% in 2022.

The uncertainty due to the COVID-19 pandemic, including possible delays in the delivery of vaccines and the emergence of new variants of concern, continue to pose downside risks to the Republic’s economic recovery. Nonetheless, the Government consistently monitors developments to assess the potential impact of the COVID-19 pandemic and implement appropriate policies to mitigate the associated risks. To ensure the continued safety of the economy’s gradual reopening, the Government will continue to accelerate vaccination, and implement a risk-based approach to restrictions through the rollout of the alert level system in the Republic.

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In August 2022, the NEDA cited timely changes in COVID-related policies, such as easing alert levels, removing tourism restrictions, and accelerated vaccine rollout, as having helped increase economic activities. This allowed the Philippine economy to expand with real GDP growth of 7.4% in the second quarter of 2022, within the NEDA’s projected 2022 real GDP growth of 6.5% to 7.5%.

However, the extent of the impact of COVID-19 on the Philippine economy and the speed and certainty of any economic recovery cannot be predicted, and any new surge in infections or slowdown in vaccinations may result in stricter quarantine or lockdown measures across provinces, cities, and municipalities, which may lead to further contraction of the Philippine economy, closure of businesses, and rise in unemployment rates. The situation continues to evolve, and the impact on the global and Philippine economy and the related government responses, including additional measures to be adopted by the Philippine national government and local government units, will depend on future developments which remain uncertain.

Overview

Like many developing countries after World War II, the Philippines protected local industry from foreign competition through measures such as import tariffs and quotas, and hoped to replace imported finished goods with domestically produced goods over time. Successive administrations also intervened in domestic economic affairs by imposing quantitative trade barriers, price controls and subsidies. Initially, the economy grew rapidly, with GNI growing at an average rate of 5.7% per annum from 1970 to 1980, largely due to increased exports and Government investments. Infrastructure spending increased, and state ownership and nationalization of commercial enterprises became more prevalent. By the early 1980s, however, the Republic began to face increasing budget deficits, growing levels of foreign and domestic borrowing, rising inflation, climbing interest rates, a depreciating peso, declining investment capital and slowing economic growth or, at times, a contraction in GNI. The Republic’s unstable political situation during that period, highlighted by the assassination of opposition leader Benigno Aquino in 1983, exacerbated its economic problems.

The general optimism brought about by the peaceful removal of the unpopular Marcos administration in 1986 helped economic recovery. GNI grew by 3.4% in 1986, increasing to a growth of 6.8% in 1988 before reversing to a decline of 0.6% in 1991. The economic contraction in the early 1990s was caused principally by underlying macroeconomic imbalances, compounded by supply bottlenecks, natural disasters, political instability, a global recession and the Persian Gulf crisis of 1990 to 1991.

The government of then President Corazon Aquino, who came to power in 1986, embarked on a stabilization program aimed at preventing an upsurge in inflation, controlling the fiscal deficit and improving the external current account position. The economy responded favorably to these measures, posting increases in GNI, investments, private consumption and imports in 1992. The Corazon Aquino administration also recognized that the Republic’s economic difficulties in large part resulted from its protectionist policies. The Corazon Aquino administration therefore initiated reforms to open the economy to market forces and reduce the size and role of the government in the Philippine economy. The government of then President Fidel Ramos, who assumed office in 1992, accelerated the reform efforts initiated by the Corazon Aquino administration. Following a review of a number of the policies and programs initiated by previous administrations, the Estrada administration continued many of the financial policies and market-oriented reforms of the Corazon Aquino and Ramos administrations.

After the onset of the Asian economic crisis in mid-1997, the Philippines experienced economic turmoil characterized by currency depreciation, a decline in the performance of the banking sector, interest rate volatility, a significant decline in share prices on the local stock market and a reduction of foreign currency reserves. These factors led to a slowdown in the Philippine economy in 1997 and 1998. In response, the Government adopted a number of policies to address the effects of the Asian economic crisis by strengthening the country’s economic fundamentals.

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The Philippines was not as severely affected by the Asian financial crisis as many of its neighbors, aided in part by remittances from Overseas Filipino Workers (“OFWs”). With the exception of 1998, when agricultural harvests were negatively impacted by poor weather and drought, the Republic had recorded positive real GDP growth every year since the Asian financial crisis. After a 0.6% decline in 1998, GDP growth increased to 3.1% in 1999 and 4.4% in 2000 before slowing down to 2.9% in 2001. In the early 2000s, the Government pursued economic strategies to improve infrastructure, implement changes to the tax system, support deregulation and privatization of the economy, and further develop trade ties within Asia. GDP growth increased to 3.7% in 2002 and 5.0% in 2003 notwithstanding the impact of the Iraq War, the SARS epidemic and credit ratings downgrades. GDP growth accelerated to 6.7% in 2004 before leveling off to 4.8% in 2005 and 5.2% in 2006.

Against the backdrop of the global financial crisis which began in the second half of 2007, the Republic experienced limited exposure to subprime assets and bankrupt financial institutions. Nonetheless, in 2008, the Republic experienced slower growth rates, a weakening of equity prices, a lower exchange rate for the peso against major currencies and increasing inflation. In 2009, the Republic’s economy began to exhibit indications of a recovery, although certain of the Republic’s economic recovery policies had yet to result in positive effects. In 2010, the Republic continued its recovery despite an erratic economic recovery globally.

Between 2012 and 2015, the Republic was largely spared from the economic fallout of the European sovereign debt crisis due primarily to minimal trade and financial linkages with the affected nations, but the Republic nevertheless sought through its financial regulatory framework and monetary policy to mitigate the impact on the Republic of the European sovereign debt crisis and the resulting economic slowdown in Europe.

In January 2020, the IMF world economic outlook update projected that the Republic would see economic growth at 6.3% in 2020, underpinned by an increase in government spending and recent monetary policy easing. In April 2020, however, against the backdrop of the COVID-19 outbreak, the IMF world economic outlook update revised downwards its economic growth forecasts for the Republic to 0.6%.

The Government initially expected the Republic’s GDP to contract by 2% to 3.4% due to the economic effects of the COVID-19 outbreak and the resulting domestic shutdowns, border controls, reduced tourism, disrupted trade and manufacturing and financial market spillovers.

On May 7, 2020, the NEDA reported that the Philippine economy had slowed down for the first time in 22 years, contracting 0.2% in the first quarter of 2020, from a 5.6% growth rate in the first quarter of 2019. In June 2020, the IMF world economic outlook update further revised its economic growth forecasts downwards, projecting the Republic’s GDP to contract by 3.6% in 2020. The Bangko Sentral had also projected that Philippine GDP for the second quarter of 2020 would decline by 5.7% to 6.7%. However, on August 7, 2020, the Philippine Statistics Authority announced that the Republic’s second quarter GDP contracted by 16.5%, primarily as a result of the lockdowns in April and May 2020.

In 2021, quarantine restrictions and other responses by the Government affected employment and productivity of the economy. The Government’s economic managers reported that the unemployment rate moderately increased from 7.1% in March 2021 to an estimated 7.4% in October 2021, an effect attributed to the re-imposition of enhanced community quarantine restrictions, the continued imposition of strict quarantine measures, and weather disturbances that affected agriculture, most notably Typhoon Jolina which affected some 30,000 hectares of agricultural land across the regions of Central Luzon, Calabarzon, MIMAROPA, Bicol, Western Visayas, Central Visayas, and Eastern Visayas. The NEDA noted that as restrictions eased in favor of more granular lockdowns, labor outcomes are expected to improve.

The NEDA also cautioned that it estimated that the impact of the COVID-19 pandemic would cost the Philippine economy ₱41.4 trillion over the next 40 years.

In the first six months of 2022, GDP grew by 7.8% due to the gradual reopening of the Philippine economy. However, developments, such as the conflict between Russia and Ukraine, resulted in trade disruptions in key industries, which led to accelerated inflation.

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The Republic believes that domestic liquidity remains adequate to meet the demand for financing to support economic growth in the Philippines; however, there can be no assurance that a contraction in liquidity in the international financial markets due to the COVID-19 pandemic, U.S-China relations or other causes will not adversely impact the financial condition of the Republic or of Philippine companies generally.

Recent Economic Indicators

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

Years 2017 – 2022

	2017			2018			2019			2020			2021			2022 (1)
GDP growth (constant 2018 prices) (%)		6.9			6.3			6.1			(9.5	)		5.7			7.8
GNI growth (%) (constant 2018 prices)		6.8			5.9			5.4			(11.5	)		1.7			9.9
Inflation rate (2018 CPI basket)(%)		2.9			5.2			2.4			2.4			3.9			4.7
Unemployment rate		5.7			5.3			5.1			10.3			7.8	(2)		5.2	(3)
91-day T-bill rate (%)		2.2			3.5			4.7			2.0			1.1			1.9
External position
Balance of payments ($ million)		(863	)		(2,306	)		7,843			16,022			1,345			495	(4)
Export growth (%)		19.7			0.9			2.3			(8.1	)		7.1			8.5	(4)
Import growth (%)		14.2			17.4			(1.1	)		(19.5	)		38.3			23.9	(4)
External debt ($ billion)		73.1			79.0			83.6			98.5			106.4			109.8	(4)
International reserves
Gross ($ billion)		81.6			79.2			87.8			110.1			108.8			99.8	(5)
Net ($ billion)		81.6			79.2			87.8			110.1			108.8			99.8	(5)
Months of retained imports(6)		7.8			6.9			7.6			12.3			9.6			8.3	(5)
Domestic credit growth (%)		13.9			14.9			10.7			4.7			8.2	(7)		9.6

Sources: Philippine Statistics Authority, Bangko Sentral.

Notes:

(1) Preliminary data for the six months ended June 30, 2022, unless otherwise stated.

(2) Preliminary results as of May 2022 based on the 2021 Labor Force Survey.

(3) Preliminary results as of July 2022 based on the 2022 Annual Estimates of Labor Force Survey July rounds.

(4) Preliminary data for the three months ended March 31, 2022.

(5) Preliminary data as of July 31, 2022.

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

(7) Preliminary data for 2021.

Sources: Philippine Statistics Authority, Bangko Sentral.

GDP and Major Financial Indicators

Periodic Revisions to Philippine National Accounts

Economists show gross domestic product (“GDP”) and gross national income (“GNI”) in both current and constant market prices. Presentations of GDP and GNI at current market prices value a country’s output using the actual prices for each year, whereas GDP and GNI at constant market prices (also referred to as “real” GDP and GNI) value output using the prices from a specified base year, thereby eliminating the distorting effects of inflation and deflation.

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The Philippine Statistics Authority (“PSA”) releases quarterly data on the Republic’s national accounts, which include GDP and GNI data. Under PSA policy, GDP and GNI data for a particular quarter are revised the following quarter, while annual data are released together with first quarter data and are revised thereafter in May of each year. GDP and GNI estimates are considered “final” after three years. However, the PSA may still revise the “final” estimates whenever it undertakes an overall revision of the national accounts.

Revisions in the Republic’s national accounts are normally due to the availability of new or more complete data, receipt of revised data from original sources, and inclusion or exclusion of emerging or closed industries. The PSA has traditionally followed the 1968 revision of the United Nations System of National Accounts.

In the first quarter of 2011, the standards under the Philippine System of National Accounts (the “PSNA”) for the calculation of GDP and GNI (known as gross national product (“GNP”) prior to the 2011 revisions) were revised, changing the constant base year for these calculations from 1985 to 2000. In April 2020, the PSNA further revised the PSNA standards, changing the constant base year for GDP calculations from 2000 to 2018.

In this prospectus, unless otherwise specified, growth figures for GDP and GNI are period-on-period comparisons of real GDP and GNI, respectively, using the year 2018 as the base year.

Gross Domestic Product

Gross domestic product, or GDP, measures the market value of all final goods and services produced within a country during a given period. By comparison, gross national income, or GNI, measures the market value of all final goods and services produced by a country’s residents during a given period, whether or not the production occurred within the country.

In 2017, GDP grew by 6.7%, compared with growth of 6.9% in 2016. The largest contributor to the decreased rate of growth in 2017 was a decrease in the rate of growth of the construction subsector, from growth of 12.1% in 2016 to growth of 5.3% in 2017. Decreased rates of growth in the electricity, gas and water supply subsector and the transport, storage and communications subsector, from growth of 9.0% and 5.3%, respectively, in 2016 to growth of 3.4% and 4.0%, respectively, over the same period in 2017, were also contributors to this decrease. Partially offsetting the performance of these subsectors were increases in the rate of growth in the agriculture and forestry subsector and the manufacturing subsector, from contraction of 0.6% and growth of 7.1%, respectively, in 2016, to growth of 5.0% and 8.4%, respectively, in 2017. Growth in the public administration and defense; compulsory social security subsector and the fishing subsector also increased from growth of 7.1% and a contraction of 4.0%, respectively, in 2016 to growth of 7.8% and a contraction of 0.9%, respectively, in 2017. GNI in 2017 grew by 6.6%, compared to growth of 6.7% in 2016. The GNI growth rate was lower than the GDP growth rate due to the relatively lower growth in net primary income of 5.9% in 2017, compared to growth in GDP in 2017. The growth in net primary income of 5.9% in 2017 represented a slight decrease from the 5.8% growth in net primary income over the same period in 2016.

In 2018, GDP grew by 6.2%, compared with growth of 6.7% in 2017. The largest contributor to the decreased rate of growth in 2018 was a decrease in the rate of growth of the manufacturing subsector, from growth of 8.4% in 2017 to growth of 4.9% in 2018. Decreased rates of growth in the agriculture, hunting, forestry and fishing subsector and the real estate, renting and business activities subsector, from growth of 4.0% and 7.4%, respectively, in 2017 to growth of 0.9% and 4.7%, respectively, in 2018, were also contributors to this decrease. Partially offsetting the performance of these subsectors were increases in the rate of growth in the construction subsector, the electricity, gas and water supply subsector and the public administration and defense and compulsory social security subsector, from growth of 5.1%, 3.4% and 8.7%, respectively, in 2017, to growth of 14.9%, 5.5% and 15.2%, respectively, in 2018. GNI in 2018 grew by 5.9%, compared to growth of 6.5% in 2017. The GNI growth rate was lower than the GDP growth rate due to the relatively lower growth in net primary income of 4.3% in 2018, compared to growth in GDP in 2018. The growth in net primary income of 4.3% in 2018 represented a decrease from the 5.9% growth in net primary income in 2017.

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In 2019, GDP grew by 5.9%, compared with growth of 6.2% in 2018. The largest contributor to the lower rate of growth in 2019 was a decrease in the rate of growth in the industry sector, from growth of 6.7% in 2018 to growth of 4.9% in 2019. This was partially offset by increased rates of growth in the agriculture, hunting, forestry and fishing sector and the services sector, from growth of 0.9% and 6.8% in 2018 to growth of 1.5% and 7.1% in 2019, respectively. GNI in 2019 grew by 5.5%, compared to growth of 5.9% in 2018. The GNI growth rate was lower than the GDP growth rate due to the relatively lower growth in net primary income of 3.5% in 2019, compared to GDP growth in 2019. The growth in net primary income of 3.5% in 2019 represented a decrease from the 4.3% growth in 2018.

In 2020, GDP contracted by 9.5%, compared with growth of 6.1% in 2019 at constant 2018 market prices. The largest contributor to the contraction in 2020 was the effect of the ongoing global COVID-19 pandemic and the resulting domestic shutdowns, border controls, reduced tourism, disrupted trade and manufacturing and financial market spillovers. This resulted in a 9.1% contraction in the services sector in 2020, as compared with growth of 7.2% in 2019 at constant 2018 market prices, and a 13.1% contraction in the industry sector in 2020, as compared with growth of 5.5% in 2019 at constant 2018 market prices. GNI in 2020 contracted by 11.5%, compared to growth of 5.4% in 2019 at constant 2018 market prices. Net primary income contracted by 31.1% in 2020, compared to a contraction of 1.6% in 2019 at constant 2018 market prices.

In 2021, GDP grew by 5.7%, compared with a contraction of 9.5% in 2020, at constant 2018 market prices. The largest contributor to growth in 2021 was the improved management of the COVID-19 pandemic, driven by industry sector growth of 8.5% in 2021 compared with a contraction of 13.1% in 2020, at constant 2018 prices, as a result of the COVID-19 pandemic. The services sector also grew by 5.4% at constant 2018 prices in 2021 compared to a contraction of 9.1% at constant 2018 prices in 2020. GNI in 2021 grew by 1.7% compared to a contraction of 11.5% in 2020, each at constant 2018 prices. Net primary income contracted by 51.3% in 2021 compared to a contraction of 31.1% in 2020, each at constant 2018 prices.

In the first six months of 2022, GDP grew by 7.8% compared with growth of 3.9% in the first six months of 2021. The largest contributor was the gradual reopening of the economy which saw the services sector record 8.7% growth in the first six months of 2022 at constant 2018 market prices compared to 2.8% in the first six months of 2021. GNI grew by 9.9% in the first six months of 2022 compared to a contraction of 2.2% during the same period in 2021 at constant 2018 market prices. Net primary income grew by 81.6% in the first six months of 2022 at constant 2018 market prices compared to a contraction of 67.2% during the same period in 2021.

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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 (at current market prices)												Percentage of GDP
	2017		2018		2019		2020		2021		2022 (1)		2017		2022 (1)
	(₱ in millions, except as indicated)												(%)
Agriculture, forestry and fishing sector		1,685,956		1,762,616		1,721,539		1,828,424		1,954,345		980,185		10.2		9.5
Industry sector
Mining and quarrying		148,094		163,322		161,656		137,060		185,284		144,980		0.9		1.4
Manufacturing		3,228,580		3,488,331		3,614,016		3,169,921		3,423,404		1,765,926		19.5		17.1
Electricity, steam, water, and waste management		505,119		557,030		607,881		611,051		650,876		417,311		3.1		4.0
Construction		1,106,154		1,373,841		1,535,727		1,180,199		1,347,446		808,294		6.7		7.8
Total		4,987,948		5,582,525		5,919,281		5,098,232		5,607,011		3,136,511		30.1		30.4
Service sector
Wholesale and retail trade; repair of motor vehicles and motorcycles		2,926,502		3,237,304		3,517,653		3,317,371		3,503,236		1,697,750		17.7		16.4
Transport and storage		637,191		697,839		757,661		551,045		604,919		346,835		3.8		3.4
Accommodation and food service activities		346,119		403,289		431,778		253,013		285,244		179,270		2.1		1.7
Information and communication		490,330		515,925		562,834		593,039		640,192		347,479		3.0		3.4
Financial and insurance activities		1,326,583		1,498,147		1,681,870		1,823,979		1,961,922		1,119,145		8.0		10.8
Real estate and ownership of dwellings		1,076,332		1,189,673		1,255,644		1,081,612		1,138,901		595,691		6.5		5.8
Professional and business services		1,110,458		1,159,265		1,219,757		1,137,558		1,220,837		608,776		6.7		5.9
Public administration and defense; compulsory social activities		642,127		767,706		890,688		950,590		1,030,438		510,604		3.9		4.9
Education		649,366		731,607		778,868		719,494		796,827		447,161		3.9		4.3
Human health and social work activities		289,060		308,268		329,862		325,260		385,686		183,969		1.7		1.8
Other services		388,679		411,025		450,429		271,957		281,010		169,377		2.3		1.6
Total		9,882,747		10,920,048		11,877,043		11,024,918		11,849,213		6,206,057		59.7		60.1
Total GDP		16,556,651		18,265,190		19,517,863		17,951,574		19,410,568		10,322,753		100.0		100.0
Net primary income		1,826,528		1,947,159		1,954,197		1,360,427		693,869		534,744
Total GNI		18,383,179		20,212,349		21,472,060		19,312,001		20,104,437		10,857,497
Total GDP ($ billions)(2)		316.6		330.9		383.7		361.7		394.1		198.2
Per capita GDP, PPP concept ($)(3)		8,199		8,793		9,363		8,458		9,101		10,500

Notes:

(1) Preliminary data for the first six months of 2022.

(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. Based on preliminary data for the first six months of 2022.

Source: Philippine Statistics Authority.

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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 (at constant 2018 market prices)												Percentage of GDP
	2017		2018		2019		2020		2021		2022 (1)		2017		2022 (1)
	(₱ in millions, except as indicated)												(%)
Agriculture, forestry and fishing sector		1,743,134		1,762,616		1,783,855		1,780,391		1,775,358		851,657		10.1		8.9
Industry sector
Mining and quarrying		160,065		163,322		168,857		137,493		144,431		87,086		0.9		0.9
Manufacturing		3,317,641		3,488,331		3,620,456		3,266,302		3,554,737		1,873,480		19.3		19.5
Electricity, steam, water, and waste management		523,161		557,030		591,312		589,213		615,505		309,548		3.0		3.2
Construction		1,201,714		1,373,841		1,507,244		1,122,308		1,234,811		669,879		7.0		7.0
Total		5,202,582		5,582,525		5,887,869		5,115,316		5,549,484		2,939,993		30.3		30.6
Service sector
Wholesale and retail trade; repair of motor vehicles and motorcycles		3,057,552		3,237,304		3,489,299		3,275,537		3,414,326		1,608,128		17.8		16.7
Transport and storage		648,153		697,839		742,347		515,149		547,542		311,002		3.8		3.2
Accommodation and food service activities		371,234		403,289		425,692		231,811		248,457		149,624		2.2		1.6
Information and communication		483,683		515,925		557,007		585,185		639,123		351,839		2.8		3.7
Financial and insurance activities		1,382,521		1,498,147		1,676,448		1,769,952		1,853,154		1,009,442		8.0		10.5
Real estate and ownership of dwellings		1,129,083		1,189,673		1,238,469		1,031,275		1,053,944		537,321		6.6		5.6
Professional and business services		1,117,257		1,159,265		1,182,159		1,068,769		1,135,218		581,213		6.5		6.1
Public administration and defense; compulsory social activities		666,393		767,706		871,564		911,188		962,824		500,206		3.9		5.2
Education		671,837		731,607		766,089		687,610		744,503		428,679		3.9		4.5
Human health and social work activities		309,316		308,268		323,261		306,903		350,268		176,025		1.8		1.8
Other services		393,233		411,025		438,691		258,758		263,851		158,165		2.3		1.6
Total		10,230,262		10,920,048		11,711,027		10,642,137		11,213,211		5,811,645		59.6		60.5
Total GDP		17,175,978		18,265,190		19,382,751		17,537,843		18,538,054		9,603,294		100.0		100.0

Note:

(1) Preliminary data for the first six months of 2022.

Source: Philippine Statistics Authority.

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Principal Sectors of the Economy

Agriculture, Hunting, Forestry and Fishing Sector

The agriculture, hunting, forestry, and fishing sector’s share to GDP was approximately 8.9% in the first six months of 2022 based on preliminary data, compared to approximately 10.1% in 2017, at constant 2018 market prices.

The Republic’s principal agricultural products include cereals, such as rice and corn, both of which are cultivated primarily for domestic use, and other crops, such as coconuts, sugar cane and bananas, produced for both the domestic market and export. The Philippines’ diverse agricultural system contains many coconut plantations farmed by agricultural tenants and workers, sugar haciendas farmed either under labor administration or by tenants, and large “agro-business” plantations devoted mainly to crops for export such as bananas and pineapples. Rice, corn and coconuts each account for approximately a quarter of the country’s cultivated area. Fishing production is divided into commercial, municipal and aquaculture fishing.

The country’s forests, one of the Philippines’ main natural resources, contain a large quantity of hardwood trees. Over the years, population growth, shifting cultivation, illegal logging and inadequate reforestation have depleted the forests, leading to Government-imposed bans on nearly all logging activity in old growth virgin forests and in second growth residual forests.

Production in the agriculture, hunting, forestry and fishing sector grew by 4.0% in 2017, compared to a contraction of 1.2% in 2016. This increased rate of growth was primarily the result of an increase in rice production, which recorded 9.4% growth in 2017, compared to a contraction of 2.9% in 2016, as well as a reversal in corn production to growth of 9.8% in 2017, from a contraction of 4.0% in 2016. Sugarcane production also experienced an increase, from a contraction of 0.7% in 2016 to growth of 30.2% in 2017. These factors were partially offset by livestock production, which recorded growth of 1.1% in 2017, compared to growth of 4.6% in 2016.

Production in the agriculture, hunting, forestry and fishing sector grew by 0.9% in 2018, compared to growth of 4.0% in 2017. The decreased rate of growth was the result of decreased growth rate or contraction in most subsectors, particularly in palay production, corn production and surgarcane production which grew by 9.4%, 9.8% and 30.2%, respectively, in 2017, compared to contraction of 1.0%, 1.7% and 16.6%, respectively, in 2018.

Production in the agriculture, hunting, forestry and fishing sector grew by 1.5% in 2019, compared to growth of 0.9% in 2018. The increased rate of growth was primarily a result of reversals in corn production, mango production and fishing from contractions of 1.7%, 3.1% and 0.2%, respectively, in 2018 to growth of 3.3%, 4.3% and 2.5% respectively, in 2019 and higher growth in production of other crops from growth of 0.6% in 2018 to 4.0% in 2019. These were partially offset by higher contraction rates in rice production from 1.0% in 2018 to 1.2% in 2019, lower growth in production of coconut including copra from 5.3% in 2018 to 1.0% in 2019, and a reversal in banana production from 2.1% growth in 2018 to 2.1% contraction in 2019.

Production in the agriculture, forestry, and fishing sector contracted by 0.2% in 2020, compared to growth of 1.2% in 2019 at constant 2018 market prices. The largest contributor to the contraction in 2020 was the effect of the ongoing global COVID-19 pandemic, which contributed to reversals in other animal production and poultry and egg production from growth of 31.8% and 5.8%, respectively, in 2019 to contraction of 3.2% and 2.4%, respectively, in 2020 at constant 2018 market prices, as well as a 6.9% contraction in livestock production in 2020 compared to a lower, 0.8% contraction in 2019 at constant 2018 market prices. These effects were partially offset by a reversal in palay production from a 5.9% contraction in 2019 to a 3.1% growth in 2020 at constant 2018 market prices.

Production in the agriculture, hunting, forestry and fishing sector contracted by 0.3% in 2021, from a previous contraction of 0.2% in 2020. The increased contraction was caused by a contraction in the manufacturing of abaca by 11.1% at constant 2018 market prices compared to a contraction of 1.7% in 2020, as well as a 17.3% contraction in livestock production compared to a contraction of 6.9% in 2020, each at constant 2018 market prices.

Production in the agriculture, forestry, and fishing sector grew by 0.2% in the first six months of 2022 at constant 2018 market prices based on preliminary data, compared to a contraction of 0.7% during the same period in 2021 at constant 2018 market prices. Poultry and egg production was the main contributor to the increase with 10.3% growth at constant 2018 market prices in the first six months of 2022 compared to a contraction of 3.1% during the same period in 2021 at constant 2018 market prices. This was followed by production of abaca with 5.6% growth and other animal production with 5.1% growth compared with contraction of 7.6% and lower growth of 4.0% for the same period in 2021, respectively, at constant 2018 market prices. This was partially offset by a reversal in sugarcane including muscovado-making in the farm at 27.6% in the first six months of 2022, compared to growth of 8.7%, during the same period of 2021 at constant 2018 market prices.

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Industry Sector

The industry sector consists of the mining and quarrying, manufacturing, construction, and electricity, gas and water supply subsectors. The industry sector’s share to GDP in the first six months of 2022 was approximately 30.6% based on preliminary data, compared to approximately 30.3% in 2017, at constant 2018 market prices.

In 2017, the industry sector grew by 7.0%, compared with growth of 8.2% in 2016. This lower rate of growth was mainly due to the slowdown in the growth of the construction subsector and the decline in electricity, gas and water supply subsector, which decreased from growth of 12.1% and 9.0%, respectively, in 2016 to growth of 5.3% and 3.4%, respectively, in 2017. The decrease in the construction subsector was mainly due to a decrease in public construction, from growth of 26.8% in 2016 to growth of 14.9% in 2017. These factors were partially offset by increased growth in the manufacturing subsector, from growth of 7.1% in 2016 to growth of 8.4% in 2017. See “—Manufacturing Subsector” for details regarding the growth in the manufacturing subsector.

In 2018, the industry sector grew by 6.7%, compared with growth of 7.1% in 2017. This lower rate of growth was mainly due to a decrease in the growth of the manufacturing subsector, which decreased from growth of 8.4% in 2017 to growth of 4.9% in 2018. This was partially offset by higher growth in the construction subsector and the electricity, gas and water supply subsector, from growth of 5.1% and 3.4%, respectively, in 2017 to growth of 14.9% and 5.5%, respectively, in 2018. See “—Manufacturing Subsector” for details regarding the growth in the manufacturing subsector.

In 2019, the industry sector grew by 4.9%, compared with growth of 6.7% in 2018. The lower rate of growth was primarily a result of lower growth in the manufacturing subsector and the construction subsector, from 4.9% and 14.9% in 2018 to 3.8% and 7.7% in 2019, respectively. These were partially offset by higher growth in the mining and quarrying subsector and the electricity, gas and water supply subsector, from 1.3% and 5.5% in 2018 to 5.9% and 6.5% in 2019, respectively.

In 2020, the industry sector contracted by 13.2%, compared with growth of 5.5% in 2019 at constant 2018 prices. The largest contributor to the contraction in 2020 was a 25.7% contraction in the construction subsector in 2020, as compared to a growth of 9.7% in 2019 at constant 2018 prices, as well as a 9.8% contraction in the manufacturing subsector in 2020, as compared to a growth of 3.8% in 2019 at constant 2018 prices.

In 2021, the industry sector grew by 8.5%, from a contraction of 13.1% in 2020 at constant 2018 prices primarily on account of easing restrictions, which allowed more industries to operate at limited capacity. This resulted in a growth of 10% in the construction sector, 8.8% growth in manufacturing, 5.0% growth in mining and quarrying, and 4.5% growth in electricity, steam, and waste management, respectively in 2021, versus contractions of 25.5%, 9.8%, 18.6%, and 0.4%, respectively, in 2020 at constant 2018 market prices.

In the first six months of 2022, the industry sector grew by 8.3% at constant 2018 market prices based on preliminary data, compared with growth of 7.8% during the same period in 2021. The higher rate of growth was primarily a result of higher growth across all subsectors. Construction grew by 17.3% in the first six months of 2022 compared to by 1.7% during the same period in 2021 at constant 2018 market prices. Electricity, steam, water, and waste management recorded 5.5% growth during the first six months of 2022, higher than the 5.4% growth it recorded during the same period in 2021 at constant 2018 market prices. This was partially offset by a decrease in manufacturing sector from growth of 10.5% in the first six months of 2021 to growth of 5.9% in the same period of 2022.

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Manufacturing Subsector

The Republic’s manufacturing subsector comprises three major industry groups:

• consumer goods, including the food, footwear and garment industries;

• intermediate goods, including the petroleum, chemical and chemical product industries; and

• capital goods, including the electrical machinery and electronics industries.

In 2017, the manufacturing subsector grew by 8.4%, compared to growth of 7.1% in 2016, The higher growth rate was primarily due to a 51.4% growth in fabricated metal products, a 13.0% growth in radio, television and communication equipment and apparatus, a 20.6% growth in non-metallic mineral products, and a 16.8% growth in furniture and fixtures. These increases were partially offset by food manufacturing and office, accounting and computing machinery, which experienced growth of 5.0% and 17.4%, respectively, in 2017, compared to 8.4% and 44.1%, respectively, in 2016.

In 2018, the manufacturing subsector grew by 4.9%, compared to growth of 8.4% in 2017. The lower growth rate was primarily the result of contractions in tobacco manufacturing, basic metal industries and chemical and chemical products of 14.8%, 4.8% and 3.9%, respectively. These contractions were partially offset by growth in petroleum and other fuel products, paper and paper products and rubber and plastic products of 19.4%, 13.8% and 13.4%.

In 2019, the manufacturing subsector grew by 3.8%, compared with growth of 4.9% in 2018. The lower rate of growth was primarily due to reversal in the radio, television and communication equipment and apparatus and furniture and fixtures subsectors from growth of 9.6% and 6.4% in 2018 to contraction of 2.0% and 19.4% in 2019, respectively, and lower growth rates in rubber and plastic products, non-metallic mineral products, and office, accounting and computing machinery subsectors, from 13.4%, 11.9% and 8.7% in 2018 to 4.0%, 1.6% and 1.5% in 2019, respectively. These were partially offset by higher growth in food manufactures from 5.1% in 2018 to 7.8% in 2019 and a reversal in chemical and chemical products from 3.9% contraction in 2018 to 10.7% growth in 2019.

In 2020, the manufacturing subsector contracted by 9.8%, compared to growth of 3.8% in 2019 at constant 2018 market prices. The largest contributor to the contraction in 2020 was the effect of the ongoing global COVID-19 pandemic and the resulting domestic shutdowns, border controls, reduced tourism, disrupted trade and manufacturing and financial market spillovers. This resulted in a 2.7% contraction in the manufacture of food products in 2020 as compared to growth of 3.7% in 2019, a 1.8% contraction in manufacture of chemical and chemical products in 2020 as compared to a growth of 13.3% in 2019, and a 48.1% contraction in manufacture of coke and refined petroleum products in 2020 as compared to a lower contraction of 16.2% in 2019, each at constant 2018 market prices.

In 2021, the manufacturing subsector grew by 8.8%, compared to a contraction of 9.8% in 2020 at constant 2018 market prices. The largest contributors to the subsector’s growth were 38.7% growth in the manufacture of other non-metallic mineral products in 2021 as compared to a contraction of 21.1% in 2020, 23.9% growth in the manufacture of textiles in 2021 as compared to a contraction of 35.8% in 2020, and 11.3% growth in the manufacture of coke and refined petroleum products in 2021 as compared to a contraction of 48.1% in 2020, each at constant 2018 market prices.

In the first six months of 2022, the manufacturing subsector grew by 5.9% compared to growth of 10.5% during the same period in 2021 at constant 2018 market prices. The largest contributor to the subsector’s growth was the manufacture of machinery and equipment except electrical at 29.5% compared to 1.1% for the same period in 2021. Manufacture of wood, bamboo, cane, rattan articles, and related products posted 29.0% growth in the first six months of 2022, but this was lower than the 31.5% growth in the same period of 2021 at constant 2018 market prices.

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The Electric Power Industry

The Republic’s electric power industry comprises four sectors: generation, transmission, distribution, and supply.

In recent years, the Government has sought to implement measures designed to establish a more competitive power market. These measures include the planned privatization of at least 70% of the NPC-owned power generation facilities and Independent Power Producer Contracts (“IPP”), and the grant of a concession to operate transmission facilities. Through the Electric Power Industry Reform Act of 2001 (the “EPIRA”), the Government began to institute major reforms with the goal of fully privatizing all aspects of the power industry. The major aspects of the reforms include the (1) restructuring of the entire power industry to introduce competition in the generation sector, (2) change from government to private ownership, and (3) introduction of a stable regulatory framework for the electricity sector. The EPIRA also created PSALM, which is in the process of privatizing the remaining NPC power generation assets, and the National Transmission Corporation (“Transco”), which is wholly owned by PSALM and is the owner of the electrical transmission system of the government.

PSALM has been privatizing NPC’s generation assets through public bidding processes since the last quarter of 2003. PSALM successfully privatized the Government’s transmission business in 2009 and its operation and management was turned-over to the winning concessionaire on January 15, 2009. As of September 30, 2021, a total of 37 generation assets, including 32 generating plants and five decommissioned plants had been successfully transferred to private owners, representing a total generation capacity of 5,251.43 MW. As of September 30, 2021, PSALM had also successfully transferred to private entities (known as IPP Administrators) the management and control of the energy output of power plants covered by six NPC IPP contracts totaling 3,355 MW. In 2014, PSALM was successful in privatizing a total of 295.25 MW contracted capacity covered by three IPP contracts and such capacities were transferred to the winning IPP Administrators (“IPPA”). However, these IPPA agreements were terminated in 2017 and 2019 due to contractual issues and only 40 MW remain privatized with one IPPA.

As of September 30, 2021, the successful privatization of the power plants, both operational and decommissioned, had generated an aggregate of ₱168.97 billion in proceeds, while the successful transfer of the six NPC Independent Power Producers contracts had generated ₱482.50 billion in proceeds. In addition, the successful privatization of the Transco business via concession had generated ₱260.54 billion in proceeds. In total, the proceeds from the privatization of power assets were approximately ₱912.01 billion. The privatization proceeds have been used and continue to be used to service the financial obligations of the NPC. Pursuant to the implementing rules and regulations of the EPIRA, PSALM plans to continue to privatize the Republic’s power generation assets.

As of September 30, 2021, PSALM’s indebtedness stood at ₱367.1 billion, and the projected shortfall of PSALM’s cash flow at the end of its corporate life in 2026 is expected to be approximately ₱380 billion. PSALM’s debt maturities are estimated at ₱46.5 billion and ₱68.8 billion for the second quarter of 2022 and for 2023, respectively. This will be financed from the corporate funds from power sales, collection of privatization proceeds, remaining collection of universal charges and the proposed borrowing for its 2023 funding requirement up to ₱60.0 billion. Under the EPIRA, upon the expiry of PSALM’s statutory mandate in 2026, its assets and debts will be assumed by the Government.

The extension of the corporate life of PSALM beyond the mandated 25 years provided in the EPIRA was proposed before both houses of the 18^th Congress in 2021. However, the House of Representatives and Senate did not complete acting on these initiatives before the Congress adjourned.

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Service Sector

The service sector includes transport, storage and communications; trade and repair of motor vehicles, motorcycles, personal and household goods; financial intermediation; real estate, renting and business activities; public administration and defense; compulsory social security; and other services subsectors. The service sector’s share to GDP is the largest at 60.5% in the first six months of 2022, an increase from 59.6% in 2017.

The service sector grew by 7.4% in 2017, compared to growth of 7.5% in 2016. The decreased rate of growth was largely due to the slower growth in trade and repair of motor vehicles, motorcycles, personal and household goods and real estate, renting and business activities subsectors, which grew by 7.3% and 7.4%, respectively, in 2017, compared to growth of 7.6% and 8.9%, respectively, in 2016. The lower growth in the trade and repair of motor vehicles, motorcycles, personal and household goods subsector was largely driven by the decreased growth in wholesale trade, which experienced growth of 7.8% in 2017 compared to growth of 10.3% in 2016. The lower rate of growth in the real estate, renting and business activities subsector was mainly due to the decreased rate of growth in renting and other business activities, which experienced a growth of 9.3% in 2017, compared to growth of 14.8% in 2016. These factors were partially offset by higher growth in the public administration and defense; compulsory social security subsector, which experienced growth of 7.8% in 2017 compared to growth of 7.1% in 2016.

The service sector grew by 6.7% in 2018, down from 7.4% growth recorded in 2017. This was primarily due to higher growth rates in public administration and defense; compulsory social security, transport, storage and communication, and other services from 8.7%, 4.0% and 6.4% , respectively, in 2017 to 15.2%, 5.4% and 7.7%, respectively, in 2018, being partially offset by lower growth rates in financial intermediation, real estate, renting and business activities, and trade and repair of motor vehicles, motorcycles, personal and household goods from 7.6%, 7.4% and 7.3%, respectively, in 2017 to 7.2%, 4.7% and 6.0%, respectively, in 2018.

The service sector grew by 7.2% in 2019, compared with growth of 6.7% in 2018. The higher growth was primarily a result of higher growth in the trade and repair of motor vehicles, motorcycles, personal and household goods subsector and the financial intermediation subsectors from 6.0% and 7.2% in 2018 to 8.0% and 10.4%, respectively, in 2019. These were partially offset by lower growth in the real estate, renting and business activities subsector, the public administration and defense, compulsory social security subsector, and the other services subsector, from 4.7%, 15.2% and 7.7% in 2018 to 3.7%, 10.3% and 6.1% in 2019, respectively.

The service sector contracted by 9.1% in 2020, compared to 7.2% growth recorded in 2019 at constant 2018 prices. The main contributor to the contraction in the 2020 was the effect of the ongoing global COVID-19 pandemic and the resulting domestic shutdowns, border controls, reduced tourism, disrupted trade and manufacturing and financial market spillovers. This resulted in a 6.0% contraction in the wholesale and retail trade and repair of motor vehicles and motorcycles subsector as compared to 7.8% growth in 2019; a 30.9% contraction in the transportation and storage subsector as compared to 6.4% growth in 2019; and a 17.0% contraction in the real estate and ownership of dwellings subsector as compared to 4.1% growth in 2019, in each case, at constant 2018 prices.

The service sector grew by 5.4% in 2021, from a contraction of 9.1% in 2020 at constant 2018 market prices. Notwithstanding the gradual reopening of the economy, growth in wholesale and retail trade; repair of motor vehicles and motorcycles declined to 18.4% from growth of 18.7% in 2020. Real estate and ownership of dwellings 5.7% in 2021, compared to 5.9% in 2020, and growth in financial and insurance services declined from 10.1% growth of in 2020 to 10.0% in 2021.

In the first six months of 2022, the service sector grew by 8.7% compared to growth of 2.8% in the same period of 2021 at constant 2018 market prices. In the first six months of 2022 growth was recorded across the service sector, with in other services at 30.7%, transportation and storage at 26.6%, and accommodation and food service activities at 24.4%, compared to contractions of 16.6%, 4.6%, and 1.4%, respectively, in the same period in 2021, respectively, at constant 2018 market prices.

The government has also implemented several measures to support the tourism industry. The Department of Tourism launched the “It’s More Fun With You” campaign to promote domestic travel. Subsequently, the gradual reopening of the country’s borders was accompanied by the easing of vaccination requirements for travelers. Under the Marcos administration, the Department of Tourism also partnered with the Department of Labor and Employment to boost employment in the tourism industry,

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Transport, Storage and Communications Subsector

The geographically diverse nature of the Philippines makes it important to have well developed road, air and sea transportation systems. The Government has encouraged the private sector to provide basic transportation services and strengthen inter-regional and urban links. The Government has expressed its commitment to prioritizing the acceleration of infrastructure development. The Government revisited the list of Infrastructure Flagship Projects (“IFPs”) to review and assess the projects based on the progress of implementation/ government approvals/ project development, and consider emerging priorities under the “new normal”. On April 14, 2021, the NEDA Board Committee on Infrastructure approved the revised list of IFPs, consisting of 112 projects. The NEDA Board confirmed approval of the revised list of IFPs on May 12, 2021. There are 76 transport projects in the May 12, 2021 iteration of the IFP. The Philippine road network is the most important transportation system in the nation. Traffic remains congested in the Manila metropolitan area, despite traffic management and various engineering measures. To ease traffic congestion, the Government has built and continues to promote alternative road networks and mass rapid urban-transit-rail.

Use of Philippine rail facilities has declined largely because of the outdated facilities of the Philippine National Railways. To promote the use of rail facilities, the Government approved several public transportation projects in 2017, including the construction of a 25.3 kilometers underground rail in Manila, a commuter rail from Manila to Laguna (with the latest configuration terminating in Calamba, Laguna), and two other railway projects.

Faced with historical shortages of telephone lines and long waits for basic telephone service, especially outside the Manila metropolitan area, the Government liberalized the telecommunications industry in 1993 to intensify competition with the goal of substantially increasing the number of telephone lines and interconnections. The Government has continued to implement programs designed to provide telephone and mobile services to underserved regions of the country.

As of October 31, 2021, eight international airports and 79 other facilities throughout the Republic helped meet the Republic’s air transport needs. The Government continues to construct, rehabilitate and upgrade airports to modernize air navigation and communications operations in the Republic, with more regional airports capable of accommodating night flights. In line with the Duterte administration’s “Build Build Build” program, 28 airport projects for construction, rehabilitation or upgrade were listed in the Department of Transportation’s priority agenda. The Marcos administration has stated its intent to build on the “Build Build Build” agenda of the previous administration to improve the country’s railways, roads, and airports in order to spur economic activity and growth.

Open skies agreements generally allow operating and traffic rights to be granted to foreign air carriers without restrictions on capacity, frequency or type of aircraft. The United States and the Philippines do not have an open skies agreement in place. In February 2016, the Philippines ratified the ASEAN Open Skies agreement with other member nations of the ASEAN bloc. Manila was restricted from participation under the ASEAN Open Skies agreement due infrastructure concerns, including challenges in managing increased air traffic.

In 2017, the International Civil Aviation Organization (“ICAO”) performed safety oversight audits within the framework of its Universal Safety Oversight Audit Programme to determine the Republic’ safety capabilities and the status of implementation of all safety-relevant ICAO Standards and Recommended Practices, associated procedures, guidance material, and best safety practices. In June 2017, the Philippines received approval from the International Civil Aviation Organization, signaling that the country’s aviation sector is compliant with global standards in terms of air safety regulations.

In response to the COVID-19 pandemic, the Government placed restrictions on international flights from and to the Philippines and limited the number of international routes and flights each airline in the Philippines could operate. The Government has adopted a color-coding risk scheme for countries of origin through IATF Resolution No. 144-A to have a more targeted approach to restrictions.

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Net Primary Income

Net primary income is a component of GNI but is not included in GDP. Net primary income is a significant factor in the Philippine economy, largely driven by OFW remittances. Net primary income includes estimates of the amount of compensation of OFWs, as well as investment income of OFWs from their properties. According to the latest figures from the PSA for years 2017, 2018, 2019, 2020, 2021, and the first six months of 2022, net primary income accounted for 10.0%, 9.6%, 9.0%, 7.0%, 3.3%, and 4.8% of GNI, respectively, at constant 2018 market prices.

In 2017, net primary income grew by 5.9%, compared to growth of 5.8% in 2016. This increase was primarily due to an increase in inflows arising from increased growth of compensation, from a growth of 3.8% in 2016 to growth of 5.5% in 2017. This was partially offset by a reversal in the outflows arising from increased growth of property expense, from a contraction of 7.6% in 2016 to growth of 9.3% in 2017.

In 2018, net primary income grew by 4.3%, compared to growth of 5.9% in 2017. This decrease was primarily due to decreased growth in inflows arising from compensation of 5.5% in 2017 compared to growth of 4.0% in 2018. This was partially offset by increased growth in inflows arising from property income of 35.4% in 2017 to 42.3% in 2018.

In 2019, net primary income grew by 3.5%, compared with growth of 4.3% in 2018. This decrease in growth was primarily due to decreased growth in inflows arising from compensation of 4.0% in 2018 compared to growth of 1.7% in 2019 and decreased growth in inflows arising from property income from 42.3% in 2018 to 3.5% in 2019. This was partially offset by a reversal in the outflows arising from decreased growth of property expense, from growth of 15.2% in 2018 to a contraction of 11.6% in 2019.

In 2020, net primary income contracted by 31.1%, compared to a 1.6% contraction in 2019, based on constant 2018 market prices. This higher contraction was primarily due to a 29.3% decrease in inflows arising from compensation in 2020 from growth of 2.4% in 2019. This was partially offset by a 38.3% decrease in outflows arising from compensation in 2020 from growth of 100.3% in 2019.

In 2021, net primary income contracted by 51.3%, compared to a 31.1% contraction the year before, based on constant 2018 market prices. This higher contraction was primarily due to a 48.2% decrease in inflows arising from compensation compared to a 29.3% decrease in 2020, as well as a further decrease in outflows from compensation of 79.2% in 2021 compared to 38.3% the year before.

In the first six months of 2022, net primary income grew by 81.6% compared to a 67.2% contraction during the same period in 2021. Inflows arising from compensation and property income grew at 51.6% and 29.3%, respectively, in the first six months of 2022, compared to contractions of 62.6% and 20.4%, respectively, for the same period in 2021 at constant 2018 market prices.

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Prices, Employment and Wages

Inflation

The Philippines reports inflation as the annual percentage change in the consumer price index (“CPI”), which measures the average price of a standard “basket” of goods and services used by a typical consumer. The NSO conducts a nationwide Family Income and Expenditure Survey every three years. The Family Income and Expenditure Survey 2018 was released in February 2020. In January 2022, the PSA announced that it was rebasing the CPI to base year 2018, and that it would start reporting figures based on the 2018 CPI basket in February 2022. The Government stopped reporting inflation figures based on the 2012 CPI basket in January 2022.

The following table sets out the principal components of the 2018 CPI basket and their weights.

Category	2018 CPI Basket
Food and non-alcoholic beverages, total		37.75	%
Alcoholic beverages and tobacco, total		2.16	%
Clothing and footwear		3.14	%
Housing, water, electricity, gas and other fuels		21.38	%
Furnishings, household equipment, and routine maintenance of the house		3.22	%
Health		2.89	%
Transport		9.03	%
Information and communication		3.41	%
Recreation, sport, and culture		0.96	%
Education services		1.96	%
Restaurants and accommodation services		9.62	%
Financial services		0.03	%
Personal care and miscellaneous goods and services		4.46	%

The following table sets out the CPI and inflation rate. 2017 and 2018 figures are presented based on the 2012 CPI basket. All other figures are based on the 2018 CPI basket.

	Changes in Consumer Price Index
	2017			2018			2019			2020			2021			2022(1)
Consumer price index		111.5			117.3			102.4			104.8			108.9			115.8
Inflation rate		2.9	%		5.2	%		2.4	%		2.4	%		3.9	%		4.7	%

Note:

(1) Based on preliminary data as of July 31, 2022.

Source: Bangko Sentral; Philippine Statistics Authority.

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Consumer Price Index

The discussion below is based on the 2018 CPI basket, except for 2017 and 2018, which are based on the 2012 CPI basket.

The average inflation rate for 2017 was 2.9%, higher than the 1.3% average inflation rate in 2016. The higher rate of inflation in 2017 was mainly due to higher growth in the price indices of all commodity groups except for education.

The average inflation rate for 2018 was 5.2%, higher than the 2.9% average inflation rate in 2017. The higher rate of inflation in 2018 was due to higher growth in the price indices of all commodity groups except for clothing and footwear, communication and education. The price index for clothing and footwear recorded an average inflation of 2.4% in both 2017 and 2018. The price index for education recorded an average deflation of 0.8 in 2018, compared to an average inflation of 2.5 in 2017.

The average inflation rate for 2019 was 2.4% based on the 2018 CPI basket. The rate of inflation in 2019 was due mainly to decreases in the price indices of food and non-alcoholic beverages, alcoholic beverages and tobacco, housing, water, electricity, gas, and other fuels, transportation, restaurant and miscellaneous goods and services.

The average inflation rate for 2020 was 2.4%, unchanged from the rate in 2019. Inflation in 2020 saw growth in the price indices of food and non-alcoholic beverages at 2.7% in 2020 as compared to 2.1% in 2019, which was offset by lower growth in the price indices of housing, water, electricity, gas, and other fuels at 0.9% in 2020 and restaurants and miscellaneous goods and services at 2.4% in 2020 as compared to 2.4% and 3.4%, respectively, in 2019.

The average inflation rate for 2021 was 3.9%, higher than the average inflation rate of 2.4% in 2020, based on the 2018 CPI basket. The higher rate of inflation in 2021 was due mainly to increases in the rates of inflation for food, transport, and housing, water, electricity, gas, and other fuels from 2.9%, 1.5%, and 0.7%, respectively, in 2020 to 4.5%, 9.3%, and 2.5%, respectively, for 2021.

The average inflation rate as of July 2022 was 4.7% based on preliminary data, higher than the average of 3.9% for the same period in 2021. The upward trend was due mainly to the higher annual growth rate in the price index for food and non-alcoholic beverages at 6.9%, followed by growth in the price index for transport at 18.1%. The following increases to price indices during the period also contributed to the increase in average inflation rate during the period: alcoholic beverages and tobacco, 8.5%; clothing and footwear, 2.5%; furnishings, household equipment and routine household maintenance, 3.1%; recreation, sport and culture, 2.2%; restaurants and accommodation services, 3.4%; and personal care and miscellaneous goods and services, 2.8%. This was partially offset by decreases in the indices of housing, water, electricity, gas and other fuels; and health of 5.7% and 2.4%, respectively. According to the Bangko Sentral, the further rise in inflation was due mainly to supply constraints, particularly in food and the continued elevated prices of oil in the international market. The Russia-Ukraine conflict also exacerbated conditions in the global commodities markets, which had already been struggling with soaring prices, supply-chain disruptions, and the continuing fallout from the COVID-19 pandemic.

Producer Price Index

In January 2021, the 2018 PPI basket was released. The PSA rebased 2019 and 2020 PPI to base year 2018. The Government stopped reporting inflation figures based on the 2000 PPI basket in January 2021. The discussion below is based on the 2018 PPI basket, except for 2017 and 2018, which are based on the 2000 PPI basket.

In 2017, the producer price index recorded average deflation of 0.9%, a lower rate of deflation than the average deflation of 4.9% recorded in 2016. The price indices for petroleum products, iron and steel, basic metals, machinery excluding electrical and non-ferrous metals, posted average inflation of 15.4%, 7.8%, 3.7% and deflation of 2.6% and 0.2%, respectively, in 2017, compared to deflation of 10.5%, 4.8%, 8.2%, 16.3% and 12.1%, respectively, in 2016. The price indices for fabricated metals, cement, leather products and non-metallic mineral products contracted by 38.1%, 15.4%, 16.3% and 6.4%, respectively, in 2017, compared to deflation of 6.3%, inflation of 1.8%, deflation of 3.8% and inflation of 2.6%, respectively, in 2016. The price indices for food manufacturing, beverages, textiles, furniture and fixtures, paper and paper products, chemical products (excluding plastic products), miscellaneous metallic mineral products and miscellaneous manufacturing also recorded contractions in 2017.

In 2018, the producer price index recorded average inflation of 0.7%, a reversal from the average deflation of 0.9% recorded in 2017. The price indices for beverages, tobacco and non-metallic mineral products posted average inflation of 14.7%, 41.1% and 7.7% in 2018, respectively, compared to an average deflation of 1.0%, an average inflation of 8.9% and an average deflation of 6.4% in 2017, respectively. The price indices for leather products, furniture and fixtures and fabricated metals posted average deflation of 8.7%, 4.6% and 8.3% in 2018, respectively, compared to an average deflation of 16.3%, 20.2% and 38.1% in 2017, respectively.

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In 2019, the producer price index recorded an average inflation of 1.6% based on the 2018 PPI basket, compared to average inflation of 0.7% based on the 2020 PPI basket recorded in 2018. This was primarily due to decreases in the producer price indices for basic metals which posted an average deflation of 6.4% based on the 2018 PPI basket, compared with average inflation of 4.6% based on the 2020 PPI basket.

In 2020, the producer price index recorded an average deflation of 4.0%, compared to average inflation of 1.6% recorded in 2019. This was primarily due to decreases in the price indices for furniture, which posted a average deflation of 6.5%, compared to an average deflation of 2.4% in 2019. The producer price indices for most other major industry groups likewise decreased during this period.

The producer price index as of December 31, 2021 was 93.3 as compared to 92.7 as of December 31, 2020, based on the 2018 PPI basket. The full year PPI year-on-year growth rate (2018=100) for 2020 and 2021 are -4.6% and -1.8%, respectively.

In 2021, the producer price index recorded an average deflation of 1.8%, compared to average deflation of 4.6% in 2020. Manufacture of coke and refined petroleum products posted an average inflation of 5.0% compared to deflation of 21.8% in 2020.

The producer price index as of June 30, 2022 was 97.5, as compared to 90.9 as of June 30, 2021. The year-on-year PPI growth rate (2018=100) for these periods in 2021 and 2022 were -1.4% and 7.2%, respectively. The year-on-year increase in the PPI in June 2022 was attributable to annual expansions in the indices of 21 industry subdivisions, led by the manufacture of coke and refined petroleum products, which registered an annual growth of 22.1%.

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Employment and Wages

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

	Selected Employment Information
	2017		2018 (1)		2019 (2)		2020 (3)		2021 (4)		2022 (5)
	(all figures in percentages except as indicated)
Employed persons (in thousands)(6)		40,334		41,157		41,961		39,837		46,274		47,391
Unemployment rate		5.7		5.3		5.1		10.3		6.6		5.2
Employment share by sector:
Agriculture, hunting, forestry and fishing sector		25.4		24.3		22.2		24.8		25.6		23.5
Industry sector
Mining and quarrying		0.5		0.5		0.4		0.5		0.4		0.4
Manufacturing		8.6		8.8		8.7		8.1		8.0		7.4
Construction		8.8		9.4		9.8		9.4		9.1		9.5
Water supply, sewerage, waste management and remediation activities		0.2		0.1		0.2		0.1		0.2		0.2
Electricity, gas, steam and air conditioning supply		0.2		0.2		0.2		0.2		0.1		0.2
Total industry sector		18.3		19.1		19.3		18.3		17.8		17.7
Service sector
Transport and storage		7.8		7.8		8.2		7.4		6.5		6.6
Wholesale and retail trade; repair of motor vehicles and motorcycles		19.6		19.4		20.0		20.5		21.5		22.5
Finance and housing(7)		7.7		8.0		8.5		8.4		8.2		8.0
Other services(8)		21.3		21.4		21.9		20.6		20.4		21.7
Total service sector		56.3		56.6		58.4		56.9		56.6		58.8
Total employed		100.0		100.0		100.0		100.0		100.0		100.0

Notes:

(1) Annual estimates were based on the final results of the 2018 Labor Force Survey.

(2) Annual estimates were based on the final results of the 2019 Labor Force Survey.

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

(4) Preliminary results as of December 31, 2021 based on the 2021 Annual Estimates of Labor Force Survey December rounds.

(5) Preliminary results as of July 2022 based on the 2022 Annual Estimates of Labor Force Survey July rounds.

(6) Does not include Overseas Filipino Workers.

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

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

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

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Regional tripartite bodies consisting of representatives of Government, businesses and workers establish minimum wage adjustments, which vary based on region and industry. Under Philippine law, minimum wage adjustments may only be increased once in any 12-month period. However, petitions for a minimum wage increase may be entertained when there is a supervening condition, such as an extraordinary increase in the prices of petroleum products and/or basic goods and services. The minimum wages for workers in Metro Manila and the surrounding areas are the highest in the country. In 2019, the minimum wage for non-agricultural workers in the Republic’s Manila metropolitan area, which includes Metro Manila, was ₱537 per day, while for agricultural workers, the minimum wage was ₱500 per day. In other regions of the Republic, the minimum wage for non-agricultural workers ranges from ₱280 to ₱400 per day, while for agricultural workers the minimum wage ranges from ₱270 to ₱391 per day.

The Government defines unemployment to include all persons at least 15 years old without work who are seeking work and are also immediately available for work (excluding, for example, students seeking work who would not be able to immediately take on new employment). A person may still be considered unemployed despite not seeking work if he/she did not look for work due to any of the following reasons: (a) tired/believe no work is available, (b) awaiting results of previous job application, (c) temporary illness/disability, (d) bad weather, or (e) waiting for rehire/job recall.

In 2017, the total number of employed persons in the Republic, excluding OFWs, was estimated at 40.3 million people. The unemployment rate was 5.7%, an increase from the 5.5% rate recorded as of the end of 2016. Both the rate of labor force participation and the rate of underemployment experienced a decrease, from 63.4% and 18.3%, respectively, as of the end of 2016 to 61.2% and 16.1%, respectively, as of the end of 2017. As in previous years, workers in the Republic were employed primarily in the service sector, representing 56.3% of the total employed population in the Republic. Workers in other services comprised 21.3% of the total employed and workers in wholesale and retail trade; repair of motor vehicles and motorcycles comprised 19.6% of the total employed. The agriculture, hunting, forestry and fishing sector and the industry sector comprised 25.4% and 18.3%, respectively, of the total employed as of the end of 2017.

In 2018, the total number of employed persons in the Republic, excluding OFWs, was estimated at 41.2 million people. The unemployment rate was 5.3%, a decrease from the 5.7% rate recorded as of the end of 2017. The rate of labor force participation and the rate of underemployment were 60.9% and 16.4% in 2018, respectively, representing a decrease from the 61.2% and an increase from the 16.1% in 2017, respectively. As in previous years, workers in the Republic were employed primarily in the service sector, representing 56.6% of the total employed population in the Republic. Workers in other services comprised 21.4% of the total employed and workers in wholesale and retail trade; repair of motor vehicles and motorcycles comprised 19.4% of the total employed. The agriculture, hunting, forestry and fishing sector and the industry sector comprised 24.3% and 19.1%, respectively, of the total employed in 2018.

In 2019, the total number of employed persons in the Republic, excluding OFWs, was estimated at 42.4 million people. The unemployment rate was 5.1%, a decrease from the 5.3% rate recorded as of the end of 2018. The rate of labor force participation and the rate of underemployment were 61.3% and 14.0% in 2019, respectively, representing an increase from the 60.9% and a decrease from the 16.4% in 2018, respectively. As in previous years, workers in the Republic were employed primarily in the service sector, representing 58.0% of the total employed population in the Republic, of which workers in wholesale and retail trade; repair of motor vehicles and motorcycles comprised 19.9% of the total employed. The agriculture, hunting, forestry and fishing sector and the industry sector comprised 22.9% and 19.1%, respectively, of the total employed in 2019.

In 2020, the total number of employed persons in the Republic, excluding OFWs, was estimated at 39.8 million people. The unemployment rate was 10.3%, higher than the 5.1% rate recorded in 2019. The rate of labor force participation and the rate of underemployment were 59.5% and 16.2%, respectively, representing a decrease from the 61.3% and an increase from the 13.8% in 2019, respectively. As in previous years, workers in the Republic were employed primarily in the service sector, representing 56.9% of the total employed population in the Republic, of which workers in wholesale and retail trade; repair of motor vehicles and motorcycles comprised 20.5% of the total employed. The agriculture, hunting, forestry and fishing sector and the industry sector comprised 24.8% and 18.3%, respectively, of the total employed in 2020.

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In 2021, the total number of employed persons in the Republic, excluding OFWs, was estimated at 46.3 million. The unemployment rate was 6.6% in 2021, lower than the 10.3% unemployment rate recorded in 2020. The rate of labor force participation and the rate of underemployment were 65.1% and 14.7% respectively, representing an increase from 59.5% in 2020, and a decrease from 16.2%, in 2020, respectively. In 2021, workers in the Republic were primarily employed in the service sector, representing 58.1% of the total employed population in the Republic, of which workers in the wholesale and retail trade and repair of motor vehicles and motorcycles made up 20.5% of the total employed. Workers in the agriculture, hunting, forestry and fishing sector and the industry sector comprised 22.0% and 19.9%, respectively, of the total employed in 2021.

In July 2022, based on preliminary data the total number of employed persons in the Republic, excluding OFWs, was estimated at 47.4 million. The unemployment rate was 5.2% in July 2022 based on preliminary data, lower than the 7.2% unemployment rate recorded in July 2021. The rate of labor force participation and the rate of unemployment were 65.2% and 5.2% in July 2022, respectively, lower than 59.4% and 7.2%, respectively, in July 2021, respectively. In July 2022, workers in the Republic were primarily employed in the service sector, representing 58.8% 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 22.5% of the total employed. Workers in the agriculture, hunting, forestry and fishing sector and the industry sector comprised 23.5% and 17.7%, respectively, of the total employed in July 2022, compared to 22.0% and 19.9%, respectively, in July 2021.

The following tables present employment information in the Republic by gender and by age group:

	Percentage Distribution of Population 15 Years Old and over by Employment Status, by Age Group
Age Group	July 2021		July 2022
	(Unemployed)
	(all figures in percentages)
Both sexes 15 – 24		32.3		34.2
25 – 34		33.6		36.0
35 – 44		15.5		13.3
45 – 54		10.8		9.5
55 – 64		6.4		5.3
65 and over		1.4		1.6
Not reported		0.0		0.0
Total for all ages		100.0		100.0

Source: Philippine Statistics Authority; July 2022 Labor Force Survey.

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	Percentage Distribution of Labor Force by Sex
	July 2021		July 2022
	(all figures in percentages)
Labor Force
Male		60.8		58.8
Female		39.2		41.2
Total		100.0		100.0
Employed
Male		61.1		58.9
Female		38.9		41.1
Total		100.0		100.0
Unemployed
Male		57.0		57.6
Female		43.0		42.4
Total		100.0		100.0

Source: Philippine Statistics Authority; July 2022 Labor Force Survey.

As of July 2022, 34.2% of the total unemployed population consisted of young people aged 15 to 24 years old, lower than the 32.3% recorded as of July 2021. In terms of gender, the female population represented 41.1% and 42.4% of the employed and unemployed workforce, respectively, as of July 2022, whereas the male population represented 58.9% and 57.6% of the employed and unemployed workforce, respectively, in July 2022.

The PSA publishes statistics on poverty in the Republic measured in terms of a Government-determined per capita poverty threshold, which is the minimum income required for a family or individual to meet basic food and non-food requirements and a per capita subsistence threshold, which is the minimum income required for a family or individual to meet basic food requirements. According to the PSA, the proportion of families with per capita income below the per capita poverty threshold was 13.2% in 2021, an increase from 12.1% recorded in 2018. The poverty incidence in 2021 was 18.1%, an increase from 16.7% recorded in 2018. According to NEDA, the effects of the COVID-19 pandemic, including income and employment losses, caused the poverty incidence rate to rise, accompanied by difficulties for poor families caused by restrictions on mobility and low earning capacity.

Overseas Employment

OFW remittances are a significant source of income for the Philippine economy. The Republic accounts for estimates of the amount of compensation of OFWs as well as investment income of OFWs from their properties as net primary income, and net primary income accounted for 9.9%, 9.6%, 9.1%, 7.0%, 3.5%, and 4.9% of GNI in 2017, 2018, 2019, 2020, 2021 and the first six months of 2022, respectively, according to the PSA. Cash inflows from OFWs increased by 2.9% to $15.3 billion in the first six months of 2022 as compared to $14.9 billion in the first six months of 2021. Meanwhile, cash inflows from OFWs increased by 5.1% to $31.4 billion in 2021 compared to $29.9 billion in 2020.

According to the PSA’s 2020 Survey on Overseas Filipinos, there were approximately 1.8 million OFWs, approximately 40.4% of which were males and 59.6% of which were females.

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The following table presents the geographical distribution of OFWs.

	Geographical Distribution of OFWs
	By Place of Work as of 2020(1)		Total Cash Remittances for the nine months ended September 30, 2020(2)		Average Cash Remittance per OFW for the nine months ended September 30, 2020 (2)
	(in percentages)		(₱ in millions)		(₱ in thousands)
Africa		1.1		3,117		177
Asia		83.6		87,888		71
East Asia(3)		17.7		—		—
Southeast and South-Central Asia(4)		8.3		—		—
Western Asia(5)		57.5		—		—
Australia		3.4		4,019		86
Europe		6.7		9,003		100
North and South America		5.2		9,006		138
Total		100.0		113,075		78

Notes:

(1) Estimates cover overseas Filipinos whose departure occurred within the last five years and who are working or had worked abroad during the six months from April 1, 2020 to September 30, 2020.

(2) Estimates cover remittances during six months prior to survey of overseas Filipinos whose departure occurred within the last five years ended September 2020 and who are working or had worked abroad during the six months from April 1, 2020 to September 30, 2020.

(3) Includes Hong Kong, Japan, Taiwan, the People’s Republic of China and South Korea, among others.

(4) Includes Malaysia, Singapore, Brunei, Cambodia and Indonesia, among others.

(5) Includes Kuwait, Qatar, Saudi Arabia, United Arab Emirates, Bahrain, Israel, Lebanon and Jordan, among others.

Source: Philippine Statistics Authority-2020 Survey on Overseas Filipinos.

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The following table presents the occupational distribution of OFWs.

	Occupational Distribution of OFWs
	By Occupation as of 2020(1)
	(in percentages)
Managers		1.5
Professionals		8.2
Technicians and associate professionals		6.7
Clerical support workers		3.8
Service and sales workers		14.4
Skilled agricultural forestry and fishery workers		0.4
Craft and related trades workers		6.8
Plant and machine operators and assemblers		11.5
Elementary occupations		46.7
Total		100.0

Notes:

(1) Estimates cover overseas Filipinos whose departure occurred within the last five years ended September 2020 and who are working or had worked abroad during the six months from April 1, 2020 to September 30, 2020.

Source: Philippine Statistics Authority-2020 Survey on Overseas Filipinos.

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The following table presents the gender and age distribution of OFWs.

	Age Distribution of OFWs as of 2020 (1)
Age Group	Both sexes		Male		Female
	(%)
15 – 24		3.8		2.9		4.4
25 – 29		19.0		18.9		19.0
30 – 34		22.4		21.2		23.3
35 – 39		20.5		18.0		22.2
40 – 44		15.2		15.6		14.9
45 and over		19.1		23.3		16.2
Total for all ages		100.0		100.0		100.0

Note:

(1) Estimates cover overseas Filipinos whose departure occurred within the last five years and who are working or had worked abroad during the six months from April 1, 2020 to September 30, 2020.

Source: Philippine Statistics Authority-2020 Survey on Overseas Filipinos.

As a result of the economic effects of the global COVID-19 pandemic, the Government estimates that over 100,000 OFWs had lost their overseas employment by April 30, 2020. In response, the Government implemented the COVID-19 Adjustment Measures Program, a cash assistance program entitling OFWs to receive a one-time cash transfer in the amount of ₱10,000 or $200 to ameliorate the economic effects of the COVID-19 pandemic. This program is available to OFWs who lose their overseas employment, contract COVID-19, or who are unable to return to their overseas employment country due to lockdown or border control measures.

Despite the recent challenges posed by the COVID-19 pandemic, demand for Filipino workers abroad is expected to remain strong in the medium to long terms, especially for those in the healthcare and information technology sectors. Specifically, demand for doctors, nurses, radiologists, psychologists, and occupational therapists is expected to be high in Europe, while demand for IT-skilled workers and construction workers are expected to be high in both Europe and the Americas, particularly Guam, in the medium to long terms.

Social Security System and Government Service Insurance System

The Republic does not pay any unemployment compensation or make any general welfare payments other than through the Social Security System and the Government Service Insurance System. The Social Security System provides private sector employees, including self-employed persons and their families, with protection against decreases in income due to disability, sickness, old age and death. Monthly contributions by covered employees and their employers, and investment income of the Social Security System, fund the system. The Social Security System invests its funds in Government securities and in domestic equity securities.

The Government Service Insurance System administers social security benefits for Government employees, including retirement benefits, life insurance, medical care and sickness and disability benefits. It also administers the self-insurance program for Government properties, such as buildings and equipment. The Government Service Insurance System also oversees loan programs, including housing loans for Government employees. Monthly contributions by covered employees and their employers fund the system. Government agencies must include in their annual appropriations the amounts needed to cover their share of the contributions and any additional premium required based on the hazardous nature of the work. The Government Service Insurance System invests its funds in a manner similar to the Social Security System.

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National Savings

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

	National Savings
	2017		2018		2019		2020		2021
Item	(%)
Gross savings (% of GDP)		35.5		33.8		31.8		24.9		20.0
Gross domestic savings (% of GDP)		16.5		15.4		14.3		9.7		9.2

Source: World Bank national accounts data; OECD national accounts data.

Sustainable Finance Framework

In January 2022, the Republic published its Sustainable Finance Framework (the “Framework”) to support its sustainability commitments. The Framework solidifies its commitment to implementing the United Nations Sustainable Development Goals (“UN SDGs”) set by the United Nations General Assembly in 2015 for the year 2030. The Framework sets out how the Republic intends to raise green, social or sustainability bonds, loans and other debt instruments in the international capital markets. The Republic’s Framework and eligible expenditures portfolio under the Framework are aligned with the four core components of the Green Bond Principles 2021, Social Bond Principles 2021, and Sustainability Bond Guidelines 2021 published by the International Capital Market Association, as well as Green Loan Principles 2021 and Social Loan Principles 2021 published by the Loan Market Association and the ASEAN Green Bond Standards issued by the ASEAN Capital Markets Forum in October 2018.

With any financing raised under the Framework, the Republic intends to contribute to the development of the sustainable financing market domestically in the Philippines. The Framework lays out the process that will be used to ensure transparency and disclosure of the use of proceeds, as well as the expected environmental and social impact of eligible green and social projects, in keeping with international best practices.

Proceeds of financings raised under the Framework will be used to support projects that reflect the Republic’s commitment toward sustainable development and the UN SDGs, in line with the Philippine Development Plan 2017-2022 and Public Investment Program 2017-2022. The issuance of sustainable financing instruments will also support the Republic’s climate change commitments under its National Framework Strategy on Climate Change, including the Republic’s Nationally Determined Contribution in accordance with Decision 1/CP.21 of the Conference of Parties of the United Nations Framework Convention on Climate Change, which has the objective to reduce greenhouse gas emissions by 75% by 2030. Eligible social expenditures, and/or eligible green expenditures under the Framework can include direct or indirect investments, subsidies, support schemes, incentive mechanisms or tax foregone (or a combination of such expenditures) and selected operational expenditures. Such eligible social projects and/or eligible green projects exclude any contributions from other stakeholders.

The Republic has also endeavored to follow the United Nations Environment Programme’s Sustainable Blue Economy Finance Principles in respect of asset categories in relation to a sustainable blue economy. The following are the four core components of these principles (i) Use of Proceeds, (ii) Process for Project Evaluation and Selection, (iii) Management of Proceeds and (iv) Reporting; including a reference to external reviews. Sustainable financing instruments issued under the Framework will be standard recourse-to-the-issuer obligations and investors will not bear the credit risk of the underlying allocated eligible asset exposures. The Republic expects to publish an allocation and impact report for any outstanding sustainable financing instrument issued under the Framework on an annual basis on the Department of Finance and Bureau of Treasury’s publicly available websites.

The Framework has been evaluated by Vigeo Eiris, an independent rating and research agency based in France, which has so indicated in a second party opinion (“Opinion”) delivered to the Republic stating that the Framework is aligned with the International Capital Market Association’s Green Bond Principles and Social Bond Principles (each as adopted in 2021), and the Loan Market Association’s Green Loan Principles and Social Loan Principles (each as adopted in 2021). The Opinion provides opinions on certain environmental and related considerations and is not intended to address any credit, market, or other aspects of an investment in any securities, including without limitation market price, marketability, investor preference, or suitability of any security. The Opinion is a statement of opinion, not a statement of fact. The Opinion is not, nor should be deemed to be, a recommendation by the Republic or any other person to buy, sell or hold any securities. No representation or assurance is given by the Republic as to the suitability or reliability of the Opinion or any other opinion or certification of any third party made available in connection with any sustainable financing instrument, including any global bonds, issued by the Republic under the Framework or otherwise, nor is any such opinion or certification a recommendation by the Republic to buy, sell or hold any such securities.

The Framework and the Opinion are available on the Republic’s publicly available website. The contents of any publicly available website referred to herein, the Framework, the Opinion and any practices contemplated under these documents are not incorporated into this annual report, any prospectus or prospectus supplement, or the terms of the global bonds. They do not establish enforceable contractual obligations of the Republic. These documents speak only as of their respective dates, and are subject to change without notice and the Republic does not assume any responsibility or obligation to update or revise such documents, regardless of whether such documents are affected by the results of new information, future events or otherwise. Although the Framework contemplates certain practices with respect to reporting and use of proceeds, any failure by the Republic to conform to these practices does not constitute or give rise to a breach or an event of default under the global bonds. The Republic does not accept any responsibility for any losses howsoever arising, directly or indirectly, from the Framework, the Opinion or their respective contents. Accordingly, investors are cautioned not to place undue reliance on these documents.

Balance of Payments

Overview

Balance of payments figures measure the relative flow of goods, services, and capital into and out of the country as represented in the current account and the capital and financial account. The current account tracks a country’s trade-in-goods, services, income and current transfer transactions. The capital and financial account includes the capital account, which covers all transactions involving capital transfers and acquisition or disposal of non-produced, non-financial assets, and the financial account, which covers all transactions associated with changes of ownership in the foreign financial assets and liabilities of an economy. A balance of payments surplus indicates a net inflow of foreign currencies, thereby increasing demand for and strengthening the local currency. A balance of payments deficit indicates a net outflow of foreign currencies, thereby decreasing demand for and weakening the local currency.

Revisions

The balance of payments statistics released by the Bangko Sentral are based on the trade-in-goods statistics compiled by the NSO. However, for purposes of inclusion in the overall balance of payments, the trade-in-goods statistics reported by the NSO are adjusted by the Bangko Sentral to exclude temporary exports and imports and returned goods. In March 2013, the Bangko Sentral adopted the IMF’s BPM6 framework covering balance of payments statistics for 2011 onwards, pursuant to which the property income and expense accounts have been revised. Concurrently with the releases of the latest balance of payments data, the Bangko Sentral often releases revisions to the balance of payments data previously reported adjusting for any updated data received from various departments and any change in reporting methodology. The balance of payments data presented below reflects the latest data published by the Bangko Sentral as of the date of this prospectus.

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

	Balance of Payments
	2017			2018			2019			2020			2021 (1)			2022 (2)
	($ in millions)
Current account(3)		(2,143	)		(8,877	)		(3,047	)		11,578			(6,922	)		(4,808	)
Exports		124,126			129,980			136,889			119,867			130,189			33,487
Imports		126,269			138,857			139,936			108,289			137,111			38,295
Goods, Services, and Primary Income		(28,295	)		(35,695	)		(30,996	)		(15,807	)		(36,383	)		(12,007	)
Total exports		97,229			102,373			108,143			91,627			99,778			26,074
Total imports		125,525			138,068			139,139			107,435			136,161			38,081
Goods and Services		(31,522	)		(39,364	)		(36,272	)		(19,909	)		(39,608	)		(13,157	)
Exports		86,646			90,374			94,741			80,034			87,795			23,116
Imports		118,168			129,738			131,013			99,943			127,403			36,273
Goods		(40,215	)		(50,972	)		(49,312	)		(33,775	)		(53,781	)		(16,353	)
Exports		51,814			51,977			53,477			48,212			54,169			14,450
Imports		92,029			102,949			102,789			81,987			107,950			30,803
Services		8,693			11,608			13,039			13,866			14,174			3,195
Exports		34,832			38,397			41,264			31,822			33,627			8,666
Imports		26,139			26,789			28,225			17,956			19,453			5,470
Primary Income		3,226			3,669			5,276			4,101			3,225			1,151
Receipts		10,583			11,999			13,402			11,594			11,983			2,959
Payments		7,357			8,330			8,125			7,492			8,758			1,808
Secondary Income		26,153			26,818			27,949			27,386			29,461			7,198
Receipts		26,897			27,607			28,746			28,240			30,411			7,413
Payments		745			788			797			854			950			214
Capital account(3)		69			65			127			63			80			(20	)
Receipts		103			103			147			88			99			26
Payments		34			38			20			25			19			46
Financial account(4)		2,798			(9,332	)		(8,034	)		(6,906	)		(6,942	)		(4,944	)
Net acquisition of financial assets(5)		6,717			7,522			7,297			13,286			8,271			(106	)
Net incurrence of liabilities(5)		9,515			16,855			15,331			20,192			15,213			4,838
Direct investment		(6,952	)		(5,833	)		(5,320	)		(3,260	)		(8,116	)		(1,391	)
Net acquisition of financial assets(5)		3,305			4,116			3,351			3,562			2,402			1,048
Net incurrence of liabilities(5)		10,256			9,949			8,671			6,822			10,518			2,439
Portfolio investment		2,454			1,448			(2,474	)		(1,680	)		8,046			298
Net acquisition of financial assets(5)		1,658			4,740			2,402			6,567			6,599			1,278
Net incurrence of liabilities(5)		(796	)		3,292			4,876			8,246			(1,448	)		980
Financial derivatives		(51	)		(53	)		(173	)		(199	)		(603	)		(219	)
Net acquisition of financial assets(5)		(503	)		(679	)		(874	)		(796	)		(1,105	)		(325	)
Net incurrence of liabilities(5)		(453	)		(626	)		(701	)		(596	)		(502	)		(106	)
Other investment		1,750			(4,894	)		(67	)		(1,767	)		(6,268	)		(3,632	)
Net acquisition of financial assets(5)		2,257			(654	)		2,417			3,953			376			(2,106	)
Net incurrence of liabilities(5)		508			4,240			2,484			5,720			6,644			1,526
Net unclassified items(6)		(1,588	)		(2,826	)		2729			(2,526	)		1,245			379
Overall balance of payments position(7)		(863	)		(2,306	)		7,843			16,022			1,345			495

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Notes:

(1) Preliminary data for 2021.

(2) Preliminary data for the three months ended March 31, 2022.

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

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

(5) 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.

(6) 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.

(7) 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

Source: Department of Economic Statistics, Bangko Sentral.

Overall Balance of Payments Performance

In 2017, the overall balance of payments position of the Republic recorded a deficit of $863 million compared to the $1.0 billion deficit recorded in 2016. The change was primarily the result of increased deficit in the current account, which was partially offset by a reversal in the financial account from net outflows to net inflows. The current account recorded a deficit of $2.1 billion in 2017, representing an increase of 78.7% from the deficit of $1.2 billion in 2016. The financial account recorded net inflows of $2.8 billion in 2017, representing a reversal from the net outflows of $175 million in 2016.

In 2018, the overall balance of payments position of the Republic recorded a deficit of $2.3 billion compared to the $863 million deficit recorded in 2017. The change was primarily the result of increased deficit in the current account, which was partially offset by increased net inflows in the financial account. The current account recorded a deficit of $8.7 billion in 2018, representing a significant increase from the deficit of $2.1 billion in 2017. The financial account recorded net inflows of $8.6 billion in 2018, representing a significant increase from the net inflows of $2.8 billion in 2017.

In 2019, the overall balance of payments position of the Republic recorded a surplus of $7.8 billion, compared to a deficit of $2.3 billion recorded in 2018. The reversal was primarily the result of a decreased deficit in the current account and decreased net inflow in the financial account. The current account recorded a deficit of $3.0 billion in 2019, representing a 65.7% decrease from the deficit of $8.9 billion recorded in 2018. The financial account recorded a net inflow of $8.0 billion in 2019, representing a 13.9% decrease from the net inflow of $9.3 billion recorded in 2018.

In 2020, the overall balance of payments position of the Republic recorded a surplus of $16.0 billion compared to the $7.8 billion surplus recorded in 2019. The change was primarily the result of a net inflow in the current account, which recorded a surplus of $11.0 billion in 2020, as compared to a deficit of $3.0 billion in 2019. This was partially offset by a lower net outflow in the financial account, which recorded net outflows of $7.0 billion in 2020, as compared to net outflows of $8.0 billion in 2019.

In 2021, according to preliminary data, the overall balance of payments position of the Republic recorded a surplus of $1.3 billion compared to the $16.0 billion surplus in 2020. The change was primarily the result of a deficit in the current account, as well as a higher deficit in the financial account. The current account recorded a deficit of $6.9 billion in 2021, a reversal from the surplus of $11.6 billion recorded in 2020. In 2021, the financial account recorded a 0.5% increase in net inflows, with the level broadly unchanged at $6.9 billion compared to the level recorded in 2020.

In the first three months of 2022, according to preliminary data, the overall balance of payments position of the Republic recorded a surplus of $0.5 billion compared to the $2.8 billion deficit in the first three months of 2021. The change was primarily the result of a reversal in the financial account, which recorded net inflows of $4.9 billion in the first quarter of 2022, compared with net outflows of $4.1 billion in the same period of 2021. The current account recorded a deficit of $4.8 billion in the first three months of 2022, as compared to a deficit of $32 million in the first three months of 2021. The financial account recorded a net outflow of $4.9 billion in the first three months of 2022, compared with the net inflow of $4.1 billion recorded in the first three months of 2021.

In the first seven months of 2022, based on preliminary data, the overall balance of payments position of the Republic recorded a deficit of $4.9 billion, compared to a deficit of $1.3 billion in the same period of 2021. The higher deficit was primarily a result of a higher current account deficit, as imports were higher due to both higher volumes of imports and higher prices of imported goods.

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Current Account

In 2017, the current account recorded a deficit of $2.1 billion, compared to a deficit of $1.2 billion recorded in 2016. The increase in the current account deficit was primarily the result of a higher trade-in-goods deficit of $40.2 billion in 2017, representing an increase of 13.1% over the trade-in-goods deficit of $35.5 billion in 2016. Partially offsetting the increase in trade-in-goods deficit were an increased secondary income surplus and a higher surplus in trade-in-services. The secondary income surplus increased to $26.2 billion in 2017, 5.8% higher than the $24.7 billion surplus recorded in 2016. The trade-in-services surplus also increased to $8.7 billion in 2017, 23.4% higher than the $7.0 surplus recorded in 2016. Overall, current account exports increased by 14.0% to $124.1 billion in 2017 from $108.9 billion in 2016, while current account imports increased by 14.7% to $126.3 billion in 2017 from $110.1 billion in 2016.

In 2018, the current account recorded a deficit of $8.7 billion, compared to a deficit of $2.1 billion recorded in 2017. The increase in the current account deficit was primarily the result of a higher trade-in-goods deficit of $51.0 billion in 2018, representing an increase of 26.8% over the trade-in-goods deficit of $40.2��billion in 2017. The higher trade-in-goods deficit was a result of an increase in imports of goods by 11.9% from $92.0 billion in 2017 to $103.0 billion in 2018. These were partially offset by an increase in the trade-in-service surplus by 33.5% from $8.7 billion in 2017 to $11.6 billion in 2018.

In 2019, the current account recorded a deficit of $3.0 billion, compared to a deficit of $8.9 billion recorded in 2018. This decreased deficit was primarily due to a 3.3% decrease in trade-in-goods deficit from $51.0 billion in 2018 to $49.3 billion in 2019, an 12.3% increase in trade-in-services surplus from $11.6 billion in 2018 to $12.9 billion in 2019, a 43.8% increase in primary income from $3.7 billion in 2018 to $5.3 billion in 2019 and a 4.2% increase in secondary income from $26.8 billion in 2018 to $27.9 billion in 2019.

In 2020, according to revised data, the current account recorded a surplus of $11.1 billion, compared to a deficit of $3.0 billion recorded in 2019. This surplus was primarily due to a 31.5% decrease in trade-in-goods deficit from $49.3 billion in 2019 to $33.8 billion in 2020. This effect was partially offset by 19.3% and 1.6% decreases in surplus in primary income and secondary income to $4.3 billion and $27.5 billion in 2020, respectively, compared to $5.3 billion and $27.9 billion in 2019, respectively.

In 2021, according to preliminary data, the current account recorded a deficit of $6.9 billion, a reversal from the surplus of $11.6 billion recorded in 2020. This deficit was primarily due to a 59.2% increase in the trade-in-goods deficit from $33.8 billion in 2020 to $53.8 billion in 2021, and a 21.4% decrease in the primary income surplus from $4.1 billion in 2020 to $3.2 billion in 2021. These effects were partially offset by a 7.6% increase in the secondary income surplus from $27.4 billion in 2020 to $29.5 billion in 2021.

In the first three months of 2022, according to preliminary data, the current account recorded a deficit of $4.8 billion, compared to a deficit of $0.3 million in the first three months of 2021. This deficit was primarily due to a 49.1% increase in the trade-in-goods deficit from $11.0 billion in the first three months of 2021 to $16.4 billion compared to the first three months of 2022. This effect was partially offset by higher net receipts in both primary and secondary income in the first three months of 2022 compared to the same period of 2021 (of $1.2 billion compared to $0.6 billion and $7.2 billion compared to $7.0 billion, respectively), and a 4.9% decrease in the trade-in-services surplus from $3.4 billion in the first three months of 2021 to $3.2 billion in the first three months of 2022. In addition to imports growing more than exports during the first three months of 2022, higher import prices and weakening global demand contributed to the restraints on the current account.

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Goods Trade

Trading in goods significantly affects the Philippine economy. A significant proportion of exports depends on imported raw materials or other inputs, rendering the country’s exports vulnerable to any import decline resulting from a peso depreciation. See “—Monetary System—Foreign Exchange System.”

In 2017, the trade-in-goods deficit was $27.4 billion, 2.5% higher than the trade-in-goods deficit of $26.7 billion recorded in 2016. The higher deficit was primarily the result of an increase in imports, which increased by 14.2% during 2017 to $96.1 billion, compared to $84.1 billion in imports recorded in 2016. This was partially offset by a 19.7% increase in exports of goods to $68.7 billion in 2017, from the $57.4 billion recorded in 2016.

In 2018, the trade-in-goods deficit was $43.5 billion, 59.0% higher than the trade-in-goods deficit of $27.4 billion recorded in 2017. The higher deficit was primarily the result of an increase in imports, which increased by 17.4% in 2017 to $112.8 billion, compared to $96.1 billion recorded in 2017.

In 2019, the trade-in-goods deficit was $40.7 billion, a 6.6% decrease from the trade-in-goods deficit of $43.5 billion recorded in 2018. This lower deficit was primarily the result of a 1.1% decrease in imports from $112.8 billion in 2018 to $111.6 billion in 2019 and a 2.3% increase in exports from $69.3 billion in 2018 to $70.9 billion in 2019. The increase in exports was mainly attributable to an increase of 1.2% in manufactured goods exports from $58.2 billion in 2018 to $58.9 billion in 2019, mainly electronic products, which increased by 4.4% from $38.3 billion in 2018 to $40.0 billion in 2019. The decrease in imports were mainly attributable to a 9.4% decrease in importation of raw materials and intermediate goods. Imports of mineral fuels and lubricant likewise decreased by 4.8%.

In 2020, the trade-in-goods deficit decreased by 39.5% to $24.6 billion, compared to a deficit of $40.7 billion recorded in 2019. The decrease in trade-in-goods deficit was primarily the result of a decrease in imports, which decreased by 19.5% in 2020 to $89.8 billion, compared to $111.6 billion recorded in 2019. In addition, exports of goods decreased by 8.1% to $65.2 billion in 2020, compared to $70.9 billion in 2019. Both decreases in exports as well as imports of goods were due mainly to the effect of the ongoing global COVID-19 pandemic and the resulting domestic shutdowns, border controls, reduced tourism, disrupted trade and manufacturing and financial market spillovers.

In 2021, according to preliminary data, the trade-in-goods deficit increased by 59.2% to $53.8 billion, compared to $33.8 billion in 2020. This was caused by the recovery in imports of goods which continued to outpace that of exports due to increased trade and commerce as COVID-19 restrictions continued to ease globally.

In the first three months of 2022, according to preliminary data, the trade-in-goods deficit increased by 49.1% to $16.4 billion, compared to $11.0 billion in the first three months of 2021. The higher deficit was primarily the result of a 28.6% increase in imports, which increased to $30.8 billion in the first three months of 2022 compared to $23.9 billion in the first three months of 2021, which effect was partially offset by a 11.3% increase in exports, which increased to $14.5 billion in the first three months of 2022 compared to $13.0 billion in the first three months of 2021.
Increases in both exports as well as imports of goods were mainly due to the gradual reopening of the domestic economy due to the relative easing of COVID-19 containment measures during most of the period.

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Exports of Goods

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

	Exports by Major Commodity Groups
	Annual													Growth Rates						January-July				Growth Rates			Percentage of Total Exports
Commodities	2017		2018			2019		2020		2021(1)		2022(2)		2020			2021(1)			2021(1)		2022(2)		2022(2)			2017		2022(2)
																				(%)				(%)			(%)
	($ in millions, except percentages)
Agricultural products
Coconut products		2,051		1,539			1,294		1,230		1,956		1,803		(5.0	)		59.0			956		1,803		88.6			3.0		4.0
Sugar and products		217		76			67		66		75		4		(1.4	)		13.5			72		4		(94.4	)		0.3		0.0
Fruits and vegetables		1,850		1,980	��		2,854		2,624		2,202		1,325		(8.0	)		(16.1	)		1,277		1,325		3.7			2.7		3.0
Other agro-based products		1,013		990			953		864		996		656		(9.3	)		15.4			549		656		19.6			1.5		1.5
Total agricultural based products		5,130		4,585			5,168		4,784		5,154		3,121		(7.4	)		7.7			2,305		3,121		32.7			7.5		7.0
Forest products		184		257			358		297		378		221		(16.9	)		27.2			215		221		2.6			0.3		0.5
Mineral products		4,285		4,045			4,675		5,093		5,908		4,635		8.9			16.3			3,824		4,635		21.2			6.2		10.4
Petroleum products		396		494			226		193		6		5		(14.6	)		(96.9	)		4		5		24.0			0.6		0.0
Manufacturing
Electronic products		36,536		38,327			40,022		37,951		42,486		24,564		(5.2	)		11.9			23,955		24,564		2.5			53.2		54.9
Other electronics		3,197		3,302			3,469		2,724		3,435		1,944		(21.5	)		26.1			2,034		1,944		(4.5	)		4.7		4.3
Garments		1,099		974			928		652		758		491		(29.7	)		16.3			422		491		16.2			1.6		1.1
Textile yarns/fabrics		235		215			217		313		295		170		44.7			(5.9	)		171		170		(0.4	)		0.3		0.4
Footwear		80		103			132		114		111		58		(13.8	)		(2.1	)		63		58		(9.2	)		0.1		0.1
Travel goods and handbags		485		597			745		420		647		437		(43.6	)		54.0			353		437		23.7			0.7		1.0
Wood manufacturing		1,204		320			251		187		205		111		(25.5	)		9.6			111		111		0.6			1.8		0.2
Furniture and fixtures		337		353			299		344		384		183		(15.2	)		11.4			223		183		(17.9	)		0.5		0.4
Chemicals		1,786		1,572			1,508		1,339		1,937		1,225		(11.2	)		44.6			1,094		1,225		11.9			2.6		2.7
Non-metallic mineral manufacturing		202		236			267		226		296		183		(15.4	)		30.8			155		183		18.6			0.3		0.4
Machinery and transport equipment		5,093		4,813			4,031		2,249		2,373		1,266		(45.5	)		5.5			1,413		1,266		(10.4	)		7.4		2.8
Processed food and beverages		1,395		1,333			1,330		1,245		1,470		841		(6.4	)		18.1			838		841		0.5			2.0		1.9
Iron and steel		131		124			93		37		66		49		(59.8	)		77.9			37		49		32.6			0.2		0.1
Baby carriages, toys, games and sporting goods		214		222			269		237		291		199		(11.9	)		23.0			172		199		15.7			0.3		0.4
Basketwork, wickerwork, and other articles of plaiting materials		43		35			31		43		60		30		38.6			41.4			36		30		(16.4	)		0.1		0.1
Miscellaneous		729		1,042			963		819		1,018		540		(15.0	)		24.4			597		540		(9.6	)		1.1		1.2
Others		4,571		4,639			4,325		4,881		6,041		3,074		12.8			23.8			3,112		3,074		(1.2	)		6.7		6.9
Total Manufacturing		57,336		58,207			58,877		53,779		61,872		35,364		(8.7	)		15.0			34,786		35,364		1.7			83.4		79.0
Special transactions		1,382		1,720			1,623		1,068		1,259		726		(34.2	)		18.0			778		726		(6.6	)		2.0		1.6
Total exports		68,713		69,307			70,927		65,215		74,653		44,739		(8.1	)		14.5			42,461		44,739		5.4			100.0		100.0

Notes:

(1) Preliminary data for 2021.

(2) Preliminary data for the seven months ended July 31, 2022.

Source: Philippine Statistics Authority, Bangko Sentral.

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The Republic aims to diversify its export markets and increase its exports to other countries, particularly ASEAN countries. The Republic is a party to the ASEAN Free Trade Agreement, which provides for reduced tariffs among ASEAN nations as well as plans for intra-regional investments, industrial linkages and banking and financial integration. Under ASEAN, the Philippines has preferential trade agreements with China, Hong Kong, India, Japan, South Korea, and Australia and New Zealand.

In 2008, the Republic and Japan entered into the Philippines-Japan Economic Partnership Agreement, which remains as the Philippines’ only bilateral free trade agreement, covering, among others, trade in goods, trade in services, investments, movement of natural persons, intellectual property, customs procedures, improvement of the business environment, and government procurement. In addition, in 2016 the Republic entered into an agreement with the European Free Trade Association to improve market access for Philippine exporters to the European market. The Republic has also entered into the ASEAN-Hong Kong, China Free Trade Agreement in November 2017, which is aimed at facilitating trade in goods and services in the region. In 2020, the Republic entered into the Regional Comprehensive Economic Partnership (“RCEP”) Agreement with 14 Asia Pacific countries aimed at further lowering trade barriers and securing improved market access for goods and services for businesses. The target entry-into-force of RCEP is in 2022. The Senate was unable to complete the deliberations for concurrence in the RCEP’s ratification before the 18^th Congress adjourned. This has yet to be taken up by the 19^th Congress.

The following table sets out the Republic’s exports of goods by destination, as reported by the PSA.

	Export of Goods by Destination												Percentage of Total Exports
Country/Region	2017		2018		2019		2020		2021(1)		2022(2)		2017		2022(2)
	($ millions)												(%)
North America(3)		10,826		11,849		12,860		10,971		13,050		3,311		15.8		17.0
United States		9,661		10,636		11,567		10,018		11,849		2,992		14.1		15.4
Europe(5)		10,126		9,465		8,890		7,570		9,261		2,500		14.7		12.9
European Union(4)		9,085		8,373		7,779		6,536		8,059		2,158		13.2		11.1
Asia(6)		45,513		45,761		47,101		44,994		50,371		13,105		66.2		67.5
Japan		10,853		10,323		10,675		10,034		10,725		2,775		15.8		14.3
People’s Republic of China		8,017		8,817		9,814		9,830		11,553		2,879		11.7		14.8
Hong Kong		9,024		9,564		9,625		9,226		9,932		2,443		13.1		12.6
South Korea		4,334		2,608		3,241		2,855		2,574		682		6.3		3.5
Singapore		3,973		4,316		3,832		3,775		4,195		1,247		5.8		6.4
Taiwan		2,451		2,521		2,253		2,121		2,526		662		3.6		3.4
Southeast Asia(7)		6,122		6,832		6,958		6,441		7,925		2,195		8.9		11.3
Oceania(8)		568		665		527		459		629		160		0.8		0.8
Middle East(9)		1,051		753		831		629		567		141		1.5		0.7
Others(10)		629		814		717		592		775		207		0.9		1.1
Total		68,713		69,307		70,927		65,215		74,653		19,422		100.0		100.0

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Notes:

(1) Based on preliminary data for 2021.

(2) Based on preliminary data for the three months ended March 31, 2022.

(3) Includes the United States, Canada, and others.

(4) Includes the European Union, Switzerland, the Russian Federation, and others.

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

(6) Includes Japan, the People’s Republic of China, Hong Kong, South Korea, Singapore, Taiwan, Indonesia, Malaysia, Thailand, Brunei Darussalam, Vietnam, Myanmar, Laos, Bangladesh. Nepal, Pakistan, Sri Lanka, India, and others.

(7) Includes only Malaysia, Indonesia, Thailand, Brunei Darussalam, Cambodia, Vietnam, Myanmar and Laos.

(8) Includes Australia, New Zealand, Pacific Island, and others.

(9) Includes Iran, Iraq, Kuwait, Saudi Arabia, the United Arab Emirates (including Abu Dhabi), and others.

(10) Includes countries in Central America, South America (including Brazil), Africa, and others.

Source: Philippine Statistics Authority, Bangko Sentral.

In 2017, according to PSA data, total exports of goods increased by 19.7% to $68.7 billion, from the $57.4 billion recorded in 2016. The increase was driven primarily by increases in exports of manufactured goods and mineral products. Exports of manufactured goods, which comprised 83.4% of total exports, increased to $57.3 billion in 2017, an increase of 15.3% over the $49.7 billion recorded in 2016. Exports of mineral products, which comprised 6.2% of total exports, increased to $4.3 billion in 2017, an increase of 82.4% from the $2.4 billion recorded in 2016. Exports of fruits and vegetables also increased by 17.0% to $1.9 billion in 2017 from $1.8 billion in 2016.

In 2018, according to PSA data, total exports of goods increased by 0.9% to $69.3 billion, from the $68.7 billion recorded in 2017. The increase was primarily a result of an increase in exports of manufactured goods being largely offset by decreases in exports of mineral products and agricultural based products. Exports of manufactured goods, which comprised 84.0% of total exports, increased to $58.2 billion in 2018, an increase of 1.2% over the $57.3 billion recorded in 2017. Exports of mineral products, which comprised 5.8% of total exports, decreased to $4.0 billion in 2018, a decrease of 5.6% from $4.3 billion in 2017. Exports of agriculture-based products, which comprised 6.6% of total exports, decreased to $4.6 billion in 2018, a decrease of 10.6% from $5.1 billion in 2017.

In 2019, according to PSA data, total exports of goods increased by 2.3% to $70.9 billion, from the $69.3 billion recorded in 2018. The increase was primarily a result of an increase in exports of manufactured goods, total agricultural products and mineral products. Exports of manufactured goods, which comprised 83.0% of total exports, increased to $58.9 billion in 2019, an increase of 1.1% over the $58.2 billion recorded in 2018. Exports of total agriculture products, which comprised 7.3% of total exports, increased to $5.2 billion in 2019, an increase of 12.7% over the $4.6 billion recorded in 2018. Exports of mineral products, which comprised 6.6% of total exports, increased to $4.7 billion in 2019, an increase of 15.3% over the $4.0 billion recorded in 2018.

In 2020, according to PSA data, total exports of goods decreased by 8.1% to $65.2 billion, from the $70.9 billion recorded in 2019. This was primarily a result of the effect of the ongoing global COVID-19 pandemic and the resulting domestic shutdowns, border controls, reduced tourism, disrupted trade and manufacturing and financial market spillovers. As a result, exports of manufactured goods, which comprised 82.5% of total exports, decreased to $53.8 billion in 2020, a decrease of 8.7% over the $58.9 billion recorded in 2019. Exports of agriculture-based products, which comprised 7.3% of total exports, decreased to $4.8 billion in 2020, a decrease of 7.4% from $5.2 billion in 2019. These effects were partially offset by an 8.9% increase in exports of mineral products, which comprised 7.8% of total exports, to $5.1 billion in 2020 from $4.7 billion in 2019.

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In 2021, according to preliminary PSA data, total exports of goods increased by 14.5% to $74.7 billion, from the $65.2 billion recorded in 2020. This was primarily a result of the relative easing of COVID-19 containment measures in effect during most of the period, which resulted in a 15.0% increase in exports of manufactured goods from $53.8 billion in 2020 to $61.9 billion in 2021. The 9.3% increase in exports of agricultural products from $4.8 billion in 2020 to $5.2 billion in 2021 also contributed to the increase in total export of goods.

In the first seven months of 2022, according to preliminary PSA data, total exports of goods increased by 5.4% to $44.7 billion, from the $42.5 billion recorded in the first seven months of 2021. This was primarily a result of the relative easing of COVID-19 containment measures in effect during most of the period, which resulted in a 1.7% increase in exports of manufactured goods from $34.8 billion in the first seven months of 2021 to $35.4 billion in the first seven months of 2022. The 32.7% increase in exports of agricultural products from $2.9 billion in the first seven months of 2021 to $3.8 billion in the first seven months of 2022 also contributed to the increase in total exports of goods.

Imports of Goods

The following table sets out the sources of the Philippines’ imports of goods by commodity group.

	Imports of Goods by Commodity Group
	Annual												Growth Rates						January – July				Growth Rate			Percentage of Total Imports
Commodities	2017		2018		2019		2020		2021(1)		2022(2)		2020			2021			2021		2022(2)		2022(2)			2017		2022(2)
																			(%)				(%)			(%)
	($in millions, except percentages)
Capital goods		31,469		35,285		37,434		29,752		25,881		22,227		(20.5	)%		(13.0	)		19,991		22,227		11.2			32.7		27.6
Raw materials and intermediate goods
Unprocessed raw materials		4,276		4,851		3,576		3,576		3,128		3,130		(8.7	)		(12.5	)		2,166		3,130		44.5			4.4		3.9
Semi-processed raw materials		32,662		39,979		37,041		32,893		31,662		28,075		(11.2	)		(3.7	)		23,832		28,075		17.8			34.0		34.9
Raw materials and intermediate goods		36,938		44,830		40,617		36,158		34,790		31,205		(11.0	)		(3.8	)		25,997		31,205		20.0			38.4		38.8
Mineral fuels and lubricants		10,796		14,041		13,362		7,635		9,731		14,312		(42.9	)		27.5			6,755		14,312		111.9			11.2		17.8
Consumer goods
Durable		9,467		9,804		10,176		7,196		6,465		5,722		(29.3	)		(10.2	)		5,025		5,722		13.9			9.9		7.1
Non-durable		6,931		8,202		9,081		8,251		7,290		6,551		(9.2	)		19.3			5,590		6,551		17.2			7.2		8.1
Total consumer goods		16,398		18,006		19,260		15,447		13,755		12,272		(19.8	)		(11.0	)		10,615		12,272		15.6			17.1		15.2
Special transactions(1)		493		680		920		820		728		469		(10.8	)		(11.2	)		561		469		(16.4	)		0.6		0.6
Total imports		96,093		112,841		111,593		89,812		84,885		80,486		(19.5	)		(5.5	)		63,919		80,486		25.9			100.0		100.0

Notes:

(1) Preliminary data for 2021. Excludes value of goods that do not involve change in ownership such as consigned, returned/replacement and temporarily imported goods.

(2) Preliminary data for the seven months ended July 31, 2022.

Source: Philippine Statistics Authority, Bangko Sentral.

D-62

	Import of Goods by Source/Origin												Percentage of Total Imports
Country/Region	2017		2018		2019		2020		2021(1)		2022(2)		2017		2022(2)
	($ millions)												(%)
North America(3)		8,582		9,007		8,781		7,555		8,749		2,570		9.0		7.7
United States		7,784		8,062		8,072		6,922		7,751		2,280		8.1		6.8
Europe(4)		7,848		10,854		11,117		8,052		9,638		2,856		8.2		8.6
European Union(3)		6,644		7,901		8,531		6,036		7,673		1,963		6.9		5.9
Asia(5)		71,879		83,184		84,186		69,460		91,244		24,643		74.9		74.0
Japan		10,912		10,818		10,580		8,616		11,108		3,216		11.4		9.7
People’s Republic of China		17,464		22,015		25,496		20,868		26,799		6,106		18.2		18.3
Hong Kong		2,715		3,046		3,598		2,784		3,268		960		2.8		2.9
South Korea		8,465		11,312		8,477		6,895		9,351		3,335		8.8		10.0
Singapore		3,973		6,174		6,658		5,622		6,948		1,785		5.8		5.4
Taiwan		5,090		5,500		4,753		4,683		5,763		1,743		5.3		5.2
Southeast Asia(6)		19,616		22,250		22,465		18,153		25,483		6,896		20.5		20.7
Oceania(7)		2,635		2,461		2,213		1,443		2,310		725		2.7		2.2
Middle East(8)		3,800		5,685		3,704		1,867		3,965		1,927		4.0		5.8
Others(9)		1,350		1,650		717		1,592		1,974		596		1.3		1.8
Total		96,093		112,841		111,593		89,812		117,879		33,317		100.0		100.0

Notes:

(1) Preliminary data for 2021.

(2) Based on preliminary data for the three months ended March 31, 2022.

(3) Includes the United States, Canada, and others.

(4) Includes the European Union, Switzerland, the Russian Federation, and others.

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

(6) Includes Japan, the People’s Republic of China, Hong Kong, South Korea, Singapore, Taiwan, Indonesia, Malaysia, Thailand, Brunei Darussalam, Vietnam, Myanmar, Laos, Bangladesh. Nepal, Pakistan, Sri Lanka, India, and others.

(7) Includes Australia, New Zealand, Pacific Island, and others.

(8) Includes only Malaysia, Indonesia, Thailand, Brunei Darussalam, Cambodia, Vietnam, Myanmar, and Laos.

(9) Includes Iran, Iraq, Kuwait, Saudi Arabia, the United Arab Emirates (including Abu Dhabi), and others.

(10) Includes countries in Central America, South America (including Brazil), Africa, and others.

Source: Philippine Statistics Authority, Bangko Sentral.

In 2017, according to PSA data, total imports of goods increased 14.2% to $96.1 billion compared to imports of $84.1 billion recorded in 2016. This increase was primarily attributable to an increase in imports of raw materials and intermediate goods, as well as imports of mineral fuels and lubricant. Imports of raw materials and intermediate goods increased by 15.3% to $36.9 billion in 2017, compared to the $32.0 billion recorded in 2016. Imports of mineral fuels and lubricant increased by 35.5% to $10.8 billion in 2017, compared to the $8.0 billion recorded in 2016. Capital goods and consumer goods imports also increased in 2017. Imports of capital goods increased by 9.5% to $31.5 billion in 2017 from $28.7 billion in 2016. Imports of consumer goods increased by 10.6% to $16.4 billion in 2017 from $14.8 billion in 2016.

D-63

In 2018, according to PSA data, total imports of goods increased by 17.4% to $112.8 billion compared to imports of $96.1 billion recorded in 2017. This increase was primarily attributable to an increase in imports of capital goods, raw materials and intermediate goods and mineral fuels and lubricants. Imports of capital goods increased by 12.1% to $35.3 billion in 2018, compared to the $31.5 billion in 2017. Imports of raw materials and intermediate goods increased by 21.4% to $44.8 billion recorded in 2018, compared to the $36.9 billion recorded in 2017. Imports of mineral fuels and lubricant increased by 30.1% to $14.0 billion recorded in 2018, compared to the $10.8 billion recorded in 2017. Imports of consumer goods also increased, by 9.8% to $18.0 billion in 2018 from $16.4 billion in 2017.

In 2019, according to PSA data, total imports of goods decreased by 1.1% to $111.6 billion compared to imports of $112.8 billion recorded in 2018. This decrease was primarily attributable to a decrease in imports of raw materials and intermediate goods and mineral fuels and lubricants. Imports of raw materials and intermediate goods decreased by 9.4% to $40.6 billion in 2019, compared to the $44.8 billion in 2018. Imports of mineral fuels and lubricants decreased by 4.8% to $13.4 billion in 2019, compared to the $14.0 billion in 2018. These decreases were partially offset by a 6.1% increase in capital goods to $37.4 million in 2019, compared to $35.3 million in 2018.

In 2020, according to PSA data, total imports of goods decreased by 19.5% to $89.8 billion, from the $111.6 billion recorded in 2019. This decrease was primarily due to the effects of the ongoing global COVID-19 pandemic and the resulting domestic shutdowns, border controls, reduced tourism, disrupted trade and manufacturing and financial market spillovers, which led to decreases in imports of capital goods, raw materials and intermediate goods, mineral fuels and lubricants, and consumer goods by 20.5%, 11.0%, 42.9%, and 19.8% to $29.8 billion, $36.22 billion, $7.6 billion, and $15.4 billion in 2020, respectively, from $37.4 billion, $40.6 billion, $13.4 billion, and $19.3 billion in 2019, respectively.

In 2021, according to preliminary PSA data, total imports of goods increased by 31.3% to $117.9 billion, from the $89.8 billion recorded in 2020. This was primarily a result of the relative easing of COVID-19 containment measures in effect during most of the period, which resulted in increases in capital goods, raw materials and intermediate goods, mineral fuels and lubricants, and consumer goods by 19.2%, 32.7%, 1.0%, 91.5% and 22.1% to $35.5 billion, $48.0 billion, $14.6 billion, and $18.9 billion in 2021, respectively, from $29.8 billion, $36.2 billion, $7.6 billion, and $15.4 billion in 2020, respectively.

In the first seven months of 2022, according to preliminary PSA data, total imports of goods increased by 25.9% to $80.5 billion, from the $63.9 billion recorded in the first seven months of 2021. This was primarily a result of the relative easing of COVID-19 containment measures in effect during most of the period, which resulted in increases in imports of capital goods, raw materials and intermediate goods, mineral fuels and lubricants, and consumer goods by 11.2%, 20.0%, 111.9% and 15.6% to $22.2 billion, $31.2 billion, $14.3 billion, and $12.3 billion in the first seven months of 2022, respectively, from $20.0 billion, $10.5 billion, $26.0 billion, and $10.6 billion, respectively, in the first seven months of 2021.

D-64

Services

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

	Service Trade
	2017			2018			2019			2020			2021(1)			2022(2)
	($ in million)
Total services		8,693			11,608			13,039			13,866			14,174			3,195
Exports		34,832			38,397			41,264			31,822			33,627			8,666
Imports		26,139			26,789			28,225			17,956			19,453			5,470
Manufacturing services on physical inputs owned by others		3,453			4,140			4,339			4,152			5,028			1,359
Exports		3,453			4,140			4,339			4,152			5,028			1,359
Imports		—			—			—			—			—			—
Maintenance and repair services		(51	)		(54	)		(61	)		(11	)		(8	)		(25	)
Exports		80			83			110			59			42			24
Imports		132			136			171			70			50			48
Transport		(2,533	)		(2,653	)		(2,280	)		(2,525	)		(3,479)			(909	)
Exports		2,485			2,703			2,883			1,669			1,567			546
Imports		5,018			5,356			5,164			4,194			5,047			1,455
of which: Passenger		768			865			787			460			194			88
Exports		1,361			1,475			1,674			708			384			174
Imports		592			611			887			248			190			87
of which: Freight		(3,188	)		(3,434	)		(3,046	)		(3,132	)		(3,974)			(1,101	)
Exports		687			764			763			564			673			189
Imports		3,875			4,197			3,809			3,696			4,647			1,290
of which: Other		(113	)		(84	)		(282	)		147			301			103
Exports		438			464			446			396			510			182
Imports		550			548			468			249			209			79
Travel		(4,861	)		(3,623	)		(2,257	)		(2,298	)		(2,661)			(612	)
Exports		6,988			8,240			9,781			1,791			600			305
Imports		11,850			11,863			12,038			4,088			3,262			916
Construction services		(6	)		(12	)		(5	)		(11	)		41			9
Exports		57			61			66			85			88			19
Imports		63			73			71			97			47			10
Insurance and pension services		(1,417	)		(1,379	)		(1,554	)		(1,314	)		(1,741	)		(482	)
Exports		85			86			90			75			101			26
Imports		1,502			1,465			1,644			1,389			1,842			508
Financial services		(268	)		(287	)		(539	)		(453	)		(146	)		(102	)
Exports		237			279			232			90			192			39
Imports		506			566			772			543			338			141
Charges for the use of intellectual property		(734	)		(873	)		(805	)		(504	)		(590	)		(118	)
Exports		17			44			28			15			33			5
Imports		751			917			833			519			623			122
Telecommunications, computer, and information services		4,787			4,949			4,766			4,414			4,169			1,152
Exports		5,638			5,940			6,098			5,930			6,300			1,640
Imports		852			991			1,332			1,515			2,131			488
Other business services		10,596			12,025			11,981			12,815			13,986			(163	)
Exports		15,580			16,653			17,456			17,798			19,478			69
Imports		4,984			4,628			5,475			4,983			5,492			232
Personal, cultural and recreational services		3			(125	)		(26	)		(18	)		(40	)		(24	)
Exports		191			149			161			136			175			25
Imports		188			274			187			154			214			48
Government services		(275	)		(499	)		(520	)		(381	)		(385	)		(92	)
Exports		19			19			19			22			22			5
Imports		294			518			539			403			407			97

Notes:

(1) Preliminary data for 2021.

(2) Preliminary data for the three months ended March 31, 2022.

Source: Bangko Sentral.

D-65

In 2017, the trade-in-services account recorded a surplus of $8.7 billion, 23.4% higher than the $7.0 billion surplus recorded in 2016. The higher surplus was mainly attributable to the strong performance of other business services and the decrease in the deficit recorded by travel. Other business services recorded an increased surplus of $10.6 billion in 2017, a 3.7% increase compared to the surplus of $10.2 billion recorded in 2016, primarily as a result of higher exports of technical, trade related, and other business services. The higher surplus was also attributable to a decrease in the deficit of travel, which changed from a deficit of $6.0 billion in 2016 to a deficit of $4.9 billion in 2017. These factors were partially offset by an increase in the deficit in charges for the use of intellectual property, which recorded an increased deficit of $734 million in 2017, a 36.7% increase compared to the deficit of $537 million recorded in 2016.

In 2018, the trade-in-services account recorded a surplus of $11.6 billion, 33.5% higher than the $8.7 billion surplus recorded in 2017. The higher surplus was mainly attributable to the strong performance of other business services and the decrease in the deficit recorded by travel. Other business services recorded an increased surplus of $12 billion in 2018, a 13.5% increase compared to the surplus of $10.6 billion recorded in 2017, primarily as a result of higher exports of technical, trade related, and other business services. The higher surplus was also attributable to a decrease in the deficit of travel, which changed from a deficit of $4.9 billion in 2017 to a deficit of $3.6 billion in 2018. These factors were partially offset by an increase in the deficit in charges for the use of intellectual property, which recorded an increased deficit of $873 million in 2018, a 18.9% increase compared to the deficit of $734 million recorded in 2017.

In 2019, the trade-in-services surplus increased by 12.3% from $11.6 billion in 2018 to $13.0 billion. The higher surplus was mainly attributable to a decrease of 38.4% in deficits recorded by travel from $3.6 billion in 2018 to $2.2 billion in 2019 and a decrease of 16.6% in deficits recorded by transport from $2.7 billion in 2018 to $2.2 billion in 2019. These were partially offset by a decrease of 1.4% in surplus recorded by telecommunications, computer and information services from $4.9 billion in 2018 to $4.8 billion in 2019.

In 2020, the trade-in-services account recorded a surplus of $13.1 billion, a 0.4% increase from the $13.0 billion surplus recorded in 2019. The higher surplus was mainly attributable to a 5.2% increase in the surplus of other business and services from $12.0 billion in 2019 to $12.6 billion in 2020; a 20.6% decrease in the deficit of insurance and pension services from $1.6 billion in 2019 to $1.2 billion in 2020; and a 37.4% decrease in the deficit of insurance and pension services from $805 million billion in 2019 to $504 million in 2020. These effects were partially offset by a 15.0% decrease in the surplus of telecommunications, computer, and information services from $4.8 billion in 2019 to $4.1 billion in 2020.

In 2021, according to preliminary data, the trade-in-services account showed a 2.2% growth from a $13.9 billion surplus recorded in 2020 to a $14.2 billion surplus. This was primarily a result of the relative easing of COVID-19 containment measures during most of the period, which resulted in a 9.1% increase in the surplus from other business services, from $12.8 billion in 2020 to $14.0 billion in 2021, and a 21.1% increase in manufacturing services on physical inputs, from $4.2 billion in 2020 to $5.0 billion in 2021.

In first three months of 2022, according to preliminary data, the trade-in-services account showed a 4.8% deficit from a $3.4 billion surplus in the first three months of 2021 to a $3.2 billion surplus. This resulted in an 2.3% decrease in the surplus from other business services, from $3.1 billion in the first three months of 2021 to $3.0 billion in the first three months of 2022, and a 11.4% increase in the deficit for transport, from $0.8 billion in the first three months of 2021 to $0.9 billion in the first three months of 2022. These factors were partially offset by an increase of 9.3% in manufacturing services on physical inputs owned by others, from $1.2 billion in the first three months of 2021 to $1.4 billion in the first three months of 2022.

D-66

Primary Income

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

	Primary Income
	2017			2018			2019			2020			2021(1)			2022(2)
	($ in millions)
Total Primary Income		3,226			3,669			5,276			4,101			3,225			1,151
Receipts		10,583			11,999			13,402			11,594			11,983			2,959
Payments		7,357			8,330			8,125			7,492			8,758			1,808
Compensation of employees		7,769			8,130			8,685			8,413			8,662			2,164
Receipts		7,926			8,288			8,827			8,549			8,825			2,210
Payments		157			158			142			136			163			46
Investment income		(4,542	)		(4,461	)		(3,409	)		(4,311	)		(5,437	)		(1,013	)
Receipts		2,658			3,711			4,575			3,045			3,158			749
Payments		7,200			8,172			7,894			7,356			8,595			1,762
Direct investment		(3,067	)		(3,619	)		(2,740	)		(3,076	)		(4,154	)		(484	)
Receipts		960			1,471			2,033			1,218			1,023			219
Payments		4,027			5,090			4,773			4,293			5,177			703
Income on equity and investment fund shares		(3,490	)		(3,994	)		(3,410	)		(3,476	)		(4,672	)		(569	)
Receipts		240			379			565			362			384			31
Payments		3,730			4,373			3,975			3,838			5,056			600
Dividends and withdrawals from income of quasi-corporations		(2,756	)		(3,170	)		(2,379	)		(2,682	)		(3,530	)		(350	)
Receipts		111			306			464			212			253			20
Payments		2,867			3,476			2,843			2,894			3,784			370
Reinvested earnings		(734	)		(824	)		(1,031	)		(794	)		(1,141	)		(219	)
Receipts		129			73			101			150			131			11
Payments		863			897			1,132			944			1,272			229
Interest		423			375			670			400			517			85
Receipts		720			1,092			1,468			855			639			188
Payments		297			717			798			455			121			103
Portfolio investment		(2,210	)		(2,041	)		(2,004	)		(1,962	)		(2,257	)		(875	)
Receipts		394			427			377			456			693			102
Payments		2,604			2,469			2,380			2,417			2,950			977
Income on equity and investment fund shares		(1,092	)		(1,003	)		(985	)		(825	)		(846	)		(375	)
Receipts		2			11			1			10			6			0
Payments		1,094			1,014			986			835			852			375
Dividends on equity excluding investment fund shares		(1,092	)		(1,003	)		(985	)		(825	)		(846	)		(375	)
Receipts		2			11			1			10			6			0
Payments		1,094			1,014			986			835			852			375
Interest		(1,119	)		(1,038	)		(1,019	)		(1,136	)		(1,411	)		(500	)
Receipts		391			416			375			446			687			102
Payments		1,510			1,455			1,394			1,582			2,098			601
Short term		(44	)		(12	)		(5	)		(84	)		(385	)		(62	)
Receipts		18			9			8			118			133			3
Payments		62			21			12			202			518			65

D-67

	Primary Income
	2017			2018			2019			2020			2021(1)			2022(2)
	($ in millions)
Long term		(1,075	)		(1,026	)		(1,014	)		(1,052	)		(1,026	)		(438	)
Receipts		373			408			367			328			555			98
Payments		1,447			1,434			1,381			1,380			1,581			536
Central Banks		(18	)		(18	)		(13	)		(12	)		(12	)		0
Deposit-taking corporation, except the central bank		(49	)		(65	)		(143	)		(143	)		(138	)		(57	)
General government		(1,080	)		(1,128	)		(1,100	)		(1,073	)		(1,261	)		(451	)
Other sectors		72			185			242			176			384			70
Receipts		373			408			367			328			555			98
Payments		301			223			125			152			171			28
Other investment income		(214	)		(15	)		(192	)		(381	)		(331	)		12
Receipts		355			598			639			264			136			95
Payments		569			613			831			645			467			82
Central banks		(5	)		(10	)		(12	)		(4	)		(1	)		(1	)
Receipts		0			0			0			0			0			0
Payments		5			10			12			4			1			1
Deposit-taking corporations, except the central bank		160			283			275			105			4			30
Receipts		230			379			420			196			115			42
Payments		70			96			145			91			111			12
General government		(281	)		(347	)		(467	)		(374	)		(206	)		(35	)
Other sectors		(88	)		59			12			(108	)		(129	)		18
Receipts		125			219			219			69			21			53
Payments		213			160			207			176			150			35

Notes:

(1) Preliminary data for 2021.

(2) Preliminary data for the three months ended March 31, 2022.

Source: Bangko Sentral.

In 2017, the primary income account recorded a surplus of $3.2 billion, a 25.1% increase from the $2.6 billion surplus recorded in 2016. The increased surplus was primarily the result of a 5.2% increase in the compensation of employees account surplus, to $7.8 billion in 2017 from $7.4 billion in 2016. The deficit in primary income from portfolio investment also decreased by 10.1% to a $2.2 billion deficit in 2017 from a $2.5 billion deficit in 2016.

In 2018, the primary income account recorded a surplus of $3.7 billion, a 13.7% increase from the $3.2 billion surplus recorded in 2017. The increased surplus was primarily the result of a 4.6% increase in the compensation of employees account surplus, to $8.1 billion in 2018 from $7.8 billion in 2017. The deficit in primary income from portfolio investment also decreased by 7.6% to a $2.0 billion deficit in 2018 from a $2.2 billion deficit in 2017.

In 2019, the primary income account recorded a surplus of $5.3 billion, representing a 43.8% increase from the surplus of $3.7 billion recorded in 2018. This increase was primarily the result of a 23.6% decrease in net payments of investment income from $4.5 billion in 2018 to $3.4 billion in 2019 and a 6.8% increase in the compensation of employees account surplus from $8.1 billion in 2018 to $8.7 billion in 2019. These gains were partially offset by an increase in interest payments deficit from $0.4 in 2018 to $0.7 in 2019.

D-68

In 2020, the primary income account recorded a surplus of $4.3 billion, a 19.4% decrease from the $5.3 billion surplus recorded in 2019. The lower surplus was primarily the result of the effects of the ongoing global COVID-19 pandemic and the resulting domestic shutdowns, border controls, reduced tourism, disrupted trade and manufacturing and financial market spillovers, which led to a 2.9% decrease in the compensation of employees account surplus to $8.4 billion in the 2020 from $8.7 billion in the 2019, and 22.9%, 9.0% and 4.1% respective increases in the deficit in investment income, direct investment and income on equity and investment fund shares to deficits of $4.2 billion, $3.0 billion and $3.6 billion, respectively, in 2020 from deficits of $3.4 billion, $2.7 billion and $3.4 billion in 2019. These effects were partially offset by a 2.6% decrease in deficit of portfolio investment to a deficit of $2.0 billion in 2020, compared to a deficit of $1.9 billion in 2019.

In 2021, according to preliminary data, the primary income account recorded a surplus of $3.2 billion, a 21.4% decrease from the $4.1 billion surplus recorded in 2020. The lower surplus was primarily the result of a 31.7% increase in payments for income on equity and investment fund shares, from $3.8 billion recorded in 2020 to $5.1 billion recorded in 2021.

In the first three months of 2022, according to preliminary data, the primary income account recorded a surplus of $1.2 billion, a 101.1% increase from the $0.6 billion surplus recorded in the first three months of 2021. The increased surplus was primarily the result of the combined effect of the 18.7% drop in primary income payments to $1.8 billion and 5.8% increase in primary income receipts to $3 billion during the period compared to the first three months of 2021.

Secondary Income

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

	Secondary Income
	2017		2018		2019		2020		2021(1)		2022(2)
	($ in millions)
Total Secondary Income		26,153		26,818		27,949		27,512		29,461		7,198
Receipts		26,897		27,607		28,746		28,388		30,411		7,413
Payments		745		788		797		875		950		214
General Government		569		554		846		648		680		57
Receipts		636		583		883		687		719		78
Payments		67		29		37		39		39		21
Financial corporations, nonfinancial corporations, households and non-profit institutions serving households		25,584		26,264		27,103		26,864		28,781		7,141
Receipts		26,261		27,024		27,863		27,700		29,692		7,334
Payments		677		759		760		836		911		193
Personal transfers		24,795		25,421		26,256		26,259		27,767		6,851
Receipts		24,884		25,521		26,341		26,334		27,860		6,887
Payments		89		100		84		75		93		36
Other current transfers		789		844		846		605		1,014		290
Credit		1,377		1,502		1,523		1,367		1,832		447
Debit		588		659		676		761		818		157

Notes:

(1) Preliminary data for 2021.

(2) Preliminary data for the three months ended March 31, 2022.

Source: Bangko Sentral.

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In 2017, the secondary income account recorded a surplus of $26.2 billion, a 5.8% increase from the $24.7 billion surplus recorded in 2016. The higher surplus was primarily the result of a 5.2% increase in the personal transfers account surplus to $24.8 billion in 2017, compared to a surplus of $23.6 billion in 2016 and a 5.9% increase in the financial corporations, nonfinancial corporations, households account surplus to $25.6 billion in 2017 from a surplus of $24.2 billion in 2016.

In 2018, the secondary income account recorded a surplus of $26.8 billion, a 2.6% increase from the $26.2 billion surplus recorded in 2017. The higher surplus was primarily the result of a 2.5% increase in the personal transfers account surplus to $25.4 billion in 2018, compared to a surplus of $24.8 billion in 2017 and a 2.8% increase in the financial corporations, nonfinancial corporations, households account surplus to $26.3 billion in 2018 from a surplus of $25.6 billion in 2017. These increases were partially offset by a 3.2% decrease in the general government surplus to $550 million in 2018, compared to a surplus of $569 million in 2017.

In 2019, the secondary income account recorded a surplus of $27.7 billion, representing a 3.3% increase from the surplus of $26.8 billion recorded in 2018. This increase was primarily due to a 3.3% increase in the personal transfers account surplus to $26.3 billion in 2019, compared to a surplus of $25.4 billion in 2018, and a 3.2% increase in the financial corporations, non-financial corporations, households and non-profit institutions serving households account surplus to $27.1 billion in 2019, compared to a surplus of $26.3 billion in 2018.

In 2020, the secondary income account recorded a surplus of $27.4billion, 2.0% lower than the $28.0 billion surplus recorded in 2019. The decreased surplus was due mainly to 1.3% and 42.0% respective decreases in the financial corporations, non-financial corporations, households and non-profit institutions serving households account surplus and the other transfers surplus to $26.8 billion and $491 million, respectively, in 2020 from $27.1 billion and $846 million, respectively, in 2019.

In 2021, according to preliminary data, the secondary income account recorded a surplus of $29.5 billion, 7.6% higher than the $27.4 billion recorded in 2020. This higher surplus was due mainly to a 5.7% increase in personal transfers, consisting mainly of remittance inflows from non-resident overseas Filipino workers, from the $26.3 billion recorded in 2020 to $27.8 billion 2021.

In the first three months of 2022, according to preliminary data, the secondary income account recorded a surplus of $7.2 billion, 2.8% higher than the $7.0 billion recorded in the first three months of 2021. This increased surplus was due mainly to a 4.1% increase in the surpluses recorded in the financial corporations, nonfinancial corporations, households, and non-profit institutions serving households account, from $6.9 billion in the first three months of 2021 to $7.1 billion in the first three months of 2022.

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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
	2017			2018			2019			2020			2021(1)			2022(2)
	($ in millions)
Total direct investment		(6,952	)		(5,833	)		(5,320	)		(3,260	)		(8,116	)		(1,391	)
Net acquisition of financial assets		3,305			4,116			3,351			3,561			2,402			1,048
Direct investor in direct investment enterprises		1,758			1,029			926			125			285			73
Placements		2,027			1,123			1,103			248			501			170
Withdrawals		270			94			178			123			216			97
Reinvestment of earnings		129			73			101			150			131			11
Debt instruments		1,419			3,014			2,325			3,287			1,986			964
Direct investor in direct investment enterprises		6			7			418			22			401			3
Direct investment enterprises in direct investor		1,413			3,007			1,907			3,265			1,584			961
Net incurrence of liabilities		10,256			9,949			8,671			6,822			10,518			2,439
Equity and investment fund shares		4,261			3,242			3,427			2,651			2,991			540
Direct investor in direct investment enterprises		3,398			2,346			2,295			1,706			1,718			311
Placements		3,885			2,935			3,002			2,099			2,118			352
Withdrawals		487			590			706			392			399			42
Reinvestment of earnings		863			897			1,132			944			1,272			229
Debt instruments		5,996			6,706			5,244			4,172			7,527			1,899
Direct investor in direct investment enterprises		5,856			6,367			4,500			3,868			7,153			1,858
Direct investment enterprises in direct investor		140			339			744			304			374			41

Notes:

(1) Preliminary data for 2021.

(2) Preliminary data for the three months ended March 31, 2022.

Source: Bangko Sentral.

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

	Portfolio Investments
	2017			2018			2019			2020			2021(1)			2022 (2)
	($ in millions)
Portfolio Investment		2,454			1,448			(2,474	)		(1,680	)		8,046			298
Net acquisition of financial assets		1,658			4,740			2,402			6,567			6,599			1,278
Equity and investment fund shares		743			85			702			1,014			836			104
Central banks		0			0			0			0			0			0
Deposit-taking corporations, except the central bank		(9	)		(42	)		81			2			(35	)		(1	)
Other sectors		752			127			622			1,012			871			105
Debt securities		915			4,655			1,700			5,553			5,762			1,174
Central bank		32			(5	)		95			1,378			3,414			(32	)
Deposit-taking corporations, except the central bank		445			3,190			1,983			1,985			(1,414	)		1,056
Other sectors		437			1,471			(379	)		2,190			3,763			150
Net incurrence of liabilities		(796	)		3,292			4,876			8,246			(1,448	)		980
Equity and investment fund shares		496			(1,031	)		1,764			(2,541	)		(804	)		579
Deposit-taking corporations, except the central bank		0			(487	)		(99	)		(739	)		803			641
Other sectors		495			(544	)		1,863			(1,802	)		1			(62	)
Debt securities		(1,292	)		4,324			3,112			10,787			(2,251	)		401
Central bank		(15	)		1			(6	)		(24	)		(7	)		(8	)
Deposit-taking corporations, except the central bank		214			1,491			1,304			424			(1,069	)		(13	)
General government		(299	)		3,111			600			6,094			229			964
Other sectors		(1,192	)		(280	)		1,214			4,294			(1,404	)		(542	)

Notes:

(1) Preliminary data for 2021.

(2) Preliminary data for the three months ended March 31, 2022.

Source: Bangko Sentral.

From 2017 to March 31, 2022, 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.

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

	Other Investments
	2017			2018			2019			2020			2021(1)			2022(2)
	($ in millions)
Total other investment		1,750			(4,894	)		(67	)		(1,767	)		(6,268	)		(3,632	)
Net acquisition of financial assets		2,257			(654	)		2,417			3,953			376			(2,106	)
Currency and deposits		1,542			(1,430	)		1,019			2,673			(905	)		(1,334	)
Deposit-taking corporations, except the central bank		517			(891	)		787			1,240			184			(784	)
Other sectors		1,025			(539	)		232			1,433			(1,089	)		(550	)
Loans		629			425			1,210			1,174			1,165			(835	)
Deposit-taking corporations, except the central bank		629			425			1,210			1,174			1,165			(835	)
Trade credits and advances(3)		90			344			188			118			141			63
Other accounts receivable		(4	)		7			0			(12	)		(26	)		(1	)
Net incurrence of liabilities		508			4,240			2,484			5,720			6,644			1,526
Currency and deposits		654			121			169			(333	)		380			20
Loans		(676	)		3,560			2,111			6,462			3,492			706
Deposit-taking corporations, except the central bank		37			1,722			267			(3,260	)		(1,166	)		(1,642	)
Long-term		—			—			—			—			—			—
Short-term		37			1,722			267			(3,260	)		(1,166	)		(1,642	)
General government		223			873			1,463			7,334			3,998			2,036
Long-term drawings		1,382			2,065			2,627			8,517			5,167			2,254
Long-term repayments		1,158			1,192			1,164			1,182			1,169			218
Other sectors		(937	)		965			382			2,387			661			312
Long-term		(558	)		687			263			1,932			403			454
Drawings		2,386			3,049			2,219			3,507			2,084			765
Repayments		2,945			2,363			1,956			1,576			1,681			311
Short-term		(378	)		278			118			456			258			(142	)
Trade credits and advances		476			720			117			(787	)		201			645
Other accounts payable — other		55			(162	)		87			378			(202	)		155

Notes:

(1) Preliminary data for 2021.

(2) Preliminary data for the three months ended March 31, 2022.

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

Source: Bangko Sentral.

In 2017, the financial account recorded a net outflow of $2.8 billion, as compared to a net outflow of $175 million recorded in 2016. This development was mainly attributable to the increased net inflow of the direct investment account in 2017, recording an increase in net inflow to $7.0 billion in 2017 compared to $5.9 billion recorded in 2016 and a 63.0% decrease in the other investment account to a net outflow of $1.7 billion in 2017 from a net outflow of $4.6 billion in 2016. The increase in net inflow was partially offset by an increase in the portfolio investment account to a net outflow of $2.5 billion in 2017 from a net outflow of $1.5 billion in 2016.

In 2018, the financial account recorded a net inflow of $9.3 billion, as compared to a net inflow of $2.8 billion recorded in 2017. This development was mainly attributable to the reversal in other investment from a net outflow of $1.8 billion in 2017 to a net inflow of $4.9 billion in 2018. In addition, there was a 44.0% decrease in the net outflow in the portfolio investment account to $1.4 billion in 2018 from $2.5 billion in 2017. These were partially offset by a 15.4% decrease in the net inflow in the direct investment account to $5.8 billion in 2018 from $7.0 billion in 2017.

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The financial account recorded a net inflow of $8.0 billion in 2019, representing a 13.9% decrease from the net inflow of $9.3 billion recorded in 2018. This decrease was primarily due to an 8.8% decrease in direct investment inflow from $5.8 billion in 2018 to $5.3 billion in 2019 and a decrease in other investments inflow from $4.9 billion in 2018 to $67.0 million in 2019. These were partially offset by a reversal in portfolio investment from an outflow of $1.4 billion in 2018 to an inflow of $2.5 billion in 2019, which reversal was primarily a result of an 49.3% decrease in net acquisition of financial assets from $4.7 billion in 2018 to $2.4 billion in 2019 and an increase of 48.1% in net incurrence of liabilities from $3.3 billion in 2018 to $4.9 billion in 2019.

The financial account recorded a net inflow of $6.9 billion in 2020, representing a 14.0% decrease from the net inflow of $8.0 billion recorded in 2019. This decrease was primarily due to an 80.1% increase in net acquisition of financial assets from $7.3 billion to $13.1 billion. This effect was partially offset by a reversal in other investments from an inflow of $67.0 million in 2019 to an outflow of $2.0 billion in 2020.

According to preliminary data, the financial account recorded a net inflow of $6.9 billion in 2021, with the level broadly unchanged at $6.9 billion compared to the level recorded in 2020. This slight increase was primarily a result of a 149.0% increase in the net inflows of direct investments from $3.3 billion in 2020 to $8.1 billion in 2021, as well as an increase of 254.7% in the net inflows from other investments from $1.8 billion 2020 to $6.3 billion in 2021. This effect was partially offset by a reversal in portfolio investments from an inflow of $1.7 billion in 2020 to an outflow of $8.0 billion in 2021.

According to preliminary data, the financial account recorded a net inflow of $4.9 billion in the first three months of 2022, representing a significant reversal from the net outflow of $4.1 billion recorded in the first three months of 2021. This was primarily due to the reduction in net outflows of portfolio investments alongside the increase in net inflows from the other investment account and trading of financial derivatives. This was offset in part by the lower net inflows in the direct investment account.

Foreign Direct Investment

Domestic macroeconomic policies and structural reforms have significantly affected the flow of foreign investment into the Philippines. The Foreign Investment Act of 1991, as amended (the “Foreign Investment Act”), introduced a more favorable investment environment to the Philippines. The act permits foreigners to own 100% of Philippine enterprises, except in certain specified areas included in a “negative list” with respect to which the Constitution or applicable statute limits foreign ownership. The negative list includes two sub-lists: list A, comprising sectors in which foreign ownership is limited or prohibited by mandate of the Constitution and specific laws, and list B, comprising sectors in which foreign ownership is limited for reasons of security, defense, risk to health and morals and protection of small- and medium-scale enterprises.

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Section 8 of the Foreign Investment Act permits amendments to sub-list A of the negative list to be promulgated at any time to reflect changes in specific laws and amendments to sub-list B of the negative list to be promulgated not more often than once every two years, in each case by way of presidential proclamation. The 12th Regular Foreign Investment Negative List was promulgated on June 27, 2022 pursuant to Executive Order No. 175 (2022). The following table presents a summary of the sectors in which foreign ownership is limited under the 11th Regular Foreign Investment Negative List.

List A: Foreign Ownership Limited by Mandate of the Constitution and Specific Laws	List B: Foreign Ownership Limited for Reasons of Security, Defense, Risk to Health and Morals and Protection of Small- and Medium-Scale Enterprises
Up to 40% Foreign Equity(1)	Up to 40% Foreign Equity
•  Procurement of certain infrastructure projects, subject to Section 23.4.2.1(b), (c), and (e) of the Implementing Rules and Regulations of RA No. 9184 •  Exploration, development and utilization of natural resources(2) •  Ownership of private lands •  Operation of public utilities, except power generation and the supply of electricity to the contestable market and similar businesses or services not covered by the definition of public utilities(3)(4) •  Educational institutions other than those established by religious groups and mission boards for foreign diplomatic personnel and their dependents and other foreign temporary residents, or for short-term high-level skills development that do not form part of the formal education system as defined in Section 20 of Batas Pambansa No. 232 (1982)(5) •  Culture, production, milling, processing, trading, except retailing, of rice and corn and acquiring, by barter, purchase or otherwise, rice and corn and the by-products thereof(6) •  Contracts for the supply of materials, goods and commodities to GOCCs •  Operation of deep-sea commercial fishing vessels •  Private radio communications network •  Ownership of condominium units	•  Manufacture, repair, storage and/or distribution of products and/or ingredients requiring PNP clearance •  Manufacture and distribution of dangerous drugs •  Sauna and steam bathhouses, massage clinics and other like activities regulated by law because of risks posed to public health and morals, except wellness centers •  All forms of gambling except those covered by investment agreements with the Philippine Amusement and Gaming Corporation •  Micro and small domestic market enterprises with paid-in equity capital of less than the equivalent of $200,000 •  Micro and small domestic market enterprises which (i) involve advanced technology as determined by the Department of Science and Technology, (ii) are endorsed as startups or startup enablers by the Department of Trade and Industry, Department of Information and Communications Technology, or Department of Science and Technology, or (iii) have a majority of their employees as Filipino (no less than 15), with paid-in equity capital of less than the equivalent of $100,000
Up to 30% Foreign Equity
•  Advertising
Up to 25% Foreign Equity
•  Private recruitment, whether for local or overseas employment •  Contracts for the construction of defense-related structures

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Note:

(1) Lending companies regulated by the Philippine Securities and Exchange Commission (the “Philippine SEC”) are allowed to have up to 100% foreign equity participation under the Lending Company Regulation Act, Republic Act No. 9474 as amended by Republic Act No. 10881. Financing companies and investment houses regulated by the Philippine SEC are allowed to have up to 100% foreign equity participation under the Financing Company Act, Republic Act No. 8556, as amended by Republic Act No. 10881 and under the Investment House Law. Presidential Decree No. 129, as amended by Republic Act No. 10881, respectively.

(2) Full foreign participation is allowed through a financial or technical assistance agreement with the President of the Philippines.

(3) The participation of foreign investors in the governing body of any public utility enterprise is limited to their proportionate share in its capital, and all the executive and managing officers of such corporation or association must be citizens of the Philippines.

(4) RA No. 11659 amended the Public Service Act to define a “public utility” as a public service that operates, manages, or controls for public use any of the following: (i) distribution of electricity; (ii) transmission of electricity; (iii) petroleum and petroleum products pipeline transmission systems; (iv) water pipeline distribution systems and wastewater pipeline systems, including sewerage pipeline systems; (v) seaports; and (vi) public utility vehicles. All concessionaires, joint ventures, and other similar entities that wholly operate, manage, or control for public use the aforementioned sectors shall be treated as public utilities as well. Power generation and supply of electricity to the contestable market are not considered public utility operations.

(5) Control and administration of educational institutions shall be vested in citizens of the Philippines.

(6) Full foreign participation is allowed provided that within the 30-year period from start of operation, the foreign investor shall divest a minimum of 60% of their equity to Filipino citizens.

In March 2000, the Retail Trade Liberalization Act was enacted. The law aims to promote efficiency and competition among domestic industries and foreign competitors and better service and lower prices for consumers. Prior to its enactment, only citizens of the Philippines and corporations wholly owned by Filipino citizens could own a retail business in the Philippines. The law was amended in January 2022. Under the amended law, a foreign-owned partnership, association, or corporation may engage or invest in the retail trade business, provided it has a minimum paid-up capital of ₱25 million, its country of origin does not prohibit the entry of Filipino retailers, and where it is engaged in retail trade through more than one physical store, it makes a minimum investment of ₱10 million per store.

The Republic’s Board of Investments coordinates with national agencies and local governments on investment policies and procedures and establishes and administers annual investment priority plans to promote certain sectors of the economy by providing special investment incentives to specific industries. In May 2020, the Board of Investments submitted its proposed 2020 Investment Priorities Plan (“2020 IPP”) to then President Duterte for approval. The 2020 1PP provides a transition for the implementation of the CREATE tax law, and integrates investment incentives (including income tax holidays and exemption from tax and duty on imports of capital equipment) for rural development, as well as COVID-19 pandemic-mitigating activities, such as the manufacture of COVID-19 essential goods and personal protective equipment. Following this, in March 2022, the Board of Investments submitted its proposed 2022 Strategic Investment Priorities Plan (“2022 SIPP”) to then President Duterte for approval. The 2022 SIPP builds on the 2020 IPP, and is aligned with the Philippine Development Plan 2017-2022, the Inclusive Innovation Industrial Strategy of the Department of Trade and Industry, and the Pagtanaw 2050 program of the Department of Science and Technology. It lists investments eligible for tax incentives, including activities under the 2020 IPP, and these include activities such as the development of green ecosystems and others that will help build a more competitive economy and boost the Philippines’ industrial value chains, and technology research and development investments.

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

	Net Foreign Direct Investment by Industry(1)
Industry	2017			2018			2019			2020			2021(2)			2022(3)
	($ in millions)
Total equity other than reinvestment of earnings, net		3,397.9			2,345.6			2,295.2			1,706.3			1,718.4			607.4
Agriculture, forestry and fishing		20.0			0.9			0.4			0.0			0.4			1.4
Mining and quarrying		8.9			5.0			1.4			0.6			6.0			0.3
Manufacturing		1,181.8			1,094.9			303.2			754.0			550.8			202.3
Electricity, gas, steam and air conditioning supply		1,388.0			199.2			307.3			(38.3	)		485.9			12.7
Water supply, sewerage, waste management and remediation activities		1.3			0.4			5.8			4.7			(8.5	)		0.0
Construction		162.4			42.7			66.0			99.8			51.8			99.7
Wholesale and retail trade and repair of motor vehicles and motorcycles		83.1			(18.0	)		(180.7	)		93.4			51.6			20.8
Transportation and storage		49.5			11.2			104.8			102.9			34.5			8.8
Accommodation and food service activities		(38.4	)		6.7			20.6			7.8			10.2			7.3
Information and communication		38.3			15.9			357.1			130.0			53.1			51.0
Financial and insurance activities		141.5			454.2			949.7			230.5			269.1			83.5
Real estate activities		247.8			294.2			250.4			187.9			139.5			76.9
Professional, scientific and technical activities		66.0			15.0			8.1			24.4			45.7			28.16
Administrative and support service activities		(5.6	)		22.1			59.5			90.7			12.7			8.7
Public administration and defense; compulsory social security		0.0			0.0			0.0			0.0			0.0			0.0
Education		1.4			0.3			1.5			0.8			7.3			0.1
Human health and social work activities		23.9			2.0			32.2			14.3			4.6			0.2
Arts, entertainment and recreation		27.8			198.4			9.1			2.8			3.3			0.9
Other service activities		0.1			0.5			(1.0	)		0.1			0.3			4.7
Others, not elsewhere classified(4)		0.0			0.0			0.0			0.0			0.0			0.0
Reinvestment of earnings		862.6			896.6			1,132.0			944.2			1,272.3			434.8
Debt instruments		5,995.9			6,706.4			5,244.2			4,171.6			7,527.4			3,127.7
Total		10,256.4			9,948.6			8,671.4			6,822.1			10,518.0			4,169.9

Notes:

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

(2) Preliminary data for 2021.

(3) Preliminary data for the five months ended May 31, 2022.

(4) 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.

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

	Net Foreign Direct Investment by Country(1)
	2017			2018			2019			2020			2021(2)			2022(3)
	($ in millions)
Country
Total equity other than reinvestment of earnings, net		3,397.9			2,345.6			2,295.2			1,706.3			1,718.4			607.4
Japan		72.1			85.6			304.7			720.5			581.2			220.1
North America(4)		467.7			177.3			292.8			158.6			141.6			97.4
United Kingdom		9.4			43.2			9.1			43.3			15.8			10.4
European Union(5)		1,786.7			355.2			351.5			277.4			25.7			24.1
Other Europe(6)		14.1			1.1			22.0			4.5			6.2			7.1
Asia(7)		110.0			210.4			283.6			70.6			17.5			51.2
Asia Newly Industrialized Economies (ANIES)(8)		203.8			490.2			288.2			98.2			102.6			19.6
ASEAN(9)		725.5			1,070.2			662.2			295.8			794.5			165.5
Australia and New Zealand		(2.8	)		(105.9	)		(1.9	)		(3.8	)		(7.6	)		2.2
Central and South America(10)		7.4			37.5			5.6			2.8			2.5			3.3
Others		13.4			37.4			77.4			37.2			38.2			6.1
International organization		0.0			0.0			0.0			0.0			0.0			0.0
Reinvestment of earnings(11)		862.6			896.6			1,132.0			944.2			1,272.3			434.8
Debt instruments(11)		5,995.9			6,706.4			5,244.2			4,171.6			7,527.4			3,127.7
Total		10,256.4			9,948.6			8,671.4			6,822.1			10,518.0			4,169.9

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) Preliminary data for 2021.

(3) Preliminary data for the five months ended May 31, 2022.

(4) Includes the United States and Canada.

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

(6) Includes Albania, Belarus, Croatia, Gibraltar, Iceland, Liechtenstein, Norway, Romania, Russian Federation, Switzerland and Ukraine.

(7) Includes China, India, Pakistan and Western, Central, South and East Asia except South Korea, Hong Kong, Taiwan and ASEAN countries.

(8) Includes South Korea, Hong Kong and Taiwan.

(9) Includes Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand and Vietnam.

(10) Includes Argentina, Brazil, Mexico, Panama and other Central and South American countries.

(11) Country breakdowns for debt instruments are not available.

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In 2017, net inflows of foreign direct investment were $10.3 billion, 23.9% higher than the $8.3 billion recorded in 2016. The higher inflows were mainly due to higher net investments in debt instruments, manufacturing, and electricity, gas, steam and air conditioning supply. Net investments in debt instruments increased 20.5% to $6.0 billion in 2017 from $5.0 billion recorded in 2016. Net investments in manufacturing increased significantly to $1.2 billion in 2017 from $334.3 million in 2016. Net investments in electricity, gas, steam and air conditioning supply reversed from a net outflow of $83.1 million in 2016 to a net inflow of $1.4 billion in 2017. The increases were partially offset by the decrease in net inflows of financial and insurance activities, which decreased 87.4% to $141.5 million in 2017 from the $1.1 billion recorded in 2016.

The contribution of new equity investments to net inflows of foreign direct investment increased from $2.6 billion in 2016 to $3.4 billion in 2017. This increase was primarily a result of an increase in the net inflows from the European Union from $106.8 million recorded in 2016 to $1.8 billion in 2017, an increase in the net inflows from ASEAN countries from $269.4 million recorded in 2016 to $725.5 million in 2017, and an increase in the net inflows from the United States and Canada from $79.1 million in 2016 to $467.7 million in 2017. These increases were partially offset by a decrease in net inflows from Japan, from net inflows of $1.1 billion in 2016 to net inflows of $72.1 million in 2017 and a decrease in net inflows from ANIEs, from net inflows of $918.2 million in 2016 to net inflows of $203.8 million in 2017. Reinvestment of earnings in the Republic increased by 21.5% in 2017 and placements of debt instruments abroad increased by 20.5% in 2017.

In 2018, net inflows of foreign direct investment were $9.8 billion, 4.1% lower than the $10.3 billion recorded in 2017. The lower inflows were mainly due to lower net investments manufacturing, and electricity, gas, steam and air conditioning supply. Net investments in electricity, gas, steam and air conditioning supply decreased from net inflows of $1.4 billion in 2017 to a net inflow of $192.8 million in 2018. This decrease was partially offset by the increases in net inflows in debt instruments and arts, entertainment and recreation. Net inflows in debt instruments increased by 11.8% to $6.7 billion in 2018 from $6.0 billion recorded in 2017 and net inflows from arts, entertainment and recreation increased significantly to $188.4 million in 2018 from the $27.8 million recorded in 2017.

The contribution of new equity investments to net inflows of foreign direct investment decreased from $3.4 billion in 2017 to $2.3 billion in 2018. This decrease was primarily a result of a decrease in the net inflows from the European Union from $1.8 billion recorded in 2017 to $340.3 million in 2018 and a decrease in the net inflows from the United States and Canada from $467.7 million recorded in 2017 to $153.1 million in 2018. These decreases were partially offset by an increase in net inflows from Japan, from net inflows of $72.1 million in 2017 to net inflows of $218.9 million in 2018 and an increase in net inflows from ASEAN countries, from net inflows of $725.5 million in 2017 to net inflows of $989.7 million in 2018. Reinvestment of earnings in the Republic decreased by 0.4% in 2018 and placements of debt instruments abroad increased by 11.8% in 2018.

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In 2019, net inflows of foreign direct investment were $7.7 billion, 22.7% lower than the $9.9 billion recorded in 2018. The lower inflows were mainly due to a decline in net equity investment other than reinvestment of earnings and in net debt instruments from $2.3 billion and $6.7 billion in 2018 to $1.4 billion and $5.2 billion, respectively, in 2019. Net investments in manufacturing decreased from net inflows of $1.1 billion in 2018 to a net inflow of $257.5 million in 2019. This decrease was partially offset by the increases in net inflows in financial and insurance activities from net inflows of $454.2 million in 2018 to a net inflow of $543.5 million in 2019.

The contribution of new equity investments to net inflows of FDI decreased from $2.3 billion in 2018 to $1.4 billion in 2019. This decrease was mainly due to decreases in net inflows from ASEAN countries, China and Hong Kong, and the European Union from $1.1 billion, $471.1 million and $355.2 million in 2018 to $480.9 million, $154.0 million and $79.1 million, respectively, in 2019. These were partially offset by increases in net inflows from the United States from $184.6 million in 2018 to $280.4 million in 2019.

In 2020, net inflows of foreign direct investment were $6.8 billion, 21.3% lower than the $8.7 billion recorded in 2019. The lower inflows were mainly due to a decline in net debt instruments from $5.2 billion in 2019 to $4.2 billion in 2020, and a decline in net equity investment other than reinvestment of earnings from $2.3 billion in 2019 to $1.7 billion in 2020. Net investments in manufacturing activities increased from a net inflow of $303.2 million in 2019 to a net inflow of $754.0 million in 2020, while net investments in financial and insurance activities decreased from a net inflow of $949.7 million in 2019 to a net outflow of $230.5 million in 2020.

The contribution of new equity investments to net inflows of foreign direct investment decreased to $1.7 billion in 2020 from $2.3 million in 2019. Foreign direct investment decreased primarily as a result of decreases in new equity investments from Singapore and China to net inflows of $237.1 million and $58.9 million, respectively, in 2020 from a net inflow of $545.1 and $276.4 million, respectively, in 2019. These were partially offset by an increase in net inflows from Japan from a net inflow of $304.7 million in 2019 to a net inflow of $720.5 million in 2020. Reinvestment of earnings in the Republic decreased to $944.2 million in 2020, compared with $1.1 billion in 2019.

In 2021, according to preliminary data, net inflows of foreign direct investment were $10.5 billion, 54.2% higher than the $6.8 billion recorded in 2020. The higher inflows were mainly due to an 80.4% increase in net debt instruments, from $4.2 billion in 2020 to $7.5 billion in 2021. Net investments in electricity, gas, steam, and air conditioning supply reversed from a net outflow of $38.3 million in 2020 to a net inflow of $485.9 million in 2021. Net investments in financial and insurance activities increased from a net inflow of $230.5 million in 2020 to a net inflow of $269.1 million in 2021. These were partially offset by a decrease in net investments in manufacturing activities from a net inflow of $754.0 million in 2020 to a net inflow of $550.8 million in 2021.

The contribution of new equity investments to net inflows of foreign direct investment in 2021 remained broadly the same with 2020 at $1.7 billion. Foreign direct investment increased primarily as a result of increases in new equity investments of foreign direct investment from ASEAN to an inflow of $794.5 million in 2021 from $295.8 million in 2020. These were partially offset by decreases in net inflows from the European Union from a net inflow of $277.4 million in 2020 to a net inflow of $25.7 million in 2021. Reinvestment of earnings in the Republic increased to $1.3 billion in 2021, compared with $944.2 million in 2020.

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In the first five months of 2022, according to preliminary data, net inflows of foreign direct investment were $4.2 billion, 18.8% higher than the $3.5 billion recorded in the first five months of 2021. The higher inflows were mainly due to a significant increase in net debt instruments, from $2.2 billion in the first five months of 2021 to $3.1 billion in the first five months of 2022. Foreign direct investments increased primarily as a result of the increase in net investments in construction from a net inflow of $7.8 million in the first five months of 2021 to a net inflow of $99.7 million in the first five months of 2022, as well as a reversal in the net investments in agriculture, forestry and fishing from a net outflow of $40,000 in the first five months of 2021 to a net inflow of $1.39 million in the first five months of 2022. These were partially offset by a decrease in net investments in electricity, gas, steam and air conditioning supply from a net inflow of $240.2 million in the first five months of 2021 to a net inflow of $12.7 million in the first five months of 2022, and a decrease in net investments in financial and insurance activities from a net inflow of $209.5 million in the first five months of 2021 to a net inflow of $83.5 million in the first five months of 2022.The contribution of new equity investments to net inflows of foreign direct investment decreased to $0.6 billion in the first five months of 2022 from $0.9 billion in the first five months of 2021. Foreign direct investment decreased primarily as a result of decreases in new equity investments of foreign direct investment from the ANIEs countries and Singapore to net inflows of $19.6 million and $52.2 million, respectively, in the first five months of 2022 from net inflows of $33.7 million and $515.4 million, respectively, in the first five months of 2021. These were partially offset by increases in net inflows from Malaysia from a net inflow of $16.4 million in the first five months of 2021 to a net inflow of $104.5 million in the first five months of 2022. Reinvestment of earnings in the Republic increased to $434.8 million in the first five months of 2022, compared with $434.8 million in the first five months of 2021.

International Reserves

The following table sets out the gross international reserves of the Bangko Sentral, 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 As of December 31,
Sector	2017		2018		2019		2020		2021		2022(1)
	($ in millions, except months and percentages)
Reserve position in the IMF(2)		424.4		473.8		590.4		813.1		801.6		740.9
Gold		8,336.9		8,153.5		8,015.9		11,605.3		9,332.8		8,532.7
SDRs		1,210.8		1,183.7		1,181.9		1,232.9		3,938.9		3,727.2
Foreign investments		65,815.3		66,732.9		75,303.8		93,644.5		91,624.5		84,117.2
Foreign exchange(3)		5,782.5		2,649.5		2,747.5		2,821.6		3,096.6		1,857.9
Total		81,569.9		79,193.4		87,839.5		110,117.4		108,794.4		98,975.8
Total as number of months of imports of goods and services		7.8		6.9		7.6		12.3		9.6		8.3
Total as a % of short-term debt(4)
Original maturity		571.4		492.9		510.5		775.0		721.0		712.1
Residual maturity		419.3		364.9		396.5		529.0		532.4		457.0

Notes:

(1) Preliminary data as of August 31, 2022.

(2) 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.

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

(4) 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.

Source: Bangko Sentral.

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The gross international reserves controlled by the Bangko Sentral constitute substantially all of the Philippines’ official international reserves. The Bangko Sentral occasionally enters into options with respect to gold, foreign exchange and foreign securities for purposes of managing yield or market risk. It also enters into financial swap contracts to optimize yield on its gold reserves.

As of December 31, 2017, gross international reserves were $81.6 billion, an increase from the $80.7 billion recorded as of December 31, 2016. The increase in 2017 was mainly due to an increase of $2.2 billion in foreign exchange to $5.8 billion in 2017 from $3.6 million in 2016, and an increase of $1.1 billion in gold reserves to $8.3 billion in 2017 from $7.3 billion in 2016. These increases were partially offset by a decrease of $2.5 billion in foreign investments to $65.8 billion in 2017 from $68.3 billion in 2016. The level of gross international reserves as of December 31, 2017 was sufficient to cover approximately 7.7 months of imports of goods and payments of services and income, and was equivalent to 5.7 times the Republic’s short-term debt based on original maturity and 4.2 times based on residual maturity. Net international reserves at the end of 2017 were $81.6 billion.

As of December 31, 2018, gross international reserves were $79.2 billion, a decrease from the $81.6 billion recorded as of December 31, 2017. The decrease in 2018 was mainly due to a decrease of $2.9 billion in foreign exchange to $2.6 billion in 2018 from $5.8 billion in 2017, and a decrease of $183 million in gold reserves to $8.2 billion in 2018 from $8.3 billion in 2017. The level of gross international reserves as of December 31, 2018 was sufficient to cover approximately 6.9 months of imports of goods and payments of services and income, and was equivalent to 4.9 times the Republic’s short-term debt based on original maturity and 3.7 times based on residual maturity. Net international reserves at the end of 2018 were $79.2 billion.

As of December 31, 2019, gross international reserves were $87.8 billion, an increase of 10.9% from the $79.2 billion recorded as of December 31, 2018. This increase was primarily attributable to an increase of 12.8% in foreign investments to $75.3 billion as of December 31, 2019 from $66.7 billion as of December 31, 2018, partially offset by a 1.7% decrease in gold reserves to $8.0 billion as of December 31, 2019 from $8.2 billion as of December 31, 2018. The level of gross international reserves as of December 31, 2019 was sufficient to cover approximately 7.6 months of imports of goods and services and payments of primary income, and was also 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 2019 were $87.8 billion.

As of December 31, 2020, gross international reserves were $110.1 billion, an increase from the $87.8 billion recorded as of December 31, 2019. This increase was mainly due to an increase of $18.3 billion in foreign investments to $93.6 billion as of December 31, 2020 from $75.3 billion as of December 31, 2019. The level of gross international reserves as of December 31, 2020 was sufficient to cover approximately 12.3 months of imports of goods and payments of services and income, and was equivalent to 7.8 times the Republic’s short-term debt based on original maturity and 5.0 times based on residual maturity. Net international reserves at the end of December 2020 were $110.1 billion.

As of December 31, 2021, gross international reserves were $108.8 billion, a decrease from the $110.1 billion recorded as of December 31, 2020. This decrease was mainly due to a decrease of $2.0 billion in foreign investments to $91.6 billion as of December 31, 2021 from $93.6 billion as of December 31, 2020. The level of gross international reserves as of December 31, 2021 was sufficient to cover approximately 9.6 months of imports of goods and payments of services and income, and was equivalent to 7.2 times the Republic’s short-term debt based on original maturity and 5.3 times based on residual maturity. Net international reserves at the end of December 2021 were $108.8 billion.

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Preliminary data indicates that gross international reserves were $99.0 billion as of August 31, 2022, a decrease from the $108.8 billion recorded as of December 31, 2021. This decrease was mainly due to a decrease of $8.1 billion in foreign investments to $84.1 billion as of August 31, 2022 from $91.6 billion as of December 31, 2021. The level of gross international reserves as of August 31, 2022 was sufficient to cover approximately 8.3 months of imports of goods and payments of services and income, and was equivalent to 7.1 times the Republic’s short-term debt based on original maturity and 4.6 times based on residual maturity. Net international reserves at the end of August 2022 were $99.0 billion.

Monetary System

Monetary Policy

In 1993, the Government established the Bangko Sentral, the Republic’s central bank, pursuant to the New Central Bank Act. The Bangko Sentral replaced the old Central Bank of the Philippines. The Bangko Sentral functions as an independent central monetary authority responsible for policies in the areas of money, banking and credit, as authorized under the New Central Bank Act. The New Central Bank Act prohibits the Bangko Sentral from engaging in quasi-fiscal activities, commercial banking or development banking or financing, all of which had contributed to substantial deficits at the old Central Bank of the Philippines.

The Bangko Sentral’s primary objectives are to maintain price stability, monetary stability and the convertibility of the peso. To achieve its price stability objective, the Bangko Sentral undertakes monetary management mainly through adjustments to policy rates and the conduct of open market operations, including the purchase and sale of Government securities, rediscounting transactions and adjustments in reserve requirements.

The Bangko Sentral’s functions include:

• conducting monetary policy;

• issuing the national currency;

• managing foreign currency reserves;

• acting as depository for the Government, its political subdivisions and instrumentalities and GOCCs; and

• regulating banks and quasi-banks in the Philippines.

The Government owns all of the capital stock of the Bangko Sentral. A seven-member Monetary Board consisting of the Bangko Sentral’s Governor, a member of the Cabinet designated by the President, and five full-time private sector representatives governs the Bangko Sentral. The President appoints each of the seven Monetary Board members, except the Cabinet representative, to six-year terms.

Philippine law requires the Bangko Sentral to maintain international reserves adequate to meet any foreseeable net demands for foreign currencies.

On February 14, 2019, then President Duterte signed Republic Act No. 11211, a law amending the New Central Bank Act by, among others, increasing the capitalization as well as the powers of the Bangko Sentral. Under this law, the Bangko Sentral’s capitalization was increased from ₱50 billion to ₱200 billion, a measure that provides more funds either for absorbing losses or for investment. The law also expands the Bangko Sentral’s supervisory powers to cover more types of financial institutions, including money service businesses, credit granting businesses and payment system operators.

In addition, the Bangko Sentral is empowered to demand the forfeiture of profits from unauthorized financial transactions, as well as impose additional administrative and criminal sanctions. Finally, the Bangko Sentral was given the authority to issue debt papers for more flexibility in determining the timing and size of its monetary operations.

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As of December 31, 2021, Bangko Sentral, according to audited financial information, had total assets of ₱7,576.2 billion, of which international reserves accounted for ₱5,505.4 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 consist 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. In July 2013, the Bangko Sentral adopted a new system for compiling and reporting monetary statistics called the SRF format as part of the Bangko Sentral’s adherence to international best practices in statistical compilation. The adoption of the SRF system did not result in any change to overall monetary balances. However, the Bangko Sentral has, in connection with the adoption of the SRF, also implemented certain recommendations from the IMF pertaining to the inclusion of unsecured subordinated debt and accrued interest expense, which has given rise to minor changes in amounts previously reported.

	Money Supply (SRF-based)
	As of December 31,
	2017			2018			2019			2020			2021(1)			2022(2)
	(₱ in billions, except percentages)
M1(3)
Currency in circulation		1,047.6			1,231.8			1,395.8			1,731.8			1,876.8			1,826.4
Current account deposits		2,503.3			2,657.2			3,104.5			3,724.1			4,323.3			4,461.5
Total		3,550.8			3,889.0			4,500.3			5,455.9			6,200.1			6,287.9
percentage increase(4)		15.7	%		9.5	%		15.7	%		21.2	%		13.6	%(6)		12.0	%(7)
M2(5)		10,202.3			11,080.2			12,293.2			13,564.2			14,769.5			14,822.0
percentage increase(4)		11.6	%		8.6	%		10.9	%		10.3	%		8.9	%(6)		8.0	%(7)
M3(6)		10,636.1			11,643.0			12,976.3			14,222.0			15,343.4			15,378.0
percentage increase(4)		11.9	%		9.5	%		11.5	%		9.6	%		7.9	%(6)		7.0	%(7)

Notes:

(1) Preliminary data for 2021.

(2) Preliminary data as of July 31, 2022.

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

(4) Period-on-period.

(5) Consists of Ml, savings deposits and time deposits.

(6) Consists of M2 and deposit substitutes.

(7) Compared to July 31, 2021.

Source: Department of Economic Statistics, Bangko Sentral.

As of December 31, 2017, the Republic’s money supply (M3) was ₱10.6 trillion, an increase of 11.9% from the ₱9.5 trillion recorded as of December 31, 2016. This growth in money supply was driven mainly by the increase in domestic claims, which increased by 13.9% compared to the level as of December 31, 2016. This increase was primarily driven by a 16.4% increase over the period in claims on other sectors, particularly claims on the private sector, which increased by 16.4% compared to the level as of December 31, 2016. Net claims on the Government also increased by 2.0% as of December 31, 2017 compared to the level as of December 31, 2016. The Bangko Sentral’s net foreign asset position increased by 1.4% and the net foreign asset position of other depository corporations also increased by 10.3% over the period.

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As of December 31, 2018, the Republic’s money supply (M3) was ₱11.6 trillion, an increase of 9.5% from the ₱10.6 trillion recorded as of December 31, 2017. This growth in money supply was driven mainly by the increase in domestic claims, which increased by 14.9% compared to the level as of December 31, 2017. This increase was primarily driven by a 14.5% increase over the period in claims on other sectors, particularly claims on the private sector, which increased by 15.1% compared to the level as of December 31, 2017. Net claims on the Government also increased by 16.9% as of December 31, 2018 compared to the level as of December 31, 2017. The Bangko Sentral’s net foreign asset position increased by 1.3% and the net foreign asset position of other depository corporations decreased by 6.9% over the period.

As of December 31, 2019, the Republic’s money supply (M3) was ₱13.0 trillion, an increase of 11.3% from the ₱11.6 trillion recorded as of December 31, 2018. This growth in money supply was mainly driven by the increase in domestic claims, which increased by 10.6% compared to the level recorded as of December 31, 2018. The increase in domestic claims was primarily driven by an 8.1% increase in claims on other sectors, particularly claims on the private sector, which increased by 7.7% compared to the level as of December 31, 2018. Net claims on the central Government also increased by 23.8% as of December 31, 2019, compared to the level as of December 31, 2018. From December 31, 2018 to December 31, 2019, the Bangko Sentral’s net foreign asset position increased by 8.9% from ₱4.7 trillion to ₱4.9 trillion and the net foreign asset position of other depository corporations increased by 23.3% from ₱0.4 trillion to ₱0.5 trillion.

As of December 31, 2020, the Republic’s money supply (M3) was ₱14.2 trillion, an increase of 9.6% from the ₱13.0 trillion as of December 31, 2019. This growth in money supply was driven mainly by the increase in domestic claims, which increased by 4.7% compared to the level as of December 31, 2019. This increase was primarily driven by an increase in net claims on Central Government, which increased by 30.6% compared to the level as of December 31, 2019. The Bangko Sentral’s net foreign asset position increased by 20.5% to ₱5.3 trillion as of December 31, 2020 and the net foreign asset position of other depository corporations also increased by 72.8% to ₱0.8 trillion as of December 31, 2020.

As of December 31, 2021, according to preliminary data, the Republic’s money supply (M3) was ₱15.3 trillion, an increase of 7.9% from the ₱14.2 trillion as of December 31, 2020. This growth in money supply was driven mainly by the increase in domestic claims, which increased by 8.2% compared to the level as of December 31, 2020. This increase was primarily driven by an increase in net claims on Central Government, which increased by 21.9% compared to the level as of December 31, 2020. The Bangko Sentral’s net foreign asset position increased by 6.5% to ₱6.5 trillion as of December 31, 2021 and the net foreign asset position of other depository corporations also increased by 15.9% to ₱0.9 trillion as of December 31, 2021.

As of July 31, 2022, according to preliminary data, the Republic’s money supply (M3) was ₱15.4 trillion, an increase of 7.0% from the ₱14.4 trillion as of July 31, 2021. This growth in money supply was driven mainly by the increase in domestic claims, which increased by 11.5% compared to the level as of July 31, 2021. This increase was primarily driven by an increase in net claims on Central Government, which increased by 22.2% compared to the level as of July 31, 2021. The Bangko Sentral’s net foreign asset position decreased marginally by 0.5% to ₱6.5 trillion as of July 31, 2022 and the net foreign asset position of other depository corporations also increased by 1.5% to ₱1.0 trillion as of July 31, 2022.

In 2020, the average 91-day T-bill rate was 2.02%. In the first seven months of 2022, the average 91-day T-bill rate was 2.10%.

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The following table presents information regarding domestic interest and deposit rates.

	Domestic Interest and Deposit Rates
	2017		2018		2019		2020		2021		2022(1)
	(weighted averages per period) (%)
91-day Treasury bill rates		2.2		3.5		4.7		2.0		1.1		2.1
Bank average lending rates		5.6		6.1		7.1		N/A		N/A		N/A

Note:

(1) Preliminary data for the seven months ended July 31, 2022.

Source: Bangko Sentral.

Monetary Regulation

The Bangko Sentral formally adopted inflation targeting as the framework for monetary policy in January 2002. This policy move is aimed at providing the Bangko Sentral with a more focused and forward-looking approach in the pursuit of its primary mandate, which is to ensure price stability. This approach involves the announcement of an explicit inflation target that the Bangko Sentral seeks to achieve over a given time period. The target inflation rate is set and announced jointly by the Bangko Sentral and the Government through an inter-agency body. Although the responsibility of achieving the target rests primarily with the Bangko Sentral, this joint announcement reflects active Government participation in achieving the goal of price stability and the inflation target. The Bangko Sentral also created an Advisory Committee which deliberates, discusses and recommends to the Monetary Board the appropriate monetary policy stance that will enable the Bangko Sentral to achieve the desired inflation target.

On June 3, 2016, the Bangko Sentral adopted an interest rate corridor (“IRC”) system in its monetary operations. The primary aim of the adoption of the IRC system was to improve the transmission of monetary policy. By helping to ensure that money market rates move within a reasonably close range around the Monetary Board’s policy rate, the IRC system is expected to help enhance the link between the stance of the Bangko Sentral monetary policy and financial markets and, thereby, impact the real economy. The IRC system consists of the following instruments: standing liquidity facilities, namely, the overnight lending facility and the overnight deposit facility; the overnight reverse repurchase facility; and a term deposit auction facility. The interest rates for the standing liquidity facilities form the upper and lower bound of the corridor while the overnight reverse repurchase rate is set at the middle of the corridor. The interest rates applied on the overnight lending facility and reverse repurchase facility signal the stance of the Bangko Sentral’s monetary policy, while the term deposit facility serves as the main tool for absorbing liquidity.

In connection with the establishment of the IRC system, on June 3, 2016, the Monetary Board set a new overnight lending facility rate of 3.5% (a reduction of the interest rate for the upper bound of the corridor from the previous overnight lending facility rate of 6.0%), adjusted the reverse repurchase rate to 3.0% (a reduction from the previous 4.0%) and set a new overnight deposit facility rate of 2.5% (consistent with the previous SDA rate). In doing so, the Monetary Board noted that the shift to the IRC system does not represent a change in the Bangko Sentral’s stance on monetary policy. The IRC reforms are primarily operational in nature and have not materially affected prevailing monetary policy settings upon implementation. In particular, the weighted rate for monetary operations will remain broadly the same as before the implementation of the IRC system. Moreover, the interest rate at the floor of the corridor, where the bulk of the Bangko Sentral’s liquidity absorption with the market currently takes place, is being kept steady at the launch of the IRC system. At the same time, short-term liquidity conditions have remained broadly unchanged as funds continued to be absorbed through monetary operations under the new IRC system.

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In 2017, the Bangko Sentral held six monetary policy meetings and at each of these meetings its key policy rate for the overnight reverse repurchase facility was maintained at 3.0%. The interest rates for other monetary policy instruments were also kept steady. Similarly, the reserve requirement ratios were left unchanged.

In May 2018, the Monetary Board decided to increase the reverse repurchase rate to 3.25% and the overnight lending facility rate to 6.25%, citing potential inflation pressures and elevated inflationary expectations. In June 2018, the Monetary Board decided to increase the reverse repurchase to 3.50% and the overnight lending facility rate to 6.50% citing elevated inflationary expectations. In August 2018, the Monetary Board decided to increase the reverse repurchase rate to 4.0% and the overnight lending facility rate to 7.0%, noting rising inflation. In September 2018, the Monetary Board decided to increase the reverse repurchase rate to 4.5% and the overnight lending facility rate to 7.5%, citing signs of sustained and broadening price pressures. In November 2018, the Monetary Board decided to increase the reverse repurchase rate to 4.75% and the overnight lending facility rate to 7.75%, citing that inflation expectations remained high and wage pressures continued to drive price developments. In 2018, average lending rates ranged between 4.6% to 7.1%, compared to average lending rates that ranged between 4.1% to 6.5% in 2017.

In March 2019, the Monetary Board decided to keep the reverse repurchase rate at 4.75% and the overnight lending facility rate at 7.75%, citing a more manageable inflation environment. In May 2019, the Monetary Board decided to reduce the reverse repurchase rate to 4.5% and the overnight lending facility rate to 7.5%, citing its assessment that the inflation outlook continues to be manageable, with easing price pressures owing to the decline in food prices amid improved supply conditions. In August 2019, the Monetary Board cut the interest rate on the reverse repurchase rate to 4.25% and the overnight lending facility rate to 4.75%, citing inflation momentum that has eased while growth prospects in the country remained firm on the back of a projected recovery in household spending as well as the accelerated implementation of the Government’s infrastructure spending program. In September 2019, the Monetary Board cut the interest rate on the reverse repurchase rate further to 4.0% and the overnight lending facility rate to 4.5%, respectively, citing continued deceleration in the inflation momentum and well-anchored inflation expectations. These reverse repurchase and overnight lending facility rates were maintained for the rest of 2019 resulting from continued deceleration in the inflation momentum. Average lending rates over the past five years were an average range of 4.5% to 6.9% in 2015, 4.3% to 6.7% in 2016, 4.1% to 6.5% in 2017, 4.6% to 7.1% in 2018 and 5.5% to 8.0% in 2019.

On February 6, 2020, the Monetary Board cut the interest rate on the Bangko Sentral’s overnight reverse repurchase facility by 25 basis points to 3.75%. The interest rates on the overnight lending facility rate and deposit facilities were reduced to 4.25% and 3.25%, respectively. On March 19, 2020, the Monetary Board further cut the interest rate on the Bangko Sentral’s overnight reverse repurchase facility by 50 basis points to 3.25%. The interest rates on the overnight lending facility rate and deposit facilities were reduced to 3.75% and 2.75%, respectively.

During the COVID-19 pandemic, the Bangko Sentral entered into a zero-interest “cash advance” reverse repurchase transaction with the Bureau of the Treasury amounting to ₱300.0 billion for a period of three months, commencing on March 27, 2020, as approved by the Monetary Board on March 23, 2020. On June 29, 2020, the Monetary Board approved the renewal for another three months. The renewed transaction matured on September 29, 2020.

On April 16, 2020, the Monetary Board assessed the impact of the COVID-19 pandemic on the Philippine economy, and decided to cut the interest rate on the Bangko Sentral’s overnight reverse repurchase facility by 50 basis points to 2.75%. The interest rates on the overnight lending facility rate and deposit facilities were reduced to 3.25% and 2.25%, respectively. On June 25, 2020, the Monetary Board decided to cut the interest rate on the Bangko Sentral’s overnight reverse repurchase facility by 50 basis points to 2.25%. The interest rates on the overnight deposit and overnight lending facility rate were reduced to 1.75% and 2.75%, respectively. On August 20, 2020, the Monetary Board decided to maintain the interest rate on the Bangko Sentral’s overnight reverse repurchase facility at 2.25% and the overnight deposit and overnight lending facility rate at 1.75% and 2.75%, respectively. On October 1, 2020, the Monetary Board decided to maintain the interest rate on the Bangko Sentral’s overnight reverse repurchase facility at 2.25%. The interest rates on the overnight deposit and lending facilities were likewise kept at 1.75% and 2.75%, respectively. On November 19, 2020, the Monetary Board decided to cut the interest rate on the Bangko Sentral’s overnight reverse repurchase facility by 25 basis points to 2.0%, citing its assessment that with a benign inflation environment and stable inflation expectations, there is enough policy space for a reduction in the policy rate at this time to uplift market sentiment and nurture the country’s economic recovery amid increased downside risks to growth. The interest rates on the overnight deposit and lending facilities were likewise reduced to 1.5% and 2.5%, respectively. On December 17, 2020, the Monetary Board decided to maintain the interest rate on the Bangko Sentral’s overnight reverse repurchase facility at 2.0%. The interest rates on the overnight deposit and lending facilities were likewise kept at 1.5% and 2.5%, respectively.

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On February 11, 2021, March 25, 2021, May 12, 2021, June 24, 2021, August 12, 2021, September 23, 2021, November 18, 2021 and December 16, 2021, the Monetary Board decided to maintain the interest rate on the BSP’s overnight reverse repurchase facility at 2.0%, citing a manageable inflation environment and that the prevailing monetary policy settings remain appropriate to support the Government’s broader efforts to facilitate the recovery of the economy. The interest rates on the overnight deposit and lending facilities were likewise kept at 1.5% and 2.5%, respectively.

On March 24, 2022, the Monetary Board decided to maintain the interest rate on the BSP’s overnight reverse repurchase facility at 2.0%. The interest rates on the overnight deposit and lending facilities were likewise kept at 1.5% and 2.5%, respectively. On May 19, 2022, the Monetary Board decided to raise the interest rate on the Bangko Sentral’s overnight reverse repurchase facility by 25 basis points to 2.25%, effective on May 20, 2022. Accordingly, the interest rates on the overnight deposit and lending facilities were raised to 1.75% and 2.75%, respectively. On June 23, 2022, the Monetary Board decided to raise the interest rate on the Bangko Sentral’s overnight reverse repurchase facility by 25 basis points to 2.5%, effective on June 24, 2022. Accordingly, the interest rates on the overnight deposit and lending facilities were raised to 2.0% and 3.0%, respectively. On July 14, 2022, the Monetary Board decided to raise the interest rate on the Bangko Sentral’s overnight reverse repurchase facility by 75 basis points to 3.25%, effective on July 14, 2022. Accordingly, the interest rates on the overnight deposit and lending facilities were raised to 2.75% and 3.75%, respectively. On August 18, 2022, the Monetary Board decided to raise the interest rate on the Bangko Sentral’s overnight reverse repurchase facility by 50 basis points to 3.75%, effective on August 19, 2022. Accordingly, the interest rates on the overnight deposit and lending facilities were raised to 3.25% and 4.25%, respectively. The increases in the interest rates since May 2022 aim to anchor inflation expectations and temper mounting risks to the inflation outlook, including easing depreciation pressures on the peso.

Foreign Exchange System

The Republic maintains a floating exchange rate system under which market forces determine the exchange rate for the peso. The Bangko Sentral may, however, intervene in the market to maintain orderly market conditions and limit sharp fluctuations in the exchange rate.

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The following table sets out exchange rate information between the peso and the U.S. dollar.

	Exchange Rates of Peso per U.S. Dollar
Year	Period End		Period Average(1)
2017		49.923		50.404
2018		52.724		52.661
2019		50.744		51.796
2020		48.036		49.624
2021		50.774		49.255
2022(2)		55.722		55.893

Notes:

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

(2) Preliminary data for the seven months ended July 31, 2022.

Source: Reference Exchange Rate Bulletin, Treasury Department, Bangko Sentral.

Foreign exchange may be freely sold and purchased outside the banking system and deposited in foreign currency accounts. Both residents and non-residents may maintain foreign currency deposit accounts with authorized banks in the Philippines, and residents may maintain deposits overseas without restriction. However, foreign exchange may not be purchased from the domestic banking system for deposit in these overseas accounts.

Payments related to foreign loans registered with the Bangko Sentral and foreign investments approved by or registered with the Bangko Sentral may be serviced with foreign exchange purchased from authorized agent banks in the Philippines. The Bangko Sentral must approve and register all outgoing investments by residents exceeding $60 million per investor per year if the funds will be sourced from the Philippine banking system. For a discussion of the Bangko Sentral’s loan approval regime, see “The Philippine Financial System—Foreign Currency Loans.”

While the Government imposes no currency requirements for outgoing payments, all exchange proceeds from exports, services and investments must be obtained in any of 22 prescribed currencies. Authorized agent banks may convert the acceptable currencies to pesos.

Individual or corporate non-residents may open peso bank accounts without the Bangko Sentral’s approval. The export or electronic transfer out of the Philippines of peso amounts exceeding ₱50,000 requires prior authorization from the Bangko Sentral.

Since it allowed the free float of the peso on July 11, 1997, the Bangko Sentral has intervened minimally in the foreign exchange market. It has, however, adopted measures related to foreign exchange trading aimed to reduce currency speculation and combat money laundering and has issued regulations to support foreign exchange liberalization.

In 2017, the average exchange rate was ₱50.404 per U.S. dollar, compared to ₱47.493 per U.S. dollar in 2016. The weakening of the peso against the U.S. dollar in 2017 was primarily attributable to market concerns over the widening trade gap and the growing expectations of further rate hikes during the year by the U.S. Federal Reserve. Furthermore, the Government repaid and prepaid certain foreign debt obligations during the period, which also contributed to the depreciation of the peso.

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In 2018, the average exchange rate was ₱52.661 per U.S. dollar, compared to ₱50.404 per U.S. dollar in 2017. The weakening of the peso against the U.S. dollar in 2018 was primarily attributable to market expectations of further US Federal Reserve rate hikes during the year and concerns over the country’s widening trade gap as well as trade tensions between the United States and its major trading partners, including China.

In 2019, the average exchange rate was ₱51.796 per U.S. dollar, compared to ₱52.661 per U.S. dollar in 2018. The appreciation of the peso against the U.S. dollar in 2019 was primarily attributable to easing inflation, robust inflows of remittances, the dovish stance of the US Federal Reserve and improving market sentiment over the trade negotiations between the United States and China and, later in the year, market expectation of a US Federal Reserve rate cut.

In 2020, the average exchange rate was ₱49.624 per U.S. dollar, compared to ₱51.796 per U.S. dollar in 2019. The appreciation of the peso against the U.S. dollar in 2020 was partly attributable to the decrease in the Republic’s imports as compared to its exports, which improved its balance of payment position. The Republic’s access to foreign loans and bonds on favorable terms, which increased its foreign reserves, also helped sustain confidence in the peso.

In 2021, the average exchange rate was ₱49.255 per U.S. dollar, compared to ₱49.624 per U.S. dollar in 2020. The appreciation of the peso against the U.S. dollar in 2021 was primarily attributable to prospects of earlier U.S. monetary policy normalization as well as uncertainties in growth outlook due to the ongoing health crisis.

In the seven months ended July 31, 2022, the average exchange rate was ₱55.893 per U.S. dollar, compared to ₱49.943 per U.S. dollar in the seven months ended July 31, 2021. The depreciation of the peso against the U.S. dollar in in the seven months ended July 31, 2022 was primarily attributable to the strengthening of the U.S. dollar against all other currencies following changes to U.S. monetary policy.

The Philippine Financial System

Composition

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

	Total Resources of the Financial System(1) As of December 31,
	2017		2018(2)		2019		2020		2021		2022(1)(3)
	(₱ in billions)
Banks
Universal/Commercial banks		14,054		15,692		17,216		18,527		19,761		20,633
Thrift banks		1,214		1,293		1,204		1,192		1,338		956
Rural banks		257		274		291		308		341		359	(4)
Total banks		15,524		17,259		18,712		20,028		21,440		21,948
Non-bank financial institutions(5)		3,740		3,835		4,443		4,527		4,771		4,797	(4)
Total assets		19,264		21,093		23,155		24,555		26,211		26,745

Notes:

(1) Excludes assets of the Bangko Sentral. The amounts presented here include allowance for probable losses.

(2) Data was revised starting end-March 2017 to include Other Financial Corporations (OFC) data.

(3) Preliminary data as of June 30, 2022, unless otherwise indicated.

(4) Preliminary data as of March 31, 2022.

(5) Includes Investment Houses, Finance Companies, Investment Companies, Securities Dealers/Brokers, Pawnshops, Lending Investors, Non Stocks 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).

Source: Bangko Sentral.

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The Philippine financial system consists of banks and non-bank financial institutions. Banks include all financial institutions that lend funds obtained from the public primarily through the receipt of deposits and deposit substitutes. Non-banks include financial institutions other than banks which lend, invest or place funds, or at which evidences of indebtedness or equity are deposited with or acquired by them, either for their own account or for the account of others. Non-bank financial institutions may have quasi-banking functions. Quasi-banking functions include borrowing money to relend or purchase receivables and other obligations by issuing, endorsing or accepting debt or other instruments or by entering into repurchase agreements with 20 or more lenders at any one time.

The Bangko Sentral, through its supervision and examination sector, supervises all banks and non-banks with quasi-banking functions or those with trust authorities such as investment management activities. This includes subsidiaries and affiliates of banks and quasi-banks engaged in related activities and those non-bank financial institutions placed under the effective supervision of the Bangko Sentral through special laws such as pawnshops and non-stock savings and loan associations. The Monetary Board serves as the main policy-making body and has the ultimate supervisory authority.

Structure of the Financial System

The Philippine financial system consists of universal banks, commercial banks, thrift banks, rural banks, cooperative banks, Islamic banks, digital banks, and non-bank financial institutions. Each type of bank participates in distinct business activities and geographic markets.

Commercial banks may:

• accept drafts and issue letters of credit;

• discount and negotiate promissory notes, drafts, bills of exchange and other evidence of indebtedness;

• accept or create demand deposits;

• receive other types of deposits and deposit substitutes;

• buy and sell foreign exchange and gold or silver bullion;

• acquire marketable bonds and other debt securities; and

• lend money on a secured or unsecured basis.

Expanded commercial banks, otherwise known as universal banks, in addition to regular commercial banking activities, may also engage in investment banking activities, invest in non-allied enterprises and own up to 100% of the equity in a thrift bank, a rural bank, a financial allied enterprise or a non-financial allied enterprise. In the case of a publicly listed universal bank, it may also own up to 100% of the voting stock of only one other universal bank or commercial bank. As of July 31, 2022, according to preliminary data, the Republic had 45 operating universal and commercial banks.

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The following table sets out the outstanding loans of universal and commercial banks classified by sector and their percentages by sector are net of BSP Reverse Repurchase Agreements.

	Universal and Commercial Banks’ Outstanding Loans by Sector(1) As of December 31,
	2018				2019				2020				2021				2022(2)
	(₱ in billions, except percentages)
Total		8,584.1	100	%		9,508.8	100	%		9,442.2	100	%		9,892.2	100	%		10,486.3	100	%
Agriculture, Forestry and Fishing		192.2	2.2	%		221.9	2.3	%		211.4	2.2	%		200.6	2.0	%		200.9	1.9	%
Mining and Quarrying		53.9	0.6	%		48.0	0.5	%		43.5	0.5	%		37.3	0.4	%		42.0	0.4	%
Manufacturing		1,068.5	12.4	%		1,048.7	11.0	%		993.2	10.5	%		1,088.8	11.0	%		1,166.7	11.1	%
Electricity, Gas, Steam & Air conditioning Supply		929.5	10.8	%		1,006.4	10.6	%		1,044.0	11.1	%		1,046.4	10.6	%		1,108.2	10.6	%
Water Supply, Sewerage, Waste Management and Remediation Activities		82.5	1.0	%		106.0	1.1	%		103.7	1.1	%		109.7	1.1	%		128.8	1.2	%
Construction		298.7	3.5	%		368.7	3.9	%		375.6	4.0	%		383.5	3.9	%		413.8	3.9	%
Wholesale & Retail Trade, Repair of Motor Vehicles and Motorcycles		1,160.0	13.5	%		1,193.9	12.6	%		1,112.6	11.8	%		1,125.8	11.4	%		1,160.5	11.1	%
Accommodation and Food Services Activities		152.5	1.8	%		153.7	1.6	%		162.4	1.7	%		150.7	1.5	%		146.3	1.4	%
Transportation and Storage		271.4	3.2	%		287.9	3.0	%		302.2	3.2	%		330.0	3.3	%		329.1	3.1	%
Information and Communication		316.4	3.7	%		357.3	3.8	%		376.1	4.0	%		482.0	4.9	%		560.6	5.3	%
Financial and Insurance Activities		787.4	9.2	%		923.8	9.7	%		881.0	9.3	%		970.6	9.8	%		962.6	9.2	%
Real Estate Activities		1,402.4	16.3	%		1,677.8	17.6	%		1,768.1	18.7	%		1,930.9	19.5	%		2,090.0	19.9	%
Professional, Scientific and Technical Activities		71.4	0.8	%		68.1	0.7	%		54.6	0.6	%		57.8	0.6	%		46.4	0.4	%
Administrative and Support Services Activities		36.2	0.4	%		41.6	0.4	%		37.6	0.4	%		31.1	0.3	%		31.5	0.3	%
Public Administration and Defense; Compulsory Social Security		136.1	1.6	%		142.4	1.5	%		144.6	1.5	%		152.6	1.5	%		160.7	1.5	%
Education		39.7	0.5	%		42.9	0.5	%		39.9	0.4	%		34.8	0.4	%		33.5	0.3	%
Human Health and Social Work Activities		55.6	0.6	%		59.9	0.6	%		89.3	0.9	%		93.2	0.9	%		96.3	0.9	%
Arts, Entertainment and Recreation		132.2	1.5	%		146.8	1.5	%		150.1	1.6	%		162.4	1.6	%		168.9	1.6	%
Other Service Activities		128.0	1.5	%		100.2	1.1	%		65.0	0.7	%		67.8	0.7	%		68.3	0.7	%
Activities of Households as Employers, Undifferentiated Goods & Services Producing Activities of Households for Own Use		85.6	1.0	%		79.8	0.8	%		86.3	0.9	%		67.3	0.7	%		68.1	0.6	%
Others(3)		1,183.9	13.8	%		1,433.0	15.1	%		1,400.8	14.8	%		1,368.8	13.8	%		1,503.7	14.3	%

Notes:

(1) Net of amortization.

(2) Preliminary data as of July 31, 2022.

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

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Rural and cooperative banks extend credit in the rural areas on reasonable terms to meet the normal credit needs of farmers, fishermen, cooperatives and merchants and, in general, the people in the rural communities. As of July 31, 2022, according to preliminary data, the Republic had 405 operating rural and cooperative banks.

Thrift banks invest their capital and the savings of depositors in:

• financing for homebuilding and home development;

• readily marketable debt securities;

• commercial papers and accounts receivables, drafts, bills of exchange, acceptances or notes arising out of commercial transactions; or

• short-term working capital and medium and long-term loans to small and medium-sized businesses and individuals engaged in agriculture, services, industry, housing and other financial and allied services in its market.

As of July 31, 2022, according to preliminary data, the Republic had 43 operating thrift banks (including microfinance-oriented banks).

As of July 31, 2022, there were five microfinance rural banks with 135 branches. Meanwhile, there were 15 microfinance-oriented branches of thrift banks and three microfinance-oriented branches of rural banks. Microfinance-oriented banks are required at all times to hold at least 50% of their gross loan portfolio in microfinance loans. Microfinance loans are loans with principal amounts of up to ₱150,000. The loan ceiling can be further increased to ₱300,000 in the case of loans to growing microenterprises, or “Microfinance Plus,” and housing microfinance loans.

The specialized Government banks are Al-Amanah Islamic Investment Bank of the Philippines (AIIBP), Development Bank of the Philippines, and Land Bank of the Philippines. AIIBP promotes the development of the Autonomous Region in Muslim Mindanao (ARMM) by offering banking, financing and investment services based on Islamic banking principles and rulings. LBP was founded in 1963 in conjunction with the passage of the Agricultural Land Reform Code to finance the acquisition and distribution of agricultural estates for division and resale to small landholders. Currently it focuses on providing financing for countryside development and poverty alleviation while striving to operate in a sustainable manner with no budgetary support from the Government. To achieve this goal, LBP maintains commercial banking operations, the profits of which are reinvested in the bank’s developmental programs and initiatives. LBP’s loan portfolio prioritizes farmers and fishermen, small and medium enterprises and microenterprises, livelihood loans and agribusiness, agri-infrastructure and other agri- and environment-related projects, socialized housing, schools and hospitals.

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DBP, originally founded in 1935 as the National Loan and Investment Board and reorganized into DBP in 1958, is the primary development financial institution in the Republic. Under its most recent charter adopted in 1998, DBP is classified as a development bank and may perform all the other functions of a thrift bank. Its mission is to raise the level of competitiveness of the Republic’s economy for sustainable growth and to support infrastructure development, responsible entrepreneurship, efficient social services and protection of the environment. DBP provides banking services that cater to the medium- and long-term needs of agricultural and industrial enterprises in the Republic with an emphasis on small- and medium-scale industries.

Meanwhile, digital banks were recognized in Bangko Sentral Circular No. 1105 dated December 2, 2020 as a separate and distinct class from the existing bank classifications. They offer financial products and services that are processed end-to-end through a digital platform and/or electronic channels with no physical branches/sub-branches or branch-lite units offering financial products and services. To date, the BSP has approved a total of six digital banks – two of which are converting banks while the rest are new market players. All of the approved digital banks have already commenced operations in 2022 after they were issued a Certificate of Authority to Operate by the BSP. The BSP has issued a moratorium on the grant of additional digital bank licenses. This will allow the BSP to closely monitor the banks’ performance and impact on the banking system including their contribution to increasing competition and expanding financial inclusion. Nonetheless, the limit on the number of digital bank licenses may be modified or lifted at any point, subject to review and approval of the Monetary Board.

Non-bank financial institutions are primarily long-term financing institutions, though they also facilitate short-term placements in other financial institutions. As of July 31, 2022, the Bangko Sentral regulated or supervised five non-bank financial institutions with quasi-banking functions. The Bangko Sentral also supervised or regulated 1,331 non-bank financial institutions without quasi-banking functions.

Non-Performing Loans

In view of the effects of the COVID-19 pandemic, the Bayanihan to Heal As One Act mandated, among other things, the grant of debt repayment moratorium to borrowers in the Republic. As a result of the Bayanihan to Heal as One Act and the disruptive economic impact of the COVID-19 pandemic, the Philippine banking industry experienced a significant increase in non-performing loans (“NPLs”) between December 31, 2019 and June 30, 2022. The full implementation of the Financial Institutions Strategic Transfer (“FIST”) Act in February 2021 is intended to reinforce banks’ capital and liquidity position by allowing them to dispose non-performing assets to FIST Corporations, special purpose vehicles and eligible individuals. Moreover, the FIST Act is expected to enhance the financial institutions’ risk-bearing capacity and strengthen their capability to provide financial services to productive sectors of the economy.

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The following table provides information regarding NPLs for universal and commercial banks for the periods indicated.

	Total Loans (Gross) and Non-Performing Loans by type of Bank(1) As of December 31, (unless otherwise stated)
	2017			2018			2019			2020			2021			2022(2)
	(₱ in billions, except percentages)
Private Domestic Universal banks
Total loans		6,041.0			6,881.3			7,682.5			7,711.6			8,061.1			8,351.2
Non-performing loans		72.0			84.1			111.9			244.6			290.8			238.5
Ratio of non-performing loans to total loans		1.2	%		1.2	%		1.5	%		3.2	%		3.6	%		2.9	%
Other Private Commercial banks
Total loans		309.8			345.1			360.2			361.0			387.0			415.6
Non-performing loans		8.7			9.5			11.0			17.6			19.7			20.2
Ratio of non-performing loans to total loans		2.8	%		2.8	%		3.1	%		4.9	%		5.1	%		4.9	%
Government banks(3)
Total loans		968.3			1,196.4			1,305.9			1,321.3			1,434.5			1,615.1
Non-performing loans		12.5			15.6			28.6			36.3			55.1			92.1
Ratio of non-performing loans to total loans		1.3	%		1.3	%		2.2	%		2.8	%		3.9	%		5.7	%
Foreign banks(4)
Total loans		548.1			595.0			605.4			525.5			574.5			578.7
Non-performing loans		4.3			4.3			5.0			10.2			6.1			6.0
Ratio of non-performing loans to total loans		0.8	%		0.7	%		0.8	%		2.0	%		1.1	%		1.0	%
Total loans		7,867.1			9,017.8			9,954.0			9,919.5			10,457.1			10,960.6
Total non-performing loans		97.5			113.5			156.5			308.8			371.6			356.8
Ratio of non-performing loans to total loans		1.2	%		1.3	%		1.6	%		3.1	%		3.6	%		3.3	%

Notes:

(1) Consists of two foreign bank subsidiaries.

(2) Preliminary data as of June 30, 2022.

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

(4) Consists of 24 foreign banks, and excludes two foreign banks’ subsidiaries.

Source: Bangko Sentral.

As of December 31, 2017, the gross non-performing loan ratio was 1.2%, which was lower than the ratio of 1.4% recorded as of December 31, 2016. Non-performing loans increased by 4.0% to ₱97.5 billion as of December 31, 2017 from the ₱93.8 billion recorded as of December 31, 2016. The U/KB industry’s total loan portfolio also increased 17.3% to ₱7,867.1 billion as of December 31, 2017 from ₱6,706.3 billion as of December 31, 2016.

As of December 31, 2018, the gross non-performing loan ratio was 1.3%, which was higher than the ratio of 1.2% recorded as of December 31, 2017. Non-performing loans increased by 16.4% to ₱113.5 billion as of December 31, 2018 from the ₱97.5 billion recorded as of December 31, 2017. The U/KB industry’s total loan portfolio also increased 14.6% to ₱9,017.8 billion as of December 31, 2018 from ₱7,867.1 billion as of December 31, 2017.

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As of December 31, 2019, the gross non-performing loan ratio was 1.6%, which was higher than the ratio of 1.3% recorded as of December 31, 2018. Gross non-performing loans increased by 37.9% to ₱156.5 billion as of December 31, 2019 from the ₱113.5 billion recorded as of December 31, 2018, primarily due to declining asset quality and growing gross loan portfolio. The U/KB industry’s total loan portfolio increased by 10.4% to ₱9,954.0 billion as of December 31, 2019 from the ₱9,017.8 billion recorded as of December 31, 2018.

As of December 31, 2020, the gross non-performing loan ratio was 3.1%, which was higher than the ratio of 1.6% recorded as of December 31, 2019. Non-performing loans increased significantly by 97.3% to ₱308.8 billion as of December 31, 2020 from the ₱156.5 billion recorded as of December 31, 2019, primarily due to the effects of the ongoing global COVID-19 pandemic and the resulting domestic shutdowns, border controls, reduced tourism, disrupted trade and manufacturing and financial market spillovers which resulted in declining asset quality and tempered credit growth. The banking system’s total loan portfolio decreased by 0.4% to ₱9,919.5 billion as of December 31, 2020 from the ₱9,954.0 billion recorded as of December 31, 2019.

As of December 31, 2021, the gross non-performing loan ratio was 3.6%, which was higher than the ratio of 3.1% recorded as of December 31, 2020. Non-performing loans increased by 20.3% to ₱371.6 billion as of December 31, 2021 from the ₱308.8 billion recorded as of December 31, 2020, primarily due to the effects of the ongoing global COVID-19 pandemic and the resulting domestic shutdowns, border controls, reduced tourism, disrupted trade and manufacturing and financial market spillovers which resulted in declining asset quality and tempered credit growth. The U/KB industry’s total loan portfolio increased by 5.4% to ₱10,457.1 billion as of December 31, 2021 from the ₱9,919.5 billion recorded as of December 31, 2020.

As of June 30, 2022, according to preliminary data, the gross non-performing loan ratio was 3.3%, which was lower than the ratio of 3.6% recorded as of December 31, 2021. Non-performing loans decreased by 4.1% to ₱356.8 billion as of June 30, 2022 from the ₱371.6 billion recorded as of December 31, 2021, primarily due to easing of the effects of the ongoing global COVID-19 pandemic and the gradual reopening of the economy. The U/KB industry’s total loan portfolio increased by 4.8% to ₱10,960.6 billion as of June 30, 2022 from the ₱10,457.1 billion recorded as of December 31, 2021.

Financial Sector Reforms

The Government has undertaken a number of reforms in the financial sector intended to reduce bank holdings of non-performing assets and improve the health of the banking industry in general.

The Bangko Sentral continues to build on its existing regulatory framework to align with international standards and best practices while considering domestic conditions in the Republic.

In November 2017, as part of the Bangko Sentral’s strategic initiatives to modernize the Republic’s retail payment system, increase the adoption of greater use of e-payments and to shift the Republic from a cash-heavy country to a cash-lite country, the Bangko Sentral launched the Philippine EFT System and Operations Network (“PESONet”). PESONet is an automated clearing house to allow businesses, the Government and individuals to conveniently initiate electronic funds transfers and recurring payments from accounts maintained in the Bangko Sentral supervised financial institutions.

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On August 22, 2019, Republic Act No. 11439 (“Islamic Banking Act”) was signed into law. The Islamic Banking Act provides for the organization, regulation and powers of Islamic banks to be established in the Philippines. On December 27, 2019, the Bangko Sentral issued the preliminary implementing regulations under the Islamic Banking Act consisting of (a) Circular No. 1069 on the Guidelines on the Establishment of Islamic Banks and Islamic Banking Units (IB/IBUs), and (b) Circular No. 1070 on the Shari’ah Governance Framework. Moreover, the Bangko Sentral Task Force on Islamic Banking continues to conduct policy studies to implement the provisions covering prudential reporting, liquidity and capital adequacy framework, leverage ratio framework and customized training modules for Islamic banks until 2021.

Amid the COVID-19 pandemic, the Bangko Sentral issued monetary as well as regulatory and operational relief measures to assist the Bangko Sentral supervised financial institutions endure the effects of the COVID-19 crisis as well as to continue their support to households and business enterprises. These time-bound measures provide incentives for the Bangko Sentral supervised financial institutions to extend financial relief to their borrowers, make credit available to consumers and particularly micro, small and medium enterprises, promote continued access to credit/financial services, support continued delivery of financial services to enable consumers to complete financial transactions during the ECQ period, and support the level of domestic liquidity.

Cognizant of the risks posed by climate-related and sustainability issues to the stability of the financial system as well as the inherent role of the Bangko Sentral as the regulator to “lead by example”, the Sustainable Central Banking Program was pursued as part of Bangko Sentral’s Strategy Map for 2020-2023. The Bangko Sentral rolled out a two-pronged approach to sustainable finance: (1) by increasing capacity building and awareness initiatives; and (2) by mainstreaming sustainable finance through the issuance of enabling regulations. In particular, the Sustainable Finance Framework was issued which sets out the expectations of the Bangko Sentral on the integration of sustainability principles, including environmental and social risk areas, in the corporate governance and risk management frameworks, and in the strategic objectives and operations of banks.

Through its Digital Payments Transformation Roadmap 2020-2023, the Bangko Sentral is also focused on fostering an efficient, inclusive, safe and secure digital payments ecosystem. This roadmap identifies two key strategic objectives: (1) converting 50% of the total volume of retail payments into digital form and expanding the number of the financially included individuals in the Republic to 70% of all Filipino adults by 2023, and (2) increasing the availability of more innovative digital financial products and services designed to be responsive to the needs of Filipino consumers.

In line with this, the Bangko Sentral, under Circular No. 1105 dated December 2, 2020, introduced digital banks as a new bank classification distinct from the existing categories of banks (i.e., universal bank, commercial bank, thrift banks, rural banks, cooperative banks, and Islamic Banks). The said circular embodied the guidelines on the establishment of digital banks. The regulatory framework for digital banks is seen to support the expansion of the adoption and use of digital financial services in the Republic. This is included among the priority policy initiatives under the three-year Digital Payments Transformation Roadmap.

In June 2021, the Financial Action Task Force (“FATF”), an intergovernmental body developing and promoting policies to combat money laundering and terrorist financing, placed the Philippines on its list of jurisdictions with strategic deficiencies in their anti-money laundering (“AML”) and combating terrorism financing (“CFT”) legal and regulatory framework, also commonly referred to as the FATF’s “gray list”. Although the Philippines has taken steps towards improving its AML/CFT regime and had successfully addressed 52 out of the FATF’s 70 recommendations, the FATF nonetheless noted that certain strategic AML/CFT deficiencies remained. The Republic is committed to continuing its work with the FATF to strengthen its strategic AML/CFT legal and regulatory framework with the objective of securing its removal from the FATF’s gray list at the earliest possible date.

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Foreign Currency Loans

Bangko Sentral imposes a combination of prior approval, registration and reporting requirements on all non-peso denominated loans. The regime is as follows:

Type of Loan	Requirements
•  Public sector loans, except short-term foreign currency deposit loans for trade financing and short-term normal interbank borrowings	Prior approval and reporting requirements.
•  Private sector loans guaranteed by government corporations and/or governmental financial institutions or covered by foreign exchange guarantees issued by authorized agent banks
•  Loans with maturities exceeding one year to be obtained by private non-bank financial institutions intended for relending to public or private sector enterprises
•  Other loans if to be serviced using foreign exchange purchased from an authorized agent bank or its subsidiary/affiliate foreign exchange corporation
•  Private sector loans which are specifically exempt from the prior approval requirement, and which will be serviced with foreign exchange purchased from the banking system.	Subsequent registration and reporting requirements.
•  All private sector loans of resident borrowers from banks operating in the Philippines, provided that the obligations (i) are not publicly- guaranteed; and (ii) are reported by the creditor bank to the Bangko Sentral using the prescribed forms to be serviced with foreign exchange not purchased from the banking system.	Reporting requirements.

The Philippine Securities Markets

History and Development

The securities industry in the Philippines began with the opening of the Manila Stock Exchange in 1927. In 1936, the Government established the Philippine SEC to oversee the industry and protect investors. Subsequently, the Makati Stock Exchange opened in 1963 and merged with the Manila Stock Exchange to form the Philippine Stock Exchange in 1994.

In June 1998, the Philippine SEC granted the Philippine Stock Exchange self-regulatory organization status, empowering it to supervise and discipline its members, including by examining a member’s books of account and conducting audits.

To broaden the range of securities eligible for listing, the Philippine Stock Exchange established a board for small- and medium-sized enterprises with an authorized capital of ₱20.0 million to ₱99.9 million of which at least 25% must be subscribed and fully paid.

In August 2001, the Philippine Stock Exchange completed its conversion to a publicly held stock corporation. As its first shareholders, each of the 184 member-brokers subscribed and fully paid for 50,000 shares. The listing of its shares on the Philippine Stock Exchange took effect in December 2003 and 40% of the unissued shares were sold through a private placement in February 2004.

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As of August 28, 2022, the Philippine Stock Exchange had 286 listed companies and 125 active trading participants.

The PSEi closed at 6,704.41 points on August 22, 2022.

In addition to the Philippine Stock Exchange, the Philippine Dealing and Exchange Corporation (“PDEX”), which deals mainly with trading of foreign exchange and fixed-income securities, was granted self-regulatory organization status by the Philippine SEC in 2006. The PDEX registered a trading volume of ₱6.1 trillion of both Government and corporate securities in 2020, a 15.9% increase from the ₱5.3 trillion registered in 2019.

In May 2013, plans of a merger between the Philippine Stock Exchange and Philippine Dealing System Holding Corporation (PDS), the holding company that owns the PDEX, were announced. The aim of the merger was to create a consolidated equity and bond trading platform. On March 28, 2016, the SEC denied the proposed transaction. The PSE received an offer from state-owned bank, Land Bank of the Philippines to acquire its shares in PDS sometime in April 2018. As of August 2022, no merger or acquisition has materialized.

Government Securities Market

The Bureau of the Treasury currently conducts weekly public offerings of treasury bills with maturities of 91 days, 182 days and 364 days, as well as treasury bonds with maturities ranging from two years to 28.5 years.

As of December 31, 2017, outstanding Government securities amounted to ₱4.4 trillion, 50.2% of which were issuances of treasury bills and fixed rate treasury bonds. The remaining issuances of Government securities consisted of RTBs, progress bonds, foreign exchange promissory notes and Government-guaranteed debt, among others.

As of December 31, 2018, outstanding Government securities amounted to ₱4.8 trillion, 51.2% of which were issuances of treasury bills and fixed rate treasury bonds. The remaining issuances of Government securities consisted of retail treasury bonds, progress bonds, foreign exchange promissory notes and Government-guaranteed debt, among others.

As of December 31, 2019, outstanding Government securities amounted to ₱5.1 trillion, 49.9% 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.

As of December 31, 2020, outstanding Government securities amounted to ₱6.7 trillion, 51.2% 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.

As of December 31, 2021, outstanding Government securities amounted to ₱8.2 trillion, 50.3% 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.

As of June 30, 2022, outstanding Government securities amounted to ₱8.8 trillion, 49.1% 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.

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Public Finance

The Consolidated Financial Position

The consolidated public sector financial position measures the overall financial standing of the Republic’s public sector. It consists of the public sector borrowing requirement and the aggregate deficit or surplus of the Social Security System and the Government Service Insurance System, the Bangko Sentral, the GFIs and the local government units. The public sector borrowing requirement reflects the aggregate deficit or surplus of the Government, the Central Bank-Board of Liquidation’s accounts, the Oil Price Stabilization Fund and the major GOCCs.

The following table sets out the consolidated financial position on a cash basis for the periods indicated.

	Consolidated Public Sector Financial Position of the Republic As of December 31,
	2017			2018			2019			2020			2021
	(₱ in billions, except percentages)
Public sector borrowing requirement:
National Government		(350.6	)		(558.3	)		(660.2	)		(1,371.4	)		(1,670.1	)
CB Restructuring		(4.8	)		(0.0	)		(0.0	)		0.0			0.0
Monitored Government-owned corporations		40.2			5.5			13.5			(1.5	)		43.7
Adjustment of net lending and equity to GOCCs		(3.9	)		5.4			20.5			22.1			22.1
Other adjustments		0.0			0.0			0.0			0.0			0.0
Total public sector borrowing requirement		(319.1	)		(547.3	)		(626.2	)		(1,350.8	)		(1,604.3	)
As a percentage of GDP		(1.9	)%		(3.0	)%		(3.2	)%		(7.5	)%		8.3	%
Other public sector:
Social Security System and Government Service Insurance System		58.3			63.2			103.6			84.1			191.2
Bangko Sentral(1)		21.8			37.0			43.2			(7.9	)		27.2
Government financial institutions		17.2			20.5			25.4			25.9			28.3
Local government units		217.4			255.5			269.6			272.3			284.6
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		314.6			376.3			441.7			374.4			531.3
Consolidated public sector financial position		(4.6	)		(171.0	)		(184.6	)		(976.4	)		(1,073.0	)
As a percentage of GDP		(0.03	)%		(0.9	)%		(0.9	)%		(5.4	)%		5.5	%

Note:

(1) Amounts are net of interest rebates, dividends and other amounts remitted to the Government and the Central Bank-Board of Liquidation.

Source: Fiscal Policy and Planning Office, Department of Finance.

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In 2017, the consolidated public sector financial position of the Republic recorded a deficit of ₱4.6 billion, a 79.0% decrease from the deficit of ₱21.8 billion recorded in 2016. The reversal was also attributable to the increase in surplus from local government units, which increased from ₱193.4 billion in 2016 to ₱217.4 billion in 2017, and was higher than the program surplus of ₱85.8 billion. The deficit in 2017 was equivalent to 0.03% of the Republic’s GDP in 2017 at current prices.

In 2018, the consolidated public sector financial position of the Republic recorded a deficit of ₱171.0 billion, a significant increase from the deficit of ₱4.6 billion recorded in 2017. The increase in deficit was largely due to an increase in the Government’s borrowing requirements, which a deficit of ₱350.6 billion in 2017 increased further to ₱558.3 billion in 2018. The deficit in 2018 was equivalent to 0.9% of the Republic’s GDP in 2018 at current prices.

In 2019, the consolidated public sector financial position of the Republic recorded a deficit of ₱184.6 billion, an increase from the deficit of ₱171.0 billion recorded in 2018. The increase in deficit was largely due to an increase in the National Government’s borrowing requirements, which deficit increased from ₱558.3 billion in 2018 to ₱660.2 billion in 2019. The deficit in 2019 was equivalent to 0.9% of the Republic’s GDP in 2019 at current prices.

In 2020, the consolidated public sector financial position of the Republic recorded a deficit of ₱976.4 billion, a significant increase from the ₱184.6 billion deficit recorded in 2019. The increase in the public sector deficit was largely due to a significant increase in expenditures and decrease in tax revenues, primarily due to the ongoing global COVID-19 pandemic. This increased the National Government’s borrowing requirements, which deficit increased from ₱660.2 billion in 2019 to ₱1,371.4 billion in 2020. The deficit in 2020 was equivalent to 5.4% of the Republic’s GDP in 2020 at current prices.

In 2021, the consolidated public sector financial position of the Republic recorded a deficit of ₱1,073.0 billion, an increase from the ₱976.4 billion deficit recorded in 2020. The increase in the public sector deficit was largely due to a significant increase in the National Government’s borrowing requirements, which deficit increased from ₱1,371.4 billion in 2020 to ₱1,670.1 billion in 2021. The deficit in 2021 was equivalent to 5.5% of the Republic’s GDP in 2021 at current prices.

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Government Revenues and Expenditures

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

	Government Revenues and Expenditures
	Actual																		Budget
	2017(3)			2018(3)			2019(1)			2020(1)			2021(3)			2022(1)(3)			2020			2021
	(₱ in billions, except percentages)
Cash Revenues
Tax revenues:
Bureau of Internal Revenue		1,772.3			1,951.9			2,175.5			1,951.0			2,078.1			1,329.9			1,531.8			2,081.2
Bureau of Customs		458.2			593.1			630.3			537.7			643.6			480.3			455.6			616.7
Others Government offices(2)		20.2			20.9			22.0			15.7			21.0			12.8			14.2			16.9
Total tax revenues		2,250.7			2,565.8			2,827.8			2,504.4			2,742.7			1,823.1			2,001.6			2,714.8
As a percentage of GDP (at current market prices)		13.6	%		14.0	%		14.5	%		14.0	%		14.8	%		14.5	%		10.1	%		14.0	%
Non-tax revenues:
Bureau of the Treasury income		99.9			114.2			146.5			219.7			125.3			117.5			65.3			74.7
Fees and charges		40.8			52.7			55.4			23.1			31.7			24.6			25.0			31.2
Privatizations		0.8			15.7			0.8			0.5			0.3			0.8			0.0			0.5
Others (including Foreign grants)		80.9			101.8			106.9			108.3			105.1			55.3			44.7			60.3
Total non-tax revenues		222.4			284.3			309.4			351.3			262.5			212.1			135.0			166.7
Total revenues		2,473.1			2,850.2			3,137.5			2,856.0			3,005.5			2,036.1			2,136.6			2,881.5
Expenditures
Allotment to local government units		530.2			575.7			618.0			804.5			892.7			617.7			500.1			655.8
Interest payments
Foreign		100.1			106.0			110.6			101.4			96.1			71.2			110.9			142.6
Domestic		210.5			243.2			250.3			279.1			333.3			238.1			302.1			389.0
Total interest payments		310.5			349.2			360.9			380.4			429.4			309.3			412.9			531.5
Tax expenditures		8.3			21.6			27.3			33.1			36.7			20.1			9.3			14.5
Subsidy		131.1			136.7			201.5			230.4			184.8			75.0			210.4			231.4
Equity and net lending		1.1			8.9			20.4			34.9			47.5			20.2			75.3			85.5
Others		1,842.5			2,316.5			2,569.6			2,774.0			3,084.5			2,007.7			2,354.4			3,218.5
Total expenditures		2,823.8			3,408.4			3,797.7			4,227.4			4,675.6			2,797.1			3,562.3			4,737.1
Surplus/(Deficit)		(350.6	)		(558.3	)		(660.2	)		(1,371.4	)		(1,670.1	)		(761.0	)		(1,425.8	)		(1,855.6	)
Financing
Net domestic borrowings		731.4			591.5			691.5			1,898.4			1,920.7			908.0			2,255.1			1,940.6
Gross domestic borrowings		733.6			594.5			693.8			1,998.7			2,010.1			909.1			2,258.1			2,491.0
Less: Amortization		2.2			2.9			2.4			100.3			89.6			1.2			407.1			550.4
Net foreign borrowings		27.6			191.8			184.8			600.8			331.5			288.1			202.9			332.5
Total net financing requirement		758.9			783.3			876.3			2,499.2			2,252.2			1,196.0			2,458.0			2,273.1
Change in cash		255.4			(52.7	)		(224.6	)		701.7			66.1			754.3

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

(3) Preliminary data for the seven months ended July 31, 2022.

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

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Revenues

Sources

The Government derives its revenues from both tax and non-tax sources. The main sources of revenue include income taxes, value-added taxes, excise taxes and customs duties. The main sources of non-tax revenue consist of interest on deposits, amounts earned from GOCCs and privatization receipts.

Total Government revenues in 2017 were ₱2,473.1 billion, a 12.6% increase over the ₱2,195.9 billion recorded in 2016. Total revenues for 2017 were 1.9% higher, or ₱46.3 billion higher, than the ₱2,426.9 billion program target for the year. This was primarily the result of higher actual collection by the BIR against its program targets. BIR collections in 2017 were ₱1,772.3 billion, an increase of 13.1% from the ₱1,567.2 billion recorded in 2016. The BOC recorded collections of ₱458.2 billion in 2017, a 15.6% increase from the ₱396.4 billion recorded in 2016. Non-tax revenues, including BTR income, were ₱222.4 billion in 2017, a 3.2% decrease from the ₱215.4 billion recorded in 2016.

Total Government revenues in 2018 were ₱2,850.2 billion, a 15.2% increase over the ₱2,473.1 billion recorded in 2017. Total revenues for 2018 were 0.14% higher, or ₱3.9 billion higher, than the ₱2,846.3 billion program target for the year. This was primarily the result of higher actual collection by the BOC against its program targets. BIR collections in 2018 were ₱1,951.9 billion, an increase of 10.1% from the ₱1,772.3 billion recorded in 2017. The BOC recorded collections of ₱593.1 billion in 2018, a 29.4% increase from the ₱458.2 billion recorded in 2017. Non-tax revenues, including BTR income, were ₱284.3 billion in 2018, a 27.8% increase from the ₱222.4 billion recorded in 2017.

Total Government revenues in 2019 were ₱3,137.5 billion, a 10.1% increase over the ₱2,850.2 billion recorded in 2018. This was primarily the result of higher actual collection by the BIR against its program targets. In 2019, Bureau of Internal Revenue collections were ₱2,175.5 billion, an 11.5% increase from the ₱1,951.9 billion recorded in 2018. The Bureau of Customs recorded collections of ₱630.3 billion in 2019, a 6.3% increase from the ₱593.1 billion recorded in 2018. Non-tax revenues were ₱309.3 billion in 2019, an 8.8% increase from the ₱284.3 billion recorded in 2018.

Total Government revenues in 2020 were ₱2,856.0 billion, a 9.0% decrease over the ₱3,137.5 billion recorded in 2019. This was primarily the result of lower collection by the Bureau of Internal Revenue and the Bureau of Customs in 2020 as a result of the economic effects of the COVID-19 pandemic, which effect was partially offset by an increase in the collection of non-tax revenues in 2020 as compared to the same period in 2019. In 2020, the Bureau of Internal Revenue collections were ₱1,951.0 billion, a 10.3% decrease from the ₱2,175.5 billion recorded in 2019. The Bureau of Customs recorded collections of ₱537.7 billion in 2020, a 14.7% decrease from the ₱630.3 billion recorded in 2019. Non-tax revenues were ₱351.3 billion in 2020, a 13.5% increase from the ₱309.6 billion recorded in 2019.

Total Government revenues in 2021 were ₱3,005.5 billion, a 5.2% increase over the ₱2,856.0 billion recorded in 2020. This was primarily the result of higher actual collection by the BIR against its program targets. In 2021, Bureau of Internal Revenue collections were ₱2,078.1 billion, a 6.5% increase from the ₱1,951.0 billion recorded in 2020. The Bureau of Customs recorded collections of ₱643.6 billion in 2021, a 19.7% increase from the ₱537.7billion recorded in 2020. Other tax revenues were ₱21.0 billion in the 2021, a 33.8% decrease from the ₱15.7 billion recorded in 2020. Non-tax revenues were ₱262.5 billion in 2020, a 25.3% decrease from the ₱351.3 billion recorded in 2020.

Total Government revenues in the first seven months of 2022, according to preliminary data, were ₱2,036.1 billion, a 36.6% increase over the ₱1,490.4 billion recorded in the first seven months of 2021. In the first seven months of 2022, Bureau of Internal Revenue collections were ₱1,329.9 billion, a 28.9% increase from the ₱1,031.8 billion recorded in the first seven months of 2021. The Bureau of Customs recorded collections of ₱480.3 billion in the first seven months of 2022, a 59.2% increase from the ₱301.8 billion recorded in the first seven months of 2021. Non-tax revenues were ₱212.1 billion in the first seven months of 2022, a 44.7% increase from the ₱146.7 billion recorded in the first seven months of 2021.

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Expenditures

Total Government expenditures in 2017 were ₱2,823.8 billion, a 10.8% increase from the ₱2,549.3 billion recorded in 2016, but ₱85.2 billion, or 2.9%, lower than the program target of ₱2,909.0 billion for the year. Total expenditures were below the program target mainly because of lower disbursements of other national Government expenditure accounts of ₱1,842.5 billion, 9.9% lower than the programmed other disbursements.

Total Government expenditures in 2018 were ₱3,408.4 billion, a 20.7% increase from the ₱2,823.8 billion recorded in 2017, but ₱38.4 billion, or 1.1%, lower than the program target of ₱3,370.0 billion for the year. Total expenditures were below the program target mainly because of lower disbursements of other national Government expenditure accounts of ₱2,316.5 billion, 4.0% lower than the programmed other disbursements.

Total Government expenditures in 2019 were ₱3,797.7 billion, an 11.4% increase over the ₱3,408.4 billion recorded in 2018. This increase was primarily due to higher disbursements in subsidy and allotment to local government units as well as higher disbursements of other national Government expenditures. Total expenditures in 2019 were 0.7% higher than the program target of ₱3,769.7 billion for the year.

Total Government expenditures in 2020 were ₱4,227.4 billion, an 11.3% increase over the ₱3,797.7 billion recorded in 2019. This increase was primarily due to higher disbursements relating to the Government’s efforts to contain the COVID-19 pandemic. Total expenditures in 2020 were 2.5% lower than the program target of ₱4,335.2 billion for the year.

Total Government expenditures in 2021 were ₱4,675.6 billion, a 10.6% increase over the ₱4,227.4 billion recorded in 2020. This increase was primarily due to higher disbursements relating to the Government’s efforts to contain the COVID-19 pandemic.

Total Government expenditures in the first seven months of 2022 were ₱2,797.1 billion, a 26.8% increase over the ₱2,206.4 billion recorded in the first seven months of 2021. This increase was primarily due to higher disbursements relating to the Government’s efforts to address the effects of the COVID-19 pandemic.

The Government Budget

The Budget Process

The Administrative Code of 1987 requires the Government to formulate and implement a national budget. The President submits the budget to Congress within 30 days of the opening of each regular session of Congress, which occurs on the fourth Monday of each July. The House of Representatives reviews the budget and transforms it into a general appropriations bill. The Senate then reviews the budget. A conference committee composed of members of both houses of Congress then formulates a common version of the bill. Once both houses approve the budget, the bill goes to the President for signing as a general appropriations act.

Prior to fiscal year 2019, the Government formulated budgets with an obligation-based appropriations system. Obligation-based appropriations authorize the delivery of goods and services as well as the payment of obligations for so long as there is an existing valid contract. There is no time limit within which the appropriation must be spent, or the goods/services provided. As a consequence, the Government must provide funds to pay the supplier upon acceptance of deliveries even beyond the validity of the appropriation.

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Starting in fiscal year 2019, the Government adopted a cash-based appropriations system in order to encourage the timely completion of projects. Cash-based appropriations authorize agencies to incur contractual obligations and disburse payments for goods delivered and services rendered and inspected only within the fiscal year.

2020 Budget

On January 6, 2020, then President Duterte signed into law Republic Act No. 11465, or the General Appropriations Act for 2020. The 2020 budget set program expenditures at ₱4.1 trillion, 12% higher than the ₱3.662 trillion 2019 budget.

The Department of Education received the highest allocation in the 2020 budget with ₱692.6 billion, followed by the Department of Public Works and Highways, which received ₱581.7 billion.

2021 Budget

On December 28, 2020, then President Duterte signed into law Republic Act No. 11518, or the General Appropriations Act for 2021. The 2021 budget set program expenditures at ₱4.5 trillion, 10% higher than the ₱4.1 trillion 2020 budget.

The 2021 budget was developed as a blueprint to recovery in response to the COVID-19 pandemic. The social services sector received the largest allocation of the 2021 budget, totaling ₱1.7 trillion, corresponding to approximately 37% of the total budget. This is followed by the economic services sector, which includes the Duterte administration’s “Build, Build, Build” program, with an allocation of ₱1.3 trillion, or approximately 29% of the budget. Finally, the general public services sector has been allocated ₱0.8 trillion, or approximately 17% of the budget.

The 10 executive departments with the highest allocations under the 2021 allocations compared to their corresponding adjusted allocations for 2020 are listed below. The amounts indicated below are the departments’ “all-in” budgets, comprising department-specific budgets plus allocations from special purpose funds.

Department	2021 Allocation		Adjusted 2020 Allocation		2021 Increase/ (Decrease) from 2020
	(₱ in billions)
Department of Education(1)		751.7		692.6		8.5	%
Department of Public Works and Highways		695.7		581.7		19.6	%
Department of the Interior and Local Government		249.3		241.6		3.2	%
Department of Social Welfare and Development		176.9		200.5		(11.8	)%
Department of National Defense		205.8		192.1		7.1	%
Department of Health(2)		210.2		175.9		19.5	%
Department of Transportation		87.9		100.6		(12.6	)%
Department of Agriculture		71.0		64.7		9.7	%
The Judiciary		45.3		41.2		10.0	%
Department of Environment and Natural Resources		37.1		17.4		113.2	%

Notes:

(1) Including States Universities and Colleges, Commission on Higher Education and the Technical Education and Skills Development Authority.

(2) Including the Philippine Health Insurance Corporation.

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2022 Budget

On December 30, 2021, then President Duterte signed into law Republic Act No. 11639, or the General Appropriations Act for 2022. The 2022 budget set program expenditures at ₱5.024 trillion, 11.5% higher than the ₱4.5 trillion 2021 budget.

The 2022 budget is the Republic’s main fiscal stimulus that will fund programs, activities, and/or projects which focus on building resilience amidst the COVID-19 pandemic, sustaining the momentum towards recovery, and continuing the legacy of infrastructure development. The Department of Education received the highest allocation in the 2022 budget with ₱773.6 billion, followed by the Department of Public Works and Highways, which received ₱686.1 billion.

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.

	Bangko Sentral Approved External Debt As of December 31,
	2017			2018			2019			2020			2021			2022(1)
	($ in millions, except percentages)
By Maturity:
Short-term(2)		14,275			16,068			17,208			14,209			15,090			13,998
Medium and long-term		58,823			62,892			66,410			84,279			91,338			95,755
Total		73,098			78,960			83,618			98,488			106,428			109,753
By Debtor(3)
Banking system		19,144			22,672			23,943			21,559			23,539			21,777
Public sector(4)		53,954			56,287			59,675			76,929			82,889			87,976
Total		73,098			78,960			83,618			98,488			106,428			109,753
By Creditor Type:
Banks and financial institutions		22,539			26,529			26,478			24,006			23,695			23,630
Suppliers		3,071			3,015			4,187			3,136			3,687			4,320
Multilateral		12,501			13,746			14,428			21,407			27,125			29,028
Bilateral		11,260			10,931			10,964			12,752			12,508			12,469
Bond holders/note holders		21,779			22,684			25,449			35,028			36,940			37,930
Others		1,949			2,054			2,112			2,160			2,474			2,377
Total		73,098			78,960			83,618			98,488			106,428			109,753
Ratios:
Debt service burden to exports of goods, and services & primary income		6.2	%		6.6	%		6.7	%		6.4	%		7.2	%		4.9	%(7)
Debt service burden to GNI		2.0	%		2.1	%		2.1	%		1.9	%		2.2	%(5)		1.3	%(7)
External debt to GNI		20.0	%		20.6	%		20.2	%		25.3	%		26.1	%(6)		26.4	%(7)

Notes:

(1) Preliminary data as of March 31, 2022.

(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) Preliminary data for 2021.

(6) Preliminary data as of September 30, 2021. 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.

(7) Preliminary data as of May 31, 2022.

Source: Bangko Sentral

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Government Financing Initiatives

The following are the major program loans approved by creditor agencies or availed of by the Government from 2017 to June 2022.

Program Loan	Creditor	Amount	Date Signed
		($) unless otherwise specified
Local Government Finance and Fiscal Decentralization Reform Program, Subprogram 2	Agence Française de Développement	EUR 100 million	October 2017
Facilitating Youth School-To-Work Transition Program, Subprogram 1	ADB	300 million	November 2017
Encouraging Investment through Capital Market Reform, Subprogram 2	ADB	EUR 300 million	December 2017
Expanding Private Participation in Infrastructure Program, Subprogram 2	ADB	300 million	August 2018
Inclusive Finance Development Program (Subprogram 1)	ADB	474 million	October 2018
Emergency Assistance for Reconstruction and Recovery of Marawi	ADB	300 million	December 2018
Secondary Education Support Program	ADB	300 million	June 2018
Improving Fiscal Management Project	WB	450 million	March 2019
Social Welfare Development and Reform Project II (Additional Financing)	WB	300 million	June 2019
Local Governance Reform Program (Subprogram 1)	ADB	300 million	December 2019
Facilitating Youth School-to-Work Transition Program (Subprogram 2)	ADB	400 million	December 2019
Promoting Competitiveness and Enhancing Resilience to Natural Disasters Sub-program 1 DPL	WB	400 million	December 2019
Philippines-Korea Project Preparation Facility	KEXIM-EDCF	50 million	January 2020
Metro Manila Priority Bridges Seismic Improvement Project II	Japan International Cooperation Agency	4,409 million	March 2020
COVID-19 Active Response and Expenditure Support Program	ADB	1,500 million	April 2020
Social Protection Support Project	ADB	200 million	April 2020
Third Disaster Risk Management Development Policy Loan	WB	500 million	April 2020
Philippines COVID-19 Emergency Response Project	WB	100 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	Agence Française de Developpement	EUR 150 million	June 2020
Inclusive Finance Development Program, Subprogram 2	Agence Française de Developpement	EUR 100 million	June 2020
Davao City Bypass Construction Project II	Japan International Cooperation Agency	YEN 35 billion	June 2020
Cebu-Mactan Bridge (4th Bridge) and Coastal Road Construction Project	Japan International Cooperation Agency	YEN 119 billion	June 2020
Emergency COVID-19 Response Development Policy Loan	WB	500 million	June 2020
Local Governance Reform Project	ADB	27 million	July 2020
COVID-19 Crisis Response Emergency Support Loan	Japan International Cooperation Agency	YEN 50 billion	July 2020
Support to Parcelization of Lands for Individual Titling Project	WB	370 million	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)	Japan International Cooperation Agency	YEN 50 billion	September 2020
Angat Water Transmission Improvement Project - Additional Financing	ADB	126 million	October 2020
Program Loan for COVID-19 Emergency Response Program	KEXIM-EDCF	100 million	October 2020
Philippines Beneficiary FIRST Social Protection Project	WB	600 million	November 2020
Philippines Customs Modernization Project	WB	88 million	December 2020
Additional Financing for the KALAHI-CIDSS National Community Driven Development Project	WB	300 million	December 2020
Promoting Competitiveness and Enhancing Resilience to Natural Disasters Subprogram 2 Development Policy Loan	WB	600 million	December 2020
Philippines First Financial Sector Reform Development Policy Loan	WB	400 million	December 2020
Facilitating Youth School-to-Work Transition Program, Subprogram 3	ADB	400 million	December 2020
EDSA Greenways Project	ADB	123 million	December 2020
EDSA Greenways Project	AIF	15 million	December 2020
Maritime Safety Enhancement Project	KEXIM-EDCF	105 million	January 2021
Additional Financing for the COVID-19 Emergency Response Project	WB	500 million	March 2021
Second Health System Enhancement to Address and Limit COVID-19 under the Asia Pacific Vaccine Access Facility	ADB	400 million	March 2021
Second Health System Enhancement to Address and Limit COVID-19 under the Asia Pacific Vaccine Access Facility	AIIB	300 million	March 2021
Safe Philippines Project, Phase 1	CEXIM	276 million	June 2021
Philippine Rural Development Project – Second Additional Financing (PRDP-AF2)	WB	280 million	July 2021
Philippines First Financial Sector Reform Development Policy Loan	WB	400 million	July 2021
Facilitating Youth School to Work Program, Subprogram 3	ADB	400 million	August 2021
Philippines Seismic Risk Reduction and Resilience Project	WB	300 million	September 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	500 million	November 2021
Second Health System Enhancement to Address and Limit COVID-19 under the Asia Pacific Vaccine Access Facility - Additional Financing	ADB	250 million	December 2021
Disaster Risk Reduction Enhancement At Local Level Program	Agence Française de Developpement	EUR 250 million	December 2021
Metro Manila Bridges Project	ADB	175 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	600 million	December 2021
Program Loan for COVID-19 Emergency Response 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
Philippines COVID-19 Emergency Response Project - AF2	WB	300 million	December 2021
Metro Manila Subway Project, Phase I (2nd Tranche Loan)	Japan International Cooperation Agency	YEN 253 billion	February 2022
Engineering Service for the Panay-Guimaras-Negros Island Bridges Project	KEXIM-EDCF	56 million	April 2022
COVID-19 Crisis Response Emergency Support Loan II	Japan International Cooperation Agency	YEN 30 billion	April 2022
Samal Island-Davao City Connector Project	CEXIM	RMB 2 billion	May 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
South Commuter Railway Project (Tranche 1)	ADB	1,750 million	June 2022
Philippines Multisectoral Nutrition Project	WB	178 million	June 2022

Source: International Finance Group, Department of Finance.

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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(1) As of December 31,
	2017		2018		2019		2020		2021
	(₱ in billions, except percentages)
Consolidated non-financial public sector debt:
Domestic		3,812.9		4,000.6		4,280.4		5,771.3		7,097.2
Foreign		2,311.2		2,618.4		2,728.9		3,201.7		3,592.9
Total		6,124.1		6,619.0		7,009.3		8,973.0		10,690.2
Financial public corporations
Bangko Sentral:(2)
Domestic		3,576.1		3,746.3		3,868.3		4,868.7		4,664.8
Foreign		200.9		211.6		193.2		183.5		330.2
Total		3,777.0		3,957.8		4,061.5		5,052.3		4,995.0
GFIs:(3)
Domestic		16.8		18.0		33.1		56.0		43.6
Foreign		130.6		143.6		130.7		113.9		104.2
Total		147.4		161.5		163.8		169.9		147.8
Domestic		3,592.9		3,764.2		3,901.4		4,924.7		4,708.4
Foreign		331.6		355.1		323.9		297.4		434.4
Total		3,924.4		4,119.4		4,225.3		5,222.1		5,142.8
Less: Intrasector-debt holdings
Domestic:
Government securities held by GFIs and Bangko Sentral		618.4		844.1		908.7		2,131.5		2,539.1
Government deposits at Bangko Sentral		326.8		170.2		159.9		798.6		907.6
GFIs deposits at Bangko Sentral		385.4		422.3		502.7		740.1		698.6
GOCC deposits at Bangko Sentral		0.0		0.5		0.2		0.0		0.0
GOCC loans/other debt held by GFIs		123.7		134.6		161.2		183.6		189.4
GFIs loans/other debt held by Bangko Sentral		53.0		53.3		53.6		36.0		36.0
Local governments debt held by GFIs		67.7		74.6		87.8		93.9		120.0
Total		1,575.1		1,699.5		1,874.1		3,983.7		4,490.6
Foreign:
Government’s securities held by Bangko Sentral		80.3		81.7		85.9		92.4		87.5
Total		1,655.4		1,781.3		1,960.0		92.4		87.5
Total public sector:
Domestic		5,830.7		6,065.3		6,307.7		6,712.4		7,315.0
Foreign		2,562.4		2,891.8		2,966.9		3,406.7		3,939.8
Total		8,393.2		8,957.1		9,274.6		10,119.1		11,524.8

Notes:

(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.

Source: Fiscal Policy and Planning Office, Department of Finance.

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

	Outstanding Consolidated Non-financial Public Sector Debt(1) As of December 31,
	2017			2018			2019			2020			2021
	(₱ in billions, except percentages)
Total(2)		6,124.1			6,619.0			7,009.3			8,973.0			10,690.2
Domestic		3,812.9			4,000.6			4,280.4			5,771.3			7,097.2
Foreign		2,311.2			2,618.4			2,728.9			3,201.7			3,592.9
National Government		6,652.4			7,292.5			7,731.3			9,795.0			11,728.5
Domestic		4,441.3			4,776.9			5,127.6			6,694.7			8,170.4
Foreign		2,211.2			2,515.6			2,603.7			3,100.3			3,558.1
Non-financial public corporations (major GOCCs)(3)		424.8			408.1			430.2			399.7			367.3
Domestic(3)		256.4			233.5			236.7			234.2			246.7
Foreign(3)		168.4			174.7			193.6			165.5			120.6
Extrabudgetary: NIA and PNR		3.8			2.6			1.2			1.1			1.0
Domestic		2.3			1.1			0.1			0.0			0.0
Foreign		1.6			1.4			1.2			1.0			1.0
Local government units(4)		86.4			94.2			107.2			113.1			136.6
Domestic		86.4			94.2			107.2			113.1			136.6
Foreign		0			0			0.0			0.0			0.0
Less: Government debt held by Bond Sinking Fund(5)		531.2			501.9			562.0			640.0			698.6
Domestic		466.1			433.7			497.4			579.5			616.7
Foreign		65.1			68.2			64.6			60.5			81.9
Intra-sector debt holdings (domestic)		428.9			604.2			623.4			638.2			801.2
Government debt held by SSIs		421.5			595.7			613.9			628.6			791.9
Government debt held by LGUs		0.0			0.0			0.01			0.01			0.00
LGU loans held by MDFO		7.4			8.4			9.5			9.6			9.3
Government debt held by GOCCs		23.0			20.6			25.1			11.2			9.7
Onlending from National Government to GOCCs		55.4			46.6			45.3			41.8			28.9
Intra-sector debt holdings (external)		4.9			5.1			4.9			4.7			4.9
GOCCs debt held by National Government		4.9			5.1			4.9			4.7			4.9
Total (as % of GDP)		50.7	%		49.0	%		47.5	%		56.4	%		58.0	%
Domestic (as % of GDP)		41.8	%		43.5	%		45.2	%		37.4	%		37.7	%
Foreign (as % of GDP)		18.4	%		20.7	%		21.3	%		19.0	%		20.3

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 (NIA 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.

Source: Fiscal Policy and Planning Office, Department of Finance.

D-109

As of December 31, 2017, the outstanding consolidated public sector debt was ₱8.4 trillion, equivalent to 50.7% of the Republic’s GDP, compared with a public sector-debt-to-GDP ratio of 49.7% as of December 31, 2016. As of December 31, 2017, total outstanding consolidated General Government (“GG”) debt was ₱5.8 trillion, reflecting a 15.1% increase over the ₱5.0 trillion recorded as of December 31, 2016. Total domestic debt increased by 23.8% to ₱3.6 trillion on December 31, 2017 compared to ₱2.9 trillion on December 31, 2016. Foreign debt increased by 3.0% to ₱2.1 trillion on December 31, 2017 from ₱2.1 trillion on December 31, 2016. The overall increase in GG debt was attributed to an increase in borrowings and issuances of securities by the Government during the period from December 31, 2016 to December 31, 2017.

As of December 31, 2018, the outstanding consolidated public sector debt was close to ₱9.0 trillion, equivalent to 49.0% of the Republic’s GDP, compared with a public sector-debt-to-GDP ratio of 50.7% as of December 31, 2017. As of December 31, 2018, total outstanding consolidated GG debt was ₱6.3 trillion, reflecting an 8.7% increase over the ₱5.8 trillion recorded as of December 31, 2017. Total domestic debt increased by 5.5% to ₱3.8 trillion on December 31, 2018 from ₱3.6 trillion on December 31, 2017. Foreign debt increased by 14.0% to ₱2.5 trillion on December 31, 2018 from ₱2.1 trillion on December 31, 2017. The overall increase in Government debt was attributed to an increase in borrowings and issuances of securities by the Government during the period from December 31, 2017 to December 31, 2018.

As of December 31, 2019, the outstanding consolidated public sector debt was ₱9.3 trillion, equivalent to 47.5% of the Republic’s GDP, compared with a public sector-debt-to-GDP ratio of 49.0% as of December 31, 2018. As of December 31, 2019, total outstanding consolidated GG debt was ₱6.7 trillion, reflecting a 5.9% increase over the ₱6.3 trillion recorded as of December 31, 2018. Total domestic debt increased by 7.3% to ₱4.1 trillion on December 31, 2019 from ₱3.8 trillion on December 31, 2018. Foreign debt increased by 3.7% to ₱2.5 trillion on December 31, 2019 from ₱2.4 trillion on December 31, 2018. The overall increase in Government debt was attributed to an increase in borrowings and issuances of securities by the Government during the period from December 31, 2018 to December 31, 2019.

As of December 31, 2020, the outstanding consolidated public sector debt was ₱10.1 trillion, equivalent to 56.4% of the Republic’s GDP, compared with a public sector-debt-to-GDP ratio of 47.5% as of December 31, 2019. As of December 31, 2020, total outstanding consolidated GG debt was ₱8.6 trillion, reflecting a 29.7% increase over the ₱6.7 trillion recorded as of December 31, 2019. Total domestic debt increased by 35.9% to ₱5.6 trillion on December 31, 2020 from ₱4.1 trillion on December 31, 2019. Foreign debt increased by 2.0% to ₱3.0 trillion on December 31, 2019 from ₱2.5 trillion on December 31, 2019. The overall increase in Government debt was attributed to an increase in borrowings and issuances of securities by the Government during the period from December 31, 2019 to December 31, 2020.

As of December 31, 2021, the outstanding consolidated public sector debt was ₱11.3 trillion, equivalent to 58.0% of the Republic’s GDP, compared with a public sector-debt-to-GDP ratio of 56.4% as of December 31, 2020. As of December 31, 2021, total outstanding consolidated GG debt was ₱10.4 trillion, reflecting a 20.1% increase over the ₱8.6 trillion recorded as of December 31, 2020. Total domestic debt increased by 23.2% to ₱6.9 trillion on December 31, 2021 from ₱5.6 trillion on December 31, 2020. Foreign debt increased by 14.4% to ₱3.5 trillion on December 31, 2021 from ₱3.0 trillion on December 31, 2020. The overall increase in Government debt was attributed to an increase in borrowings and issuances of securities by the Government during the period from December 31, 2020 to December 31, 2021.

D-110

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(1)(2)
	As of December 31,
	2017		2018		2019		2020		2021		2022(3)
	(₱ in millions, except as otherwise indicated)
Medium/long-term debt(4)		6,337,111		6,797,270		7,240,159		8,838,966		10,932,406		12,247,604
Domestic		4,125,941		4,281,605		4,636,469		5,738,647		7,374,271		8,222,885
External (US$)		44,261		47,860		51,252		64,562		69,803		73,217
Short-term debt(5)
Domestic		314,369		494,306		491,131		956,040		796,143		544,225
Total debt		6,652,430		7,292,500		7,731,290		9,795,006		11,728,549		12,791,829

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) Preliminary data as of June 30, 2022.

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

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

Source: Bureau of the Treasury, Department of Finance.

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(1)(2)
	As of December 31,
	2017		2018		2019		2020		2021(3)		2022(3)
	(₱ in millions)
Loans
Direct		156		156		156		156		540,156		156
Assumed(5)		792		792		792		792		0		0
Total loans		948		948		948		948		540,156		156
Securities
Treasury bills		314,369		494,306		486,170		949,479		796,143		537,035
Treasury notes/bonds		4,125,942		4,281,605		4,640,482		5,744,260		7,374,115		8,294,990
Total securities		4,440,312		4,775,911		5,126,652		6,693,739		8,170,414		8,832,025
Total debt		4,441,260		4,776,859		7,731,290		9,795,006		11,728,549		12,887,918

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 July 31, 2022. Amounts in original currencies were translated into U.S. dollars or pesos, as applicable, using Bangko Sentral’s reference exchange rates as of August 1, 2022, 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.

Source: Bureau of the Treasury, Department of Finance.

D-111

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(1)
Year	Principal Repayments		Interest Payments		Total(2)
	(₱ in millions)				(₱ in millions)		($ in millions)
2017		229,330		206,571		435,902		8,718
2018		315,461		223,751		539,213		10,307
2019		481,575		360,874		842,449		16,583
2020		430,832		255,390		686,222		14,290
2021		537,451		333,335		870,786		17,088
2022(3)		617,867		405,678		1,023,545		18,620
2023(3)		897,170		451,008		1,348,178		24,526
2024(3)		1,003,470		479,584		1,483,054		26,979

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 2022 to 2024, amounts in pesos were translated into U.S. dollars using the Bangko Sentral’s July 1, 2022 reference exchange rates bulletin.

(3) Projection based on outstanding balance as of December 31, 2021.

Source: Bureau of the Treasury, Department of Finance.

D-112

Direct External Debt of the Republic

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

	Outstanding Direct External Debt of the Republic(1)(2)
	As of December 31,
	2017		2018		2019		2020		2021		2022(3)
	($ in millions)
Loans:
Multilateral		10,709		11,726		12,793		19,275		22,574		25,011
Bilateral		6,238		6,289		6,484		8,042		8,308		7,826
Commercial		10		7		5		2		1		1
Total loans		16,957		18,022		51,252		27,319		30,883		32,838
Securities:
Euro Bonds		0		0		841		2,387		4,609		4,140
Yen Bonds		891		2,316		3,184		2,388		1,687		1,983
Philippine Peso Notes		2,596		2,467		2,553		2,700		1,679		1,547
Chinese Yuan Bonds		—		212		569		607		392		0
U.S. Dollar Bonds		23,817		24,842		24,823		29,161		30,553		32,803
Total securities		27,304		29,838		31,970		37,243		38,920		40,743
Total		44,261		47,860		51,252		64,562		69,803		73,311

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 July 31, 2022.

Source: Bureau of the Treasury, Department of Finance.

D-113

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.

	Summary of Outstanding Direct External Debt of the Republic by Currency(1),
	As of December 31, 2021
	Amount in Original Currency		Equivalent Amount in $(2)		% of Total
	(in millions, unless otherwise indicated, except percentages)
U.S. dollar		52,593		52,593		75.3	%
Japanese yen		938,821		8,156		11.7	%
Euro		5,760		6,545		9.4	%
Peso		84,250		1,679		2.4	%
Other currencies		—		830		1.2	%
Total		—		69,803		100.0	%

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 Bangko Sentral’s reference exchange rates as of January 3, 2022, which was the next business day following the end of the period indicated.

Source: Bureau of the Treasury, Department of Finance.

D-114

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

	Direct External Debt Service Requirements of the Republic(1)
Year	Principal Repayments		Interest Payments		Total
	($ in millions)
2017(2)		2,813		2,003		4,816
2018(2)		2,114		2,013		4,127
2019(2)		2,637		2,108		4,746
2020(2)		2,832		1,987		4,819
2021(3)		4,315		1,748		6,063
2022(3) (4)		2,423		1,945		4,368
2023(3) (4)		2,229		2,389		4,617
2024(3) (4)		4,114		3,114		7,229

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, other than debt originally guaranteed 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 using the applicable Bangko Sentral reference exchange rates prevailing on the date of payment.

(3) Amounts in original currencies were translated into U.S. dollars using the applicable Bangko Sentral reference exchange rates prevailing on July 1, 2022.

(4) Projection based on outstanding balance as of December 31, 2021.

Source: Bureau of the Treasury, Department of Finance.

D-115

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.

	Summary of Outstanding Guarantees of the Republic(1)(2) As of December 31,											As of July 31,(1)(3)
	2017		2018		2019		2020		2021			2022
	(in billions)
Total (₱)		478.1		487.6		488.8		458.3		423.9			408.0
Domestic (₱)		197.5		197.5		260.8		254.4		195.1			186.7
External (₱)		280.6		290.0		228.0		203.9		228.8			221.3
External ($)(4)		5.6		5.5		4.5		4.2		4.5	(5)		4.0	(6)

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) Based on preliminary data as of July 31, 2022.

(4) 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.

(5) Amounts in original currencies were translated into U.S. dollars using Bangko Sentral’s reference exchange rates as of January 3, 2022, which was the next business day following the end of the period indicated.

(6) Amounts in original currencies were translated into U.S. dollars using Bangko Sentral’s reference exchange rates as of August 1, 2022, which was the next business day following the end of the period indicated.

Source: Bureau of the Treasury, Department of Finance.

The Government monitors and manages contractual contingent liabilities, which broadly comprise debt guarantees issued to GOCCs and contractual obligations stipulated under the Republic’s public-private partnership initiative. The Government, through the Bureau of the Treasury, in its financial statements, discloses with regards to contingent liabilities only the outstanding amount of Government direct guaranteed and assumed GFI guaranteed debts, broken down on a monthly basis.

Contingent liabilities corresponding to projects under the public-private partnership initiative are excluded from the disclosure described above partly because the extent of the Government’s exposure cannot yet be established in the absence of complete data regarding these projects.

In relation to the above, reporting of contingent liabilities exist in various levels of the Government. For example, the Public-Private Partnership Center reports those liabilities related to projects that the Government has carried out through the public-private partnership initiative. Other contingent liability amounts that originate from various sources are disclosed by other entities. For example, the Home Guaranty Corporation discloses the amount of guarantees it has issued, the Philippine Deposit Insurance Corporation discloses liabilities for the deposit insurance fund and social security institutions disclose unfunded pension liabilities.

D-116

The Government publishes annually a Fiscal Risks Statement (the “FRS”) that includes a more thorough discussion of contingent liabilities. It includes potential fiscal risks stemming not only from potential calls on the guarantees described above, but also potential claims arising from other sources of contingent liabilities such as public-private partnership contracts. According to the FRS for 2021, contingent liabilities arising from public-private partnerships for 2020 are estimated to be ₱311.8 billion and the potential budgetary outflows for 2020 are estimated to be around ₱331. billion.

In its 2013 Annual Audit Report (the “2013 Report”), the Commission on Audit reported its findings regarding the Government’s disclosure of contingent liabilities, which the Commission on Audit said did not include approximately ₱1,030.5 billion, of which approximately ₱920.3 billion related to undetermined contingent liabilities arising from build-operate-transfer/public-private partnership projects. The remaining approximately ₱32.3 billion related to outstanding guarantees issued by the Government and DBP and approximately ₱77.9 billion related to foreign borrowings of private sector borrowers guaranteed by the Government. In the 2013 Report, the Commission on Audit also made various recommendations to the Bureau of the Treasury to revise the Government’s reporting of contingent liabilities.

Since then, the Government has taken, and continues to take, appropriate steps to improve transparency in relation to monitoring and reporting the Government’s contingent liabilities. The Government has also pursued, and continues to pursue, several initiatives that seek to allow more effective monitoring and management of contingent liabilities. Moreover, the Bureau of the Treasury is working with the Commission on Audit and various other Government agencies on improving the reporting and disclosure of contingent liabilities through establishing information linkages between Government agencies carrying contingent liabilities and the Bureau of the Treasury, in accordance with new accounting standards that the Commission on Audit is employing.

Payment History of Foreign Debt

The Republic has in the past engaged in various debt restructuring, as well as debt buyback, debt-to-equity, debt-for-debt, debt-for-nature and other debt reduction arrangements to reduce its debt. The Republic intends to maintain various efforts to manage its debt portfolio to improve yield and maturity profiles. The Republic may utilize proceeds from debt issues for the purpose of repurchasing outstanding debt through a variety of methods, including public auctions and repurchases of debt securities in the open markets.

While there have been a number of reschedulings of the Republic’s debt to its bilateral creditors in the past few years, the Republic has not defaulted on, and has not attempted to restructure, the payment of principal or interest on any of its external securities in the last 20 years.

D-117

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

	Foreign Currency Bonds Issued by the Republic(1)
	Original Balance as of Issue Date(2)		Outstanding Balance as of December 31, 2020(3)		Outstanding Balance as of December 31, 2021(4)		Outstanding Balance as of July 31, 2022(5)
	($ in millions)
U.S. dollar bonds		30,938		24,823		30,533		32,803
Chinese Yuan Bonds		592		569		392		0
Euro Bonds		2,170		841		4,609		4,140
Japanese yen bonds		2,256		3,184		1,687		1,983
Total foreign-currency bonds		35,956		29,417		37,241		38,926

Notes:

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

(2) Represents the aggregate of the original balances as of the issue dates of foreign currency bonds outstanding as of December 31, 2020. 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 were translated into U.S. dollars using the applicable Bangko Sentral reference exchange rate as of January 4, 2021.

(4) Amounts in original currencies were translated into U.S. dollars using Bangko Sentral’s reference exchange rates as of January 3, 2022, 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 August 1, 2022, which was the next business day following the end of the period indicated.

Source: Bureau of the Treasury, Department of Finance.

D-118

DEBT TABLES OF THE REPUBLIC OF THE PHILIPPINES

As of June 30, 2022
External Guaranteed Debt of the Republic of the Philippines	D-120
External Debt of the Republic of the Philippines	D-124
Domestic Debt of the Republic of the Philippines (Other than Securities)	D-144
Guaranteed Domestic Debt of the Republic of the Philippines (Other than Securities)	D-145
As of March 31, 2022
Outstanding Treasury Bonds Issued by the National Government	D-146
Outstanding Treasury Bills issued by the National Government	D-149
As of December 31, 2021
External Guaranteed Debt of the Republic of the Philippines	D-151
External Debt of the Republic of the Philippines	D-156
Outstanding Treasury Bonds Issued by the National Government	D-179
Outstanding Treasury Bills issued by the National Government	D-182
Domestic Debt of the Republic of the Philippines (Other than Securities)	D-184
Guaranteed Domestic Debt of the Republic of the Philippines (Other than Securities)	D-185

D-119

EXTERNAL GUARANTEED DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

	INTEREST			INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
	RATE BASIS	SPREAD	RATE			DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
GRAND TOTAL													6,846,949,672.77				3,978,588,699.40
I. NG-GUARANTEED DEBT													6,761,452,806.43				3,893,091,833.06
A. LOANS													5,009,822,806.43				2,183,521,833.06
EURO													150,138,317.38				75,261,595.00
	FIXED				3.000		16.11.1990		31.12.2022		1,829,388.21		1,917,747.66		2,672.59		2,801.68
	FIXED				3.000		16.11.1990		30.06.2023						5,787.28		6,066.81
	FIXED				2.500		25.01.1991		31.12.2022		2,210,510.74		2,317,278.41		24,528.95		25,713.70
	FIXED				1.500		30.08.1996		31.03.2023		5,157,960.05		5,407,089.52		60,076.05		62,977.72
	FIXED				1.500		30.08.1996		30.06.2023						83,939.79		87,994.08
	FIXED				1.500		30.08.1996		31.03.2024						47,917.13		50,231.53
	FIXED				0.400		10.11.2004		31.03.2032		13,500,000.00		14,152,050.00		2,217,860.00		2,324,982.64
	FIXED				0.400		10.11.2004		31.03.2032						68,271.00		71,568.49
	FIXED				0.400		10.11.2004		31.03.2033						639,496.00		670,383.66
	FIXED				0.400		10.11.2004		30.06.2033						1,169,014.00		1,225,477.38
	FIXED				0.400		10.11.2004		30.09.2033						1,252,097.00		1,312,573.29
	FIXED				0.400		10.11.2004		31.12.2033						356,753.00		373,984.17
	FIXED				0.400		10.11.2004		31.03.2034						693,552.00		727,050.56
	FIXED				0.400		10.11.2004		30.06.2034						167,232.00		175,309.31
	FIXED				0.400		10.11.2004		30.09.2034						272,625.00		285,792.79
	FIXED				0.400		10.11.2004		30.12.2034						249,050.00		261,079.12
	FIXED				0.400		10.11.2004		30.06.2035						699,374.00		733,153.76
	FIXED				2.991		31.01.2007		30.06.2025		2,536,050.00		2,658,541.22		634,012.50		664,635.30
	FIXED				0.750		17.09.1991		31.12.2031		8,819,784.95		9,245,780.56		438,524.29		459,705.01
	FIXED				0.750		30.12.2003		31.12.2039		25,564,594.06		26,799,363.95		7,462,305.08		7,822,734.42
	FIXED				0.750		27.12.1996		30.12.2036		4,703,885.30		4,931,082.96		2,278,827.85		2,388,895.24
	FIXED				0.750		21.12.2004		30.12.2044		5,112,918.81		5,359,872.79		3,837,918.81		4,023,290.29
	FIXED				0.750		21.12.2004		30.12.2045		5,287,649.52		5,543,042.99		4,143,649.52		4,343,787.79
	FIXED				0.750		08.11.1999		30.12.2039		14,699,641.58		15,409,634.27		8,576,921.33		8,991,186.63
	FIXED				0.750		30.06.2009		30.06.2049		10,200,000.00		10,692,660.00		3,111,882.93		3,262,186.88
	FIXED				0.750		04.12.2000		30.12.2040		9,356,641.43		9,808,567.21		5,769,928.97		6,048,616.54
	FIXED				0.750		15.03.2004		30.12.2043		7,500,000.00		7,862,250.00		5,375,000.00		5,634,612.50
	FIXED				0.750		29.12.2005		30.12.2045		15,000,000.00		15,724,500.00		11,750,000.00		12,317,525.00
	FIXED				0.750		20.12.2007		30.12.2047		4,741,730.27		4,970,755.84		4,030,730.27		4,225,414.54
	FIXED				0.750		07.04.2010		30.06.2050		7,000,000.00		7,338,100.00		6,374,000.00		6,681,864.20

D-120

EXTERNAL GUARANTEED DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

	INTEREST					INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
	RATE BASIS	SPREAD		RATE				DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
JAPANESE YEN															2,821,793,178.51				1,192,972,076.75
	LIBOR-BASED		0.000		0.168		0.168		15.05.2002		15.08.2026		3,676,050,000.00		27,085,136.40		484,640,819.00		3,570,833.55
	LIBOR-BASED		0.000		0.000		0.000		27.04.2009		15.09.2040		4,520,780,200.00		33,309,108.51		1,736,573,239.00		12,795,071.62
	FIXED						2.410		08.12.2003		01.08.2023		1,188,200,000.00		8,754,657.60		1,476,941.00		10,882.10
	FIXED						1.860		08.12.2003		01.08.2023						16,034,700.00		118,143.67
	FIXED						2.420		08.12.2003		01.08.2023						11,007,407.00		81,102.57
	FIXED						2.160		08.12.2003		01.08.2023						30,469,501.00		224,499.28
	FIXED						2.300		08.12.2003		01.08.2023						37,498,254.00		276,287.14
	FIXED						1.910		08.12.2003		01.08.2023						10,081,992.00		74,284.12
	FIXED						2.010		08.12.2003		01.08.2023						20,428,700.00		150,518.66
	FIXED						1.480		08.12.2003		01.08.2023						19,712,860.00		145,244.35
	FIXED						1.590		08.12.2003		01.08.2023						982,926.00		7,242.20
	LIBOR-BASED		0.500		-0.040		0.460		29.06.2006		15.06.2026		11,710,000,000.00		86,279,280.00		2,325,744,841.00		17,136,087.99
	FIXED						3.000		20.12.1994		20.12.2024		22,499,999,999.00		165,779,999.99		2,743,895,000.00		20,217,018.36
	FIXED						3.000		20.12.1994		20.12.2024		15,000,000,000.00		110,520,000.00		1,548,750,000.00		11,411,190.00
	FIXED						2.500		30.08.1995		20.08.2025		6,131,000,000.00		45,173,208.00		235,018,000.00		1,731,612.62
	FIXED						2.100		30.08.1995		20.08.2025						92,323,000.00		680,235.86
	FIXED						2.500		30.08.1995		20.08.2025		1,352,000,000.00		9,961,536.00		174,433,000.00		1,285,222.34
	FIXED						2.100		30.08.1995		20.08.2025						56,126,000.00		413,536.37
	FIXED						2.700		30.08.1995		20.08.2025		12,315,000,000.00		90,736,920.00		1,857,842,000.00		13,688,579.86
	FIXED						2.100		30.08.1995		20.08.2025						240,758,000.00		1,773,904.94
	FIXED						2.700		29.03.1996		20.03.2026		24,712,000,000.00		182,078,016.00		2,855,152,000.00		21,036,759.94
	FIXED						2.300		29.03.1996		20.03.2026						1,161,688,000.00		8,559,317.18
	FIXED						2.700		29.05.1996		20.03.2026		10,494,000,000.00		77,319,792.00		1,998,048,000.00		14,721,617.66
	FIXED						2.300		29.05.1996		20.03.2026						48,784,000.00		359,440.51
	FIXED						2.500		29.03.1996		20.03.2026		5,158,000,000.00		38,004,144.00		956,184,000.00		7,045,163.71
	FIXED						2.100		29.03.1996		20.03.2026						30,816,000.00		227,052.29
	FIXED						2.300		18.03.1997		20.03.2027		876,000,000.00		6,454,368.00		122,640,000.00		903,611.52
	FIXED						2.500		18.03.1997		20.03.2027		7,228,000,000.00		53,255,904.00		681,600,000.00		5,022,028.80
	FIXED						2.100		18.03.1997		20.03.2027						348,290,000.00		2,566,200.72
	FIXED						2.500		18.03.1997		20.03.2027		1,034,000,000.00		7,618,512.00		71,190,000.00		524,527.92
	FIXED						2.100		18.03.1997		20.03.2027						123,390,000.00		909,137.52
	FIXED						2.500		18.03.1997		20.03.2027		2,746,000,000.00		20,232,528.00		86,370,000.00		636,374.16
	FIXED						2.100		18.03.1997		20.03.2027						44,040,000.00		324,486.72
	FIXED						2.200		10.09.1998		20.09.2028		14,555,000,000.00		107,241,240.00		4,210,479,000.00		31,022,809.27
	FIXED						0.750		10.09.1998		20.09.2038						552,189,000.00		4,068,528.55
	FIXED						2.200		10.09.1998		20.09.2028		19,990,000,000.00		147,286,320.00		6,015,932,000.00		44,325,386.98
	FIXED						0.750		10.09.1998		20.09.2038						221,826,000.00		1,634,413.97
	FIXED						2.200		10.09.1998		20.09.2028		6,072,000,000.00		44,738,496.00		157,118,000.00		1,157,645.42
	FIXED						1.700		10.09.1998		20.09.2028						1,113,515,000.00		8,204,378.52

D-121

EXTERNAL GUARANTEED DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

	INTEREST					INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
	RATE BASIS	SPREAD		RATE				DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
	FIXED						0.750		10.09.1998		20.09.2038						1,114,806,000.00		8,213,890.61
	FIXED						0.750		28.12.1999		20.12.2039		35,350,000,000.00		260,458,800.00		20,231,260,000.00		149,063,923.68
	FIXED						0.750		28.12.1999		20.12.2039		20,529,000,000.00		151,257,672.00		11,778,865,000.00		86,786,677.32
	FIXED						0.950		31.08.2000		20.08.2040		16,450,000,000.00		121,203,600.00		8,617,485,000.00		63,493,629.48
	FIXED						0.750		31.08.2000		20.08.2040						887,445,000.00		6,538,694.76
	FIXED						0.950		14.09.2001		20.09.2041		59,037,000,000.00		434,984,616.00		35,021,337,000.00		258,037,211.02
	FIXED						0.750		14.09.2001		20.09.2041						2,149,056,000.00		15,834,244.61
	FIXED						1.400		30.09.2008		20.09.2038		24,846,000,000.00		183,065,328.00		6,117,045,000.00		45,070,387.56
	FIXED						0.650		30.09.2008		20.09.2048						14,770,464,000.00		108,828,778.75
	FIXED						0.010		30.09.2008		20.09.2048						186,136,000.00		1,371,450.05
	FIXED						1.400		25.12.2009		20.11.2039		14,608,000,000.00		107,631,744.00		2,747,605,000.00		20,244,353.64
	FIXED						0.650		25.12.2009		20.11.2049						6,375,105,000.00		46,971,773.64
	FIXED						0.010		25.12.2009		20.11.2049						194,425,000.00		1,432,523.40
	FIXED						1.400		09.11.2009		20.11.2039		30,380,000,000.00		223,839,840.00		16,488,220,000.00		121,485,204.96
	FIXED						0.010		09.11.2009		20.11.2039						72,030,000.00		530,717.04
	FIXED						1.400		12.01.2017		20.01.2042		4,928,000,000.00		36,309,504.00		2,610,072,000.00		19,231,010.50
	FIXED						2.390		20.12.2007		30.12.2022		5,593,500,000.00		41,212,908.00		108,201,242.00		797,226.75
KOREAN WON															25,754,664.00				15,450,079.30
	FIXED						2.500		07.05.2004		20.05.2034		33,189,000,000.00		25,754,664.00		19,909,896,000.00		15,450,079.30
UNITED STATES DOLLAR															2,012,136,646.54				899,838,082.02
	FIXED						3.000		07.01.2010		21.01.2030		116,602,000.00		116,602,000.00		61,509,477.48		61,509,477.48
	FIXED						2.000		20.11.2018		21.01.2039		211,214,646.54		211,214,646.54		31,682,392.76		31,682,392.76
	LIBOR-BASED		0.000		0.840		0.840		28.03.2019		17.05.2024		1,100,000,000.00		1,100,000,000.00		495,070,120.00		495,070,120.00
	LIBOR-BASED		0.500		0.259		0.759		27.05.2016		15.03.2041		123,300,000.00		123,300,000.00		66,568,176.42		66,568,176.42
	LIBOR-BASED		0.500		0.259		0.759		19.05.2016		15.03.2041		60,000,000.00		60,000,000.00		13,856,584.77		13,856,584.77
	LIBOR-BASED		0.500		2.000		2.500		13.10.2020		01.02.2045		126,020,000.00		126,020,000.00		755,020.67		755,020.67
	LIBOR-BASED		0.500		0.460		0.960		31.05.2012		15.05.2037		275,000,000.00		275,000,000.00		230,396,309.92		230,396,309.92
B. BONDS															1,751,630,000.00				1,709,570,000.00
JAPANESE YEN															272,616,000.00				272,616,000.00
	FIXED						3.500		10.12.2002		13.12.2022		37,000,000,000.00		272,616,000.00		37,000,000,000.00		272,616,000.00
UNITED STATES DOLLAR															1,479,014,000.00				1,436,954,000.00
	FIXED						9.625		05.05.1998		15.05.2028		300,000,000.00		300,000,000.00		300,000,000.00		300,000,000.00
	FIXED						7.390		02.12.2009		02.12.2024		579,014,000.00		579,014,000.00		579,014,000.00		579,014,000.00
	FIXED						7.390		23.11.2009		02.12.2024		600,000,000.00		600,000,000.00		557,940,000.00		557,940,000.00

D-122

EXTERNAL GUARANTEED DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

	INTEREST			INTEREST RATE + SPREAD (per annum)					ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
	RATE BASIS	SPREAD	RATE		DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
II. GFI GUARANTEE ASSUMED BY NATIONAL GOVERNMENT												85,496,866.34				85,496,866.34
CANADIAN DOLLAR												208,021.50				208,021.50
	INTEREST FREE					30.06.1986		31.12.2023		267,807.00		208,021.50		267,807.00		208,021.50
EURO												340,943.63				340,943.63
	INTEREST FREE					30.06.1986		31.12.2023		325,234.79		340,943.63		325,234.79		340,943.63
BRITISH POUND												328.86				328.86
	INTEREST FREE					30.06.1986		31.12.2023		270.00		328.86		270.00		328.86
JAPANESE YEN												20,197.16				20,197.16
	INTEREST FREE					30.06.1986		31.12.2023		2,741,200.00		20,197.16		2,741,200.00		20,197.16
SAUDI RIYAL												7,285,805.21				7,285,805.21
	INTEREST FREE					30.06.1986		31.12.2023		5,918,966.00		1,577,593.85		5,918,966.00		1,577,593.85
	INTEREST FREE					30.06.1986		31.12.2023		18,456,608.00		4,919,276.64		18,456,608.00		4,919,276.64
	INTEREST FREE					30.06.1986		31.12.2023		2,960,000.00		788,934.72		2,960,000.00		788,934.72
UNITED STATES DOLLAR												77,641,569.98				77,641,569.98
	INTEREST FREE					30.06.1986		31.12.2023		8,333,333.32		8,333,333.32		8,333,333.32		8,333,333.32
	INTEREST FREE					30.06.1986		31.12.2023		5,215,433.52		5,215,433.52		5,215,433.52		5,215,433.52
	INTEREST FREE					30.06.1986		31.12.2023		33,088,000.00		33,088,000.00		33,088,000.00		33,088,000.00
	INTEREST FREE					30.06.1986		31.12.2023		7,511,546.63		7,511,546.63		7,511,546.63		7,511,546.63
	INTEREST FREE					30.06.1986		31.12.2023		18,598,000.00		18,598,000.00		18,598,000.00		18,598,000.00
	INTEREST FREE					30.06.1986		31.12.2023		509,091.00		509,091.00		509,091.00		509,091.00
	INTEREST FREE					30.06.1986		31.12.2023		514,525.51		514,525.51		514,525.51		514,525.51
	INTEREST FREE					30.06.1986		31.12.2023		2,180,000.00		2,180,000.00		2,180,000.00		2,180,000.00
	INTEREST FREE					30.06.1986		31.12.2023		717,440.00		717,440.00		717,440.00		717,440.00
	INTEREST FREE					30.06.1986		31.12.2023		974,200.00		974,200.00		974,200.00		974,200.00

1/ Original currencies converted using BSP reference rate prevailing on 1 July 2022

D-123

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

	INTEREST					INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
	RATE BASIS	SPREAD		RATE				DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
GRAND TOTAL															94,899,242,140.48				73,225,578,140.03
I. NG DIRECT EXTERNAL LOANS															50,289,260,067.43				32,674,097,066.97
A. AVAILED BY GOVERNMENT AGENCIES															49,417,160,912.12				32,421,182,824.97
CANADIAN DOLLAR															4,916,884.47				188,673.53
	INTEREST FREE								15.11.1974		30.09.2024		6,330,000.00		4,916,884.47		242,898.42		188,673.53
CHINA YUAN															179,102,400.00				51,709,375.39
	FIXED						2.000		11.05.2006		21.03.2026		400,000,000.00		59,700,800.00		106,456,834.10		15,888,895.40
	FIXED						2.000		15.01.2007		21.09.2026		800,000,000.00		119,401,600.00		239,999,999.93		35,820,479.99
EURO															2,214,187,058.96				1,753,977,485.52
	LIBOR-BASED		0.000		0.233		0.233		23.04.2020		15.04.2030		231,632,000.00		242,819,825.60		231,632,000.00		242,819,825.60
	LIBOR-BASED		0.000		0.105		0.105		23.04.2020		15.04.2025		463,263,000.00		485,638,602.90		463,263,000.00		485,638,602.90
	FIXED						0.750		14.02.2002		30.06.2042		6,828,167.68		7,157,968.18		4,480,167.68		4,696,559.78
	FIXED						0.750		26.06.2002		30.06.2042		7,464,861.47		7,825,414.28		4,924,861.47		5,162,732.28
	FIXED						0.750		20.12.2007		30.12.2047		10,000,000.00		10,483,000.00		8,353,536.60		8,757,012.42
	FIXED						0.750		24.12.2008		30.12.2048		4,000,000.00		4,193,200.00		3,537,663.86		3,708,533.02
	LIBOR-BASED		0.000		0.980		0.980		14.10.2015		01.05.2034		22,800,000.00		23,901,240.00		13,708,857.31		14,370,995.12
	LIBOR-BASED		0.000		0.980		0.980		26.10.2015		01.11.2033		27,310,000.00		28,629,073.00		14,539,458.97		15,241,714.84
	FIXED						4.500		23.07.1999		31.12.2022		72,672,834.17		76,182,932.06		2,794,755.53		2,929,742.22
	FIXED						4.000		16.11.2000		30.06.2023		31,249,318.69		32,758,660.78		2,604,109.79		2,729,888.29
	FIXED						4.400		11.12.2001		18.10.2024		23,986,986.00		25,145,557.42		4,997,288.75		5,238,657.80
	FIXED						3.650		28.02.2002		31.10.2024		36,279,013.93		38,031,290.30		5,038,751.84		5,282,123.55
	FIXED						3.450		28.02.2002		17.05.2025		18,168,208.54		19,045,733.01		4,542,052.11		4,761,433.23
	FIXED						3.000		08.04.1988		30.06.2023		4,344,796.99		4,554,650.68		8,672.09		9,090.95
	FIXED						3.000		08.04.1988		30.09.2023						4,656.38		4,881.28
	FIXED						3.000		08.04.1988		31.12.2024						1,626.50		1,705.06
	FIXED						2.500		09.02.1990		31.12.2022		4,431,330.44		4,645,363.70		68,316.19		71,615.86
	FIXED						2.500		09.02.1990		31.12.2022		4,153,865.01		4,354,496.69		68,477.63		71,785.10
	FIXED						2.500		09.02.1990		31.12.2023						27,930.97		29,280.04
	FIXED						2.500		09.02.1990		31.12.2022		2,652,595.39		2,780,715.75		49,706.68		52,107.51
	FIXED						2.500		22.01.1992		31.12.2022		1,017,361.58		1,066,500.14		6,569.56		6,886.87
	FIXED						2.500		22.01.1992		31.12.2023						37,173.57		38,969.05
	FIXED						2.500		22.01.1992		31.12.2024						30,614.05		32,092.71
	FIXED						2.000		07.12.1990		31.12.2022		10,518,982.19		11,027,049.03		121,147.53		126,998.96
	FIXED						2.000		07.12.1990		31.12.2023						357,971.94		375,261.98
	FIXED						2.000		07.12.1990		31.12.2024						75,895.85		79,561.62

D-124

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

INTEREST			INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
RATE BASIS	SPREAD	RATE			DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED				2.000		07.12.1990		31.12.2025						33,919.21		35,557.51
FIXED				2.000		07.12.1990		31.12.2022		729,010.47		764,221.68		7,394.53		7,751.69
FIXED				2.000		07.12.1990		31.12.2023						32,491.69		34,061.04
FIXED				2.000		07.12.1990		31.12.2022		2,881,286.42		3,020,452.55		32,719.03		34,299.36
FIXED				2.000		07.12.1990		30.12.2023						114,387.20		119,912.10
FIXED				2.000		07.12.1990		31.12.2024						5,920.41		6,206.37
FIXED				2.000		07.12.1990		31.12.2022		759,194.79		795,863.90		18,979.75		19,896.47
FIXED				2.000		07.12.1990		31.12.2022		2,167,469.20		2,272,157.96		13,403.71		14,051.11
FIXED				2.000		07.12.1990		31.12.2023						122,348.43		128,257.86
FIXED				1.400		13.09.1994		31.12.2022		2,689,415.88		2,819,314.67		6,695.71		7,019.11
FIXED				1.400		13.09.1994		31.03.2023						46,236.30		48,469.51
FIXED				1.400		13.09.1994		30.06.2023						27,437.63		28,762.87
FIXED				1.400		13.09.1994		30.09.2023						24,330.25		25,505.40
FIXED				1.400		13.09.1994		31.03.2024						2,468.00		2,587.20
FIXED				1.400		13.09.1994		31.03.2023		15,568,940.42		16,320,920.24		526,098.00		551,508.53
FIXED				1.400		13.09.1994		30.09.2023						26,803.19		28,097.78
FIXED				1.400		13.09.1994		31.12.2025						203,042.12		212,849.05
FIXED				1.400		13.09.1994		31.12.2028						213,004.97		223,293.11
FIXED				1.500		18.12.1995		30.09.2022		1,920,857.62		2,013,635.04		38,300.25		40,150.15
FIXED				1.500		18.12.1995		31.03.2023		743,803.27		779,728.97		9,576.19		10,038.72
FIXED				1.500		18.12.1995		30.06.2023						18,286.25		19,169.48
FIXED				1.500		18.12.1995		30.09.2023						11,857.49		12,430.21
FIXED				1.500		18.12.1995		30.06.2024						6,755.99		7,082.30
FIXED				1.500		18.12.1995		30.09.2022		3,658,776.41		3,835,495.31		23,348.54		24,476.27
FIXED				1.500		18.12.1995		31.12.2022						56,784.45		59,527.14
FIXED				1.500		18.12.1995		31.03.2023						2,501.06		2,621.86
FIXED				1.500		18.12.1995		30.06.2023						949.71		995.58
FIXED				1.500		18.12.1995		30.09.2023						4,565.65		4,786.17
FIXED				1.500		18.12.1995		31.12.2023						7,328.64		7,682.61
FIXED				1.500		18.12.1995		31.03.2024						9,676.01		10,143.36
FIXED				1.500		18.12.1995		30.09.2024						6,375.00		6,682.91
FIXED				1.500		18.12.1995		31.03.2025						5,526.00		5,792.91
FIXED				1.500		18.12.1995		30.06.2025						34,668.02		36,342.49
FIXED				1.500		18.12.1995		31.12.2022		3,099,676.12		3,249,390.48		19,527.24		20,470.41
FIXED				1.500		18.12.1995		30.06.2024						27,600.03		28,933.11
FIXED				1.500		18.12.1995		31.12.2024						10,275.01		10,771.29
FIXED				1.500		18.12.1995		30.09.2025						1,407.00		1,474.96
FIXED				1.500		18.12.1995		31.12.2025						1,407.00		1,474.96
FIXED				1.500		18.12.1995		31.03.2026						198,208.00		207,781.45
FIXED				1.500		18.12.1995		31.12.2026						20,475.01		21,463.95
FIXED				1.500		18.12.1995		30.06.2027						4,300.00		4,507.69

D-125

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

INTEREST			INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
RATE BASIS	SPREAD	RATE			DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED				1.500		18.12.1995		30.09.2027						11,869.00		12,442.27
FIXED				1.500		18.12.1995		31.12.2027						6,006.00		6,296.09
FIXED				1.500		18.12.1995		30.09.2029						41,250.00		43,242.38
FIXED				1.500		18.12.1995		31.12.2029						311,490.00		326,534.97
FIXED				1.500		15.01.1997		30.09.2023		5,497,311.79		5,762,831.95		106,160.88		111,288.45
FIXED				1.500		15.01.1997		31.03.2024						189,008.00		198,137.09
FIXED				1.500		15.01.1997		30.06.2024						88,192.02		92,451.69
FIXED				1.500		15.01.1997		30.09.2024						103,974.97		108,996.96
FIXED				1.500		15.01.1997		31.12.2024						4,445.00		4,659.69
FIXED				1.500		15.01.1997		31.03.2025						7,224.01		7,572.93
FIXED				1.500		15.01.1997		30.06.2025						25,386.00		26,612.14
FIXED				1.500		15.01.1997		30.09.2025						6,663.99		6,985.86
FIXED				1.500		15.01.1997		31.12.2025						7,616.01		7,983.86
FIXED				1.500		15.01.1997		31.03.2026						10,808.01		11,330.04
FIXED				1.500		15.01.1997		30.06.2026						75,704.00		79,360.50
FIXED				1.500		15.01.1997		30.09.2023		9,144,059.29		9,585,717.35		178,284.51		186,895.65
FIXED				1.500		15.01.1997		30.09.2024						231,970.17		243,174.33
FIXED				1.500		15.01.1997		31.12.2024						3,824.99		4,009.74
FIXED				1.500		15.01.1997		31.03.2025						20,478.04		21,467.13
FIXED				1.500		15.01.1997		30.06.2025						389,118.10		407,912.50
FIXED				1.500		15.01.1997		30.09.2025						97,783.06		102,505.98
FIXED				0.470		22.01.1998		31.12.2029		3,298,662.49		3,457,987.89		359,090.53		376,434.60
FIXED				0.470		22.01.1998		30.06.2030						26,994.28		28,298.10
FIXED				0.470		22.01.1998		30.09.2030						1,592.90		1,669.84
FIXED				0.470		22.01.1998		31.12.2031						783,332.00		821,166.94
FIXED				0.470		22.01.1998		31.03.2032						30,260.00		31,721.56
FIXED				0.470		22.01.1998		30.06.2032						183,396.44		192,254.49
FIXED				0.470		22.01.1998		30.09.2032						71,022.00		74,452.36
FIXED				0.470		22.01.1998		31.12.2029		741,169.01		776,967.47		83,379.47		87,406.70
FIXED				0.470		22.01.1998		31.03.2030						42,976.00		45,051.74
FIXED				0.470		22.01.1998		30.06.2030						31,645.72		33,174.21
FIXED				0.470		22.01.1998		30.09.2030						26,491.10		27,770.62
FIXED				0.470		22.01.1998		31.12.2030						49,742.00		52,144.54
FIXED				0.470		22.01.1998		31.03.2031						9,396.00		9,849.83
FIXED				0.470		22.01.1998		30.06.2031						18,504.00		19,397.74
FIXED				0.470		22.01.1998		30.09.2031						18,886.00		19,798.19
FIXED				0.470		22.01.1998		30.06.2032						25,510.36		26,742.51
INTEREST FREE						27.11.2007		15.05.2024		5,387,110.80		5,647,308.25		897,851.80		941,218.04
INTEREST FREE						07.11.2008		31.10.2022		11,351,426.36		11,899,700.25		454,053.72		475,984.51
FIXED				0.300		06.11.2009		10.02.2040		15,708,268.88		16,466,978.27		15,708,015.38		16,466,712.52
FIXED				4.740		06.11.2009		15.09.2022		15,708,268.88		16,466,978.27		9,603.53		10,067.38

D-126

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

	INTEREST					INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
	RATE BASIS	SPREAD		RATE				DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
	LIBOR-BASED		1.100		-0.536		0.564		15.02.2010		30.11.2029		150,000,000.00		157,245,000.00		75,000,000.00		78,622,500.00
	FIXED						1.000		12.01.2012		28.01.2031		20,493,740.00		21,483,587.64		13,174,546.94		13,810,877.56
	FIXED						0.150		10.02.2011		11.04.2034		26,190,016.00		27,454,993.77		23,492,000.00		24,626,663.60
	LIBOR-BASED		0.560		1.650		2.210		16.04.2014		31.03.2034		110,269,793.43		115,595,824.45		101,787,501.63		106,703,837.96
	LIBOR-BASED		0.530		0.910		1.440		26.02.2015		31.03.2043		50,893,963.00		53,352,141.41		3,000,000.00		3,144,900.00
	INTEREST FREE								01.04.2016		14.06.2039		20,493,740.00		21,483,587.64		20,493,704.00		21,483,549.90
	LIBOR-BASED		0.270		0.670		0.940		04.04.2016		30.09.2035		50,000,000.00		52,415,000.00		48,214,285.71		50,543,035.71
	LIBOR-BASED		0.500		1.320		1.820		27.10.2017		01.09.2037		100,000,000.00		104,830,000.00		100,000,000.00		104,830,000.00
	FIXED						0.250		09.06.2020		31.03.2040		150,000,000.00		157,245,000.00		150,000,000.00		157,245,000.00
	FIXED						0.250		09.06.2020		31.03.2040		100,000,000.00		104,830,000.00		100,000,000.00		104,830,000.00
	FIXED						0.340		14.12.2021		30.11.2031		250,000,000.00		262,075,000.00		250,000,000.00		262,075,000.00
JAPANESE YEN															13,168,766,735.89				5,653,116,705.81
	LIBOR-BASED		0.000		0.325		0.325		22.02.2008		01.11.2022		34,253,100,000.00		252,376,840.80		2,360,038,590.00		17,388,764.33
	FIXED						3.000		19.08.1993		20.08.2023		6,872,000,000.00		50,632,896.00		487,743,000.00		3,593,690.42
	FIXED						3.000		19.08.1993		20.08.2023		4,633,000,000.00		34,135,944.00		290,322,000.00		2,139,092.50
	FIXED						3.000		19.08.1993		20.08.2023		3,803,000,000.00		28,020,504.00		260,283,000.00		1,917,765.14
	FIXED						3.000		19.08.1993		20.08.2023		3,055,000,000.00		22,509,240.00		223,533,000.00		1,646,991.14
	FIXED						3.000		19.08.1993		20.08.2023		9,294,000,000.00		68,478,192.00		419,922,000.00		3,093,985.30
	FIXED						3.000		20.12.1994		20.12.2024		9,620,000,000.00		70,880,160.00		1,165,515,000.00		8,587,514.52
	FIXED						3.000		20.12.1994		20.12.2024		4,616,000,000.00		34,010,688.00		527,250,000.00		3,884,778.00
	FIXED						3.000		20.12.1994		20.12.2024		11,754,000,000.00		86,603,472.00		1,433,395,000.00		10,561,254.36
	FIXED						2.700		30.08.1995		20.08.2025		6,151,000,000.00		45,320,568.00		858,795,000.00		6,327,601.56
	FIXED						2.300		30.08.1995		20.08.2025						134,183,000.00		988,660.34
	FIXED						2.700		30.08.1995		20.08.2025		4,040,000,000.00		29,766,720.00		564,872,000.00		4,161,976.90
	FIXED						2.300		30.08.1995		20.08.2025						99,589,000.00		733,771.75
	FIXED						2.500		30.08.1995		20.08.2025		8,312,000,000.00		61,242,816.00		1,272,887,000.00		9,378,631.42
	FIXED						2.100		30.08.1995		20.08.2025						142,170,000.00		1,047,508.56
	FIXED						2.700		30.08.1995		20.08.2025		18,391,000,000.00		135,504,888.00		2,731,393,000.00		20,124,903.62
	FIXED						2.300		30.08.1995		20.08.2025						406,070,000.00		2,991,923.76
	FIXED						2.700		30.08.1995		20.08.2025		5,579,000,000.00		41,106,072.00		801,353,000.00		5,904,368.90
	FIXED						2.300		30.08.1995		20.08.2025						97,118,000.00		715,565.42
	FIXED						2.700		30.08.1995		20.08.2025		6,386,000,000.00		47,052,048.00		898,331,000.00		6,618,902.81
	FIXED						2.300		30.08.1995		20.08.2025						160,727,000.00		1,184,236.54
	FIXED						2.700		30.08.1995		20.08.2025		12,895,000,000.00		95,010,360.00		1,791,895,000.00		13,202,682.36
	FIXED						2.300		30.08.1995		20.08.2025						341,257,000.00		2,514,381.58
	FIXED						2.700		30.08.1995		20.08.2025		4,765,000,000.00		35,108,520.00		578,459,000.00		4,262,085.91
	FIXED						2.300		30.08.1995		20.08.2025						77,756,000.00		572,906.21
	FIXED						2.700		30.08.1995		20.08.2025		9,551,000,000.00		70,371,768.00		1,109,535,000.00		8,175,053.88
	FIXED						2.300		30.08.1995		20.08.2025						415,065,000.00		3,058,198.92

D-127

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

INTEREST			INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
RATE BASIS	SPREAD	RATE			DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED				2.700		30.08.1995		20.08.2025		2,872,000,000.00		21,160,896.00		214,550,000.00		1,580,804.40
FIXED				2.300		30.08.1995		20.08.2025						95,445,000.00		703,238.76
FIXED				2.500		29.03.1996		20.03.2026		6,911,000,000.00		50,920,248.00		1,162,144,000.00		8,562,676.99
FIXED				2.100		29.03.1996		20.03.2026						186,288,000.00		1,372,569.98
FIXED				2.300		29.03.1996		20.03.2026		305,000,000.00		2,247,240.00		44,328,000.00		326,608.70
FIXED				2.700		18.03.1997		20.03.2027		5,746,000,000.00		42,336,528.00		826,410,000.00		6,088,988.88
FIXED				2.300		18.03.1997		20.03.2027						180,550,000.00		1,330,292.40
FIXED				2.700		18.03.1997		20.03.2027		7,683,000,000.00		56,608,344.00		1,519,410,000.00		11,195,012.88
FIXED				2.300		18.03.1997		20.03.2027						300,190,000.00		2,211,799.92
FIXED				2.700		18.03.1997		20.03.2027		6,339,868,462.00		46,712,150.83		1,406,750,000.00		10,364,934.00
FIXED				2.300		18.03.1997		20.03.2027						139,540,000.00		1,028,130.72
FIXED				2.500		18.03.1997		20.03.2027		9,411,000,000.00		69,340,248.00		1,956,300,000.00		14,414,018.40
FIXED				2.100		18.03.1997		20.03.2027						220,020,000.00		1,621,107.36
FIXED				2.500		18.03.1997		20.03.2027		7,979,000,000.00		58,789,272.00		1,516,020,000.00		11,170,035.36
FIXED				2.100		18.03.1997		20.03.2027						264,630,000.00		1,949,793.84
FIXED				2.700		18.03.1997		20.03.2027		11,122,000,000.00		81,946,896.00		1,698,240,000.00		12,512,632.32
FIXED				2.300		18.03.1997		20.03.2027						633,710,000.00		4,669,175.28
FIXED				2.200		10.09.1998		20.09.2028		5,849,000,000.00		43,095,432.00		1,335,568,000.00		9,840,465.02
FIXED				0.750		10.09.1998		20.09.2038						478,170,000.00		3,523,156.56
FIXED				2.200		10.09.1998		20.09.2028		13,564,000,000.00		99,939,552.00		3,101,228,000.00		22,849,847.90
FIXED				0.750		10.09.1998		20.09.2038						1,076,889,000.00		7,934,518.15
FIXED				2.200		10.09.1998		20.09.2028		5,728,000,000.00		42,203,904.00		588,861,000.00		4,338,727.85
FIXED				0.750		10.09.1998		20.09.2038						258,225,000.00		1,902,601.80
FIXED				2.200		10.09.1998		20.09.2028		4,328,000,000.00		31,888,704.00		748,384,000.00		5,514,093.31
FIXED				0.750		10.09.1998		20.09.2038						334,224,000.00		2,462,562.43
FIXED				1.700		10.09.1998		20.09.2028		458,000,000.00		3,374,544.00		8,307,000.00		61,205.98
FIXED				0.750		10.09.1998		20.09.2038						169,026,000.00		1,245,383.57
FIXED				1.700		10.09.1998		20.09.2028		6,734,000,000.00		49,616,112.00		1,570,465,000.00		11,571,186.12
FIXED				0.750		10.09.1998		20.09.2038						711,909,000.00		5,245,345.51
FIXED				1.700		10.09.1998		20.09.2028		3,201,000,000.00		23,584,968.00		11,492,000.00		84,673.06
FIXED				0.750		10.09.1998		20.09.2038						1,167,936,000.00		8,605,352.45
FIXED				2.200		10.09.1998		20.09.2028		14,136,000,000.00		104,154,048.00		3,202,914,000.00		23,599,070.35
FIXED				0.750		10.09.1998		20.09.2038						774,543,000.00		5,706,832.82
FIXED				1.700		10.09.1998		20.09.2028		2,428,000,000.00		17,889,504.00		353,366,000.00		2,603,600.69
FIXED				0.750		10.09.1998		20.09.2038						205,821,000.00		1,516,489.13
FIXED				0.750		10.03.1999		20.03.2039		36,300,000,000.00		267,458,400.00		20,232,754,000.00		149,074,931.47
FIXED				1.800		28.12.1999		20.12.2029		7,210,000,000.00		53,123,280.00		1,807,275,000.00		13,316,002.20
FIXED				0.750		28.12.1999		20.12.2039						881,125,000.00		6,492,129.00
FIXED				1.300		28.12.1999		20.12.2029		951,000,000.00		7,006,968.00		38,400,000.00		282,931.20
FIXED				0.750		28.12.1999		20.12.2039						193,865,000.00		1,428,397.32
FIXED				1.800		28.12.1999		20.12.2029		6,078,000,000.00		44,782,704.00		1,987,335,000.00		14,642,684.28

D-128

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

INTEREST			INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
RATE BASIS	SPREAD	RATE			DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED				0.750		28.12.1999		20.12.2039						333,725,000.00		2,458,885.80
FIXED				1.800		28.12.1999		20.12.2029		16,990,000,000.00		125,182,320.00		3,932,160,000.00		28,972,154.88
FIXED				1.300		28.12.1999		20.12.2029						79,155,000.00		583,214.04
FIXED				0.750		28.12.1999		20.12.2039						785,715,000.00		5,789,148.12
FIXED				1.800		28.12.1999		20.12.2029		15,384,000,000.00		113,349,312.00		4,810,515,000.00		35,443,874.52
FIXED				0.750		28.12.1999		20.12.2039						1,206,170,000.00		8,887,060.56
FIXED				1.800		28.12.1999		20.12.2029		5,852,000,000.00		43,117,536.00		1,703,415,000.00		12,550,761.72
FIXED				0.750		28.12.1999		20.12.2039						496,720,000.00		3,659,832.96
FIXED				1.800		28.12.1999		20.12.2029		7,434,000,000.00		54,773,712.00		2,410,260,000.00		17,758,795.68
FIXED				0.750		28.12.1999		20.12.2039						484,820,000.00		3,572,153.76
FIXED				1.800		28.12.1999		20.12.2029		5,068,000,000.00		37,341,024.00		1,147,935,000.00		8,457,985.08
FIXED				0.750		28.12.1999		20.12.2039						371,700,000.00		2,738,685.60
FIXED				0.750		28.12.1999		20.12.2039		4,714,000,000.00		34,732,752.00		144,165,000.00		1,062,207.72
FIXED				1.300		28.12.1999		20.12.2029		9,013,000,000.00		66,407,784.00		2,464,245,000.00		18,156,557.16
FIXED				0.750		28.12.1999		20.12.2039						514,815,000.00		3,793,156.92
FIXED				0.750		28.12.1999		20.12.2039		1,167,000,000.00		8,598,456.00		553,805,000.00		4,080,435.24
FIXED				1.000		07.04.2000		20.04.2040		8,929,000,000.00		65,788,872.00		4,523,904,000.00		33,332,124.67
FIXED				0.750		07.04.2000		20.04.2040						661,248,000.00		4,872,075.26
FIXED				0.950		31.08.2000		20.08.2040		14,724,000,000.00		108,486,432.00		7,812,032,000.00		57,559,051.78
FIXED				0.750		31.08.2000		20.08.2040						875,124,000.00		6,447,913.63
FIXED				0.950		31.08.2000		20.08.2040		3,549,000,000.00		26,149,032.00		1,787,470,000.00		13,170,078.96
FIXED				0.750		31.08.2000		20.08.2040						339,216,000.00		2,499,343.49
FIXED				2.200		30.05.2001		20.05.2031		8,294,000,000.00		61,110,192.00		2,748,978,000.00		20,254,469.90
FIXED				0.750		30.05.2001		20.05.2041						941,374,000.00		6,936,043.63
FIXED				0.750		30.05.2001		20.05.2041		5,543,000,000.00		40,840,824.00		178,904,000.00		1,318,164.67
FIXED				2.200		30.05.2001		20.05.2031		11,743,000,000.00		86,522,424.00		2,494,638,000.00		18,380,492.78
FIXED				0.750		30.05.2001		20.05.2041						377,948,000.00		2,784,720.86
FIXED				2.200		30.05.2001		20.05.2031		6,205,000,000.00		45,718,440.00		1,500,930,000.00		11,058,852.24
FIXED				0.750		30.05.2001		20.05.2041						645,620,000.00		4,756,928.16
FIXED				2.200		30.05.2001		20.05.2031		5,210,000,000.00		38,387,280.00		1,261,980,000.00		9,298,268.64
FIXED				0.750		30.05.2001		20.05.2041						556,548,000.00		4,100,645.66
FIXED				2.200		30.05.2001		20.05.2031		6,515,000,000.00		48,002,520.00		2,033,532,000.00		14,983,063.78
FIXED				0.750		30.05.2001		20.05.2041						614,118,000.00		4,524,821.42
FIXED				1.700		30.05.2001		20.05.2031		2,789,000,000.00		20,549,352.00		1,154,070,000.00		8,503,187.76
FIXED				0.750		30.05.2001		20.05.2041						91,998,000.00		677,841.26
FIXED				1.700		30.05.2001		20.05.2031		6,309,000,000.00		46,484,712.00		2,271,438,000.00		16,735,955.18
FIXED				0.750		30.05.2001		20.05.2041						698,972,000.00		5,150,025.70
FIXED				0.750		30.05.2001		20.05.2041		2,034,000,000.00		14,986,512.00		1,218,242,000.00		8,976,007.06
FIXED				2.200		28.03.2002		20.03.2032		6,723,000,000.00		49,535,064.00		2,841,800,000.00		20,938,382.40
FIXED				0.750		28.03.2002		20.03.2042						523,480,000.00		3,857,000.64
FIXED				1.700		28.03.2002		20.03.2032		6,790,000,000.00		50,028,720.00		2,626,880,000.00		19,354,851.84

D-129

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

INTEREST					INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
RATE BASIS	SPREAD		RATE				DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED						0.750		28.03.2002		20.03.2042						880,960,000.00		6,490,913.28
FIXED						0.950		28.03.2002		20.03.2042		18,488,000,000.00		136,219,584.00		10,691,400,000.00	��	78,774,235.20
FIXED						0.750		28.03.2002		20.03.2042						1,329,680,000.00		9,797,082.24
FIXED						2.200		28.03.2002		20.03.2032		22,049,000,000.00		162,457,032.00		4,665,024,742.00		34,371,902.30
FIXED						1.800		28.03.2002		20.03.2032						1,468,540,949.00		10,820,209.71
FIXED						2.200		28.03.2002		20.03.2032		3,224,000,000.00		23,754,432.00		1,123,140,000.00		8,275,295.52
FIXED						0.750		28.03.2002		20.03.2042						450,680,000.00		3,320,610.24
FIXED						2.200		11.12.2003		20.12.2033		2,365,097,269.00		17,426,036.68		1,325,812,000.00		9,768,582.82
FIXED						2.200		30.03.2004		20.03.2034		6,223,000,000.00		45,851,064.00		2,417,448,000.00		17,811,756.86
FIXED						2.200		16.12.2003		20.12.2033		3,717,000,000.00		27,386,856.00		1,775,876,000.00		13,084,654.37
FIXED						0.750		27.02.2007		20.02.2047		8,529,000,000.00		62,841,672.00		7,471,250,000.00		55,048,170.00
FIXED						1.500		18.12.2007		20.12.2037		7,604,000,000.00		56,026,272.00		4,815,168,000.00		35,478,157.82
FIXED						0.010		18.12.2007		20.12.2037						819,082,000.00		6,034,996.18
FIXED						1.500		18.12.2007		20.12.2037		11,802,000,000.00		86,957,136.00		7,439,380,000.00		54,813,351.84
FIXED						0.750		18.12.2007		20.12.2047						256,530,000.00		1,890,113.04
FIXED						0.010		18.12.2007		20.12.2037						976,531,000.00		7,195,080.41
FIXED						1.400		20.03.2009		20.03.2039		9,293,000,000.00		68,470,824.00		7,706,372,000.00		56,780,548.90
FIXED						1.400		15.03.2010		20.03.2040		9,220,000,000.00		67,932,960.00		8,095,608,000.00		59,648,439.74
LIBOR-BASED		0.000		0.040		0.040		15.03.2010		20.01.2025		13,830,000,000.00		101,899,440.00		3,319,200,000.00		24,455,865.60
FIXED						0.010		26.05.2010		20.05.2050		9,912,000,000.00		73,031,616.00		7,467,208,000.00		55,018,388.54
FIXED						1.400		31.03.2011		20.03.2036		40,847,000,000.00		300,960,696.00		25,845,738,526.00		190,431,401.46
FIXED						0.010		31.03.2011		20.03.2036						1,090,664,559.00		8,036,016.47
FIXED						0.300		30.03.2012		20.03.2052		9,244,000,000.00		68,109,792.00		7,098,990,463.00		52,305,361.73
FIXED						0.010		30.03.2012		20.03.2052						60,821,352.00		448,131.72
FIXED						1.400		30.03.2012		20.03.2042		22,796,000,000.00		167,960,928.00		20,262,325,375.00		149,292,813.36
FIXED						0.010		30.03.2012		20.03.2042						960,087,204.00		7,073,922.52
FIXED						1.400		30.03.2012		20.03.2042		4,591,000,000.00		33,826,488.00		3,869,160,000.00		28,507,970.88
FIXED						0.010		30.03.2012		20.03.2042						377,040,000.00		2,778,030.72
FIXED						1.400		30.03.2012		20.03.2042		6,063,000,000.00		44,672,184.00		5,045,636,574.00		37,176,250.28
FIXED						0.010		30.03.2012		20.03.2042						655,520,000.00		4,829,871.36
FIXED						0.200		30.03.2012		20.03.2052		11,836,000,000.00		87,207,648.00		10,586,100,000.00		77,998,384.80
FIXED						0.010		30.03.2012		20.03.2052						996,000,000.00		7,338,528.00
FIXED						1.400		30.03.2012		20.03.2042		7,546,000,000.00		55,598,928.00		6,076,040,000.00		44,768,262.72
FIXED						0.010		30.03.2012		20.03.2042						1,234,280,000.00		9,094,175.04
FIXED						1.400		30.03.2012		20.03.2042		6,187,000,000.00		45,585,816.00		3,968,080,000.00		29,236,813.44
FIXED						0.010		30.03.2012		20.03.2042						798,000,000.00		5,879,664.00
FIXED						1.400		10.10.2012		20.10.2042		7,775,000,000.00		57,286,200.00		7,775,000,000.00		57,286,200.00
FIXED						0.200		27.03.2013		20.03.2053		43,252,000,000.00		318,680,736.00		19,744,821,137.00		145,479,842.14
FIXED						0.010		27.03.2013		20.03.2053						3,070,440,309.00		22,623,004.20
FIXED						0.200		27.03.2013		20.03.2053		10,782,000,000.00		79,441,776.00		9,396,010,000.00		69,229,801.68
FIXED						0.010		27.03.2013		20.03.2053						1,385,990,000.00		10,211,974.32

D-130

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

INTEREST			INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
RATE BASIS	SPREAD	RATE			DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED				0.100		14.12.2013		20.12.2053		18,732,000,000.00		138,017,376.00		13,325,076,000.00		98,179,159.97
FIXED				0.010		14.12.2013		20.12.2053						251,875,218.00		1,855,816.61
FIXED				0.010		31.01.2014		20.03.2054		50,000,000,000.00		368,400,000.00		15,000,000,000.00		110,520,000.00
FIXED				0.010		31.01.2014		20.08.2054						10,000,000,000.00		73,680,000.00
FIXED				0.010		31.01.2014		20.02.2055						25,000,000,000.00		184,200,000.00
FIXED				0.010		26.03.2015		20.03.2055		7,929,000,000.00		58,420,872.00		98,513,253.00		725,845.65
FIXED				0.300		26.03.2015		20.03.2055		11,576,000,000.00		85,291,968.00		8,892,950,243.00		65,523,257.39
FIXED				0.010		26.03.2015		20.03.2055						650,774,264.00		4,794,904.78
FIXED				0.010		25.08.2015		20.08.2055		9,783,000,000.00		72,081,144.00		345,708,598.00		2,547,180.95
FIXED				0.100		25.08.2015		20.08.2055		23,906,000,000.00		176,139,408.00		4,179,845,617.00		30,797,102.51
FIXED				0.010		25.08.2015		20.08.2055						610,866,650.00		4,500,865.48
FIXED				0.100		27.11.2015		20.11.2055		241,991,000,000.00		1,782,989,688.00		67,684,142,983.00		498,696,765.50
FIXED				0.010		27.11.2015		20.11.2055						7,987,747,700.00		58,853,725.05
FIXED				0.100		26.10.2016		20.10.2056		16,455,000,000.00		121,240,440.00		12,115,500,000.00		89,267,004.00
FIXED				0.010		26.10.2016		20.10.2056						261,998,582.00		1,930,405.55
FIXED				0.300		13.11.2017		20.11.2057		15,928,000,000.00		117,357,504.00		370,273,204.00		2,728,172.97
FIXED				0.010		13.11.2017		20.11.2057						807,766,343.00		5,951,622.42
FIXED				1.500		28.02.2018		20.02.2048		9,399,000,000.00		69,251,832.00		3,300,377,291.00		24,317,179.88
FIXED				0.010		28.02.2018		20.02.2048						106,997,793.00		788,359.74
FIXED				0.100		16.03.2018		20.03.2058		104,530,000,000.00		770,177,040.00		61,077,841,593.00		450,021,536.86
FIXED				0.010		16.03.2018		20.03.2058						6,665,289,799.00		49,109,855.24
FIXED				0.100		08.10.2018		20.10.2058		4,376,000,000.00		32,242,368.00		3,251,926,590.00		23,960,195.12
FIXED				0.010		08.10.2018		20.10.2058						108,978,299.00		802,952.11
FIXED				0.100		08.11.2018		20.11.2058		38,101,000,000.00		280,728,168.00		28,291,379,815.00		208,450,886.48
FIXED				0.010		08.11.2018		20.11.2058						393,095,603.00		2,896,328.40
FIXED				0.010		21.01.2019		20.01.2059		167,199,000,000.00		1,231,922,232.00		7,785,317,158.00		57,362,216.82
FIXED				0.100		21.01.2019		20.01.2059		37,905,000,000.00		279,284,040.00		5,399,788,486.00		39,785,641.56
FIXED				0.010		21.01.2019		20.01.2059						534,875,920.00		3,940,965.78
FIXED				0.010		01.07.2020		20.07.2035		50,000,000,000.00		368,400,000.00		50,000,000,000.00		368,400,000.00
FIXED				0.010		15.09.2020		20.10.2060		50,000,000,000.00		368,400,000.00		10,000,000,000.00		73,680,000.00
FIXED				0.010		15.09.2020		20.01.2061						10,000,000,000.00		73,680,000.00
FIXED				0.010		15.09.2020		20.06.2061						20,000,000,000.00		147,360,000.00
FIXED				0.010		15.09.2020		20.08.2061						10,000,000,000.00		73,680,000.00
FIXED				0.010		25.04.2022		20.04.2037		30,000,000,000.00		221,040,000.00		29,970,000,000.00		220,818,960.00
FIXED				2.350		26.12.2008		19.09.2022		33,963,312,331.00		250,241,685.25		1,138,299,109.00		8,386,987.84
FIXED				1.430		26.08.2009		25.09.2029		23,554,524,203.00		173,549,734.33		7,596,892,900.00		55,973,906.89
FIXED				3.000		31.03.1993		20.03.2023		6,112,000,000.00		45,033,216.00		145,708,000.00		1,073,576.54
FIXED				3.000		29.01.1993		20.01.2023		3,653,000,000.00		26,915,304.00		153,938,000.00		1,134,215.18
FIXED				3.000		12.08.1994		20.08.2024		11,433,000,000.00		84,238,344.00		1,187,775,000.00		8,751,526.20
FIXED				3.000		07.12.1994		20.12.2024		7,056,000,000.00		51,988,608.00		775,185,000.00		5,711,563.08
FIXED				3.000		07.12.1994		20.12.2024		6,630,000,000.00		48,849,840.00		678,845,000.00		5,001,729.96

D-131

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

	INTEREST					INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
	RATE BASIS	SPREAD		RATE				DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
	FIXED						3.000		20.12.1994		20.12.2024		5,513,000,000.00		40,619,784.00		629,755,000.00		4,640,034.84
	FIXED						3.000		20.12.1994		20.12.2024		10,756,000,000.00		79,250,208.00		39,035,000.00		287,609.88
	FIXED						3.000		20.12.1994		20.12.2024		2,896,000,000.00		21,337,728.00		148,655,000.00		1,095,290.04
	FIXED						3.000		20.12.1994		20.12.2024		457,000,000.00		3,367,176.00		26,080,000.00		192,157.44
KOREAN WON															648,588,627.24				277,959,342.61
	FIXED						2.500		24.02.1998		20.12.2030		21,172,000,000.00		16,429,472.00		9,795,945,710.00		7,601,653.87
	FIXED						1.500		15.12.2005		20.12.2035		23,041,000,000.00		17,879,816.00		15,264,342,000.00		11,845,129.39
	INTEREST FREE								13.07.2009		20.07.2049		14,953,000,000.00		11,603,528.00		1,279,245,000.00		992,694.12
	FIXED						0.100		13.07.2009		20.07.2049						10,000,925,000.00		7,760,717.80
	INTEREST FREE								13.07.2009		20.07.2049		32,274,000,000.00		25,044,624.00		3,330,965,000.00		2,584,828.84
	FIXED						0.100		13.07.2009		20.07.2049						16,599,550,000.00		12,881,250.80
	FIXED						0.150		13.10.2011		20.10.2051		14,323,000,000.00		11,114,648.00		10,777,472,280.00		8,363,318.49
	INTEREST FREE								23.08.2012		20.08.2052		77,117,000,000.00		59,842,792.00		5,375,522,450.00		4,171,405.42
	FIXED						0.100		23.08.2012		20.08.2052						71,540,845,570.00		55,515,696.16
	INTEREST FREE								09.08.2012		20.08.2052		235,988,000,000.00		183,126,688.00		11,868,332,880.00		9,209,826.31
	FIXED						0.075		09.08.2012		20.08.2052						68,155,334,470.00		52,888,539.55
	INTEREST FREE								19.08.2013		20.08.2053		22,424,000,000.00		17,401,024.00		2,026,402,180.00		1,572,488.09
	FIXED						0.075		19.08.2013		20.08.2053						11,415,864,010.00		8,858,710.47
	INTEREST FREE								17.10.2013		20.10.2053		89,144,000,000.00		69,175,744.00		4,538,832,250.00		3,522,133.83
	FIXED						0.075		17.10.2013		20.10.2053						60,313,205,910.00		46,803,047.79
	INTEREST FREE								28.04.2016		20.04.2056		120,536,000,000.00		93,535,936.00		2,261,901,820.00		1,755,235.81
	FIXED						0.075		28.04.2016		20.04.2056						52,259,501,430.00		40,553,373.11
	INTEREST FREE								04.06.2018		20.06.2058		184,838,086,650.00		143,434,355.24		1,390,841,180.00		1,079,292.76
SPECIAL DRAWING RIGHTS															242,856,810.54				94,669,865.84
	FIXED						1.000		24.04.1986		15.05.2026		39,807,621.26		52,855,763.36		9,097,821.26		12,079,905.11
	FIXED						1.000		08.05.1996		15.09.2022		4,762,904.84		6,324,089.79		131,104.84		174,078.38
	FIXED						1.000		03.06.1997		15.03.2023		6,765,191.11		8,982,685.45		458,591.11		608,908.10
	FIXED						1.000		03.06.1997		15.05.2023		1,966,544.74		2,611,138.77		132,494.03		175,922.92
	FIXED						1.000		21.01.1998		01.03.2024		9,269,975.84		12,308,488.52		1,684,775.84		2,237,011.66
	FIXED						1.000		15.04.1998		15.05.2024		5,618,668.14		7,460,355.18		1,008,868.14		1,339,554.94
	FIXED						0.750		06.03.1996		15.09.2035		6,150,000.00		8,165,847.00		1,770,878.96		2,351,337.67
	FIXED						0.750		29.04.1998		15.03.2038		11,000,000.00		14,605,580.00		5,242,449.91		6,960,820.14
	FIXED						0.750		08.04.2002		01.10.2041		11,600,000.00		15,402,248.00		6,029,986.68		8,006,495.71
	FIXED						0.750		04.06.2008		15.04.2048		16,150,000.00		21,443,647.00		13,427,567.73		17,828,855.88
	LIBOR-BASED		0.000		0.830		0.830		02.09.2009		15.10.2028		10,685,000.00		14,187,329.30		3,723,184.65		4,943,570.11
	LIBOR-BASED		0.000		0.830		0.830		12.04.2013		01.11.2032		13,250,000.00		17,593,085.00		7,073,630.03		9,392,224.48
	FIXED						0.750		25.09.2000		15.01.2040		6,000,000.00		7,966,680.00		3,619,186.56		4,805,483.53
	FIXED						0.750		29.11.2000		15.01.2040		4,500,000.00		5,975,010.00		3,104,688.24		4,122,342.95

D-132

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

	INTEREST					INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
	RATE BASIS	SPREAD		RATE				DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
	FIXED						1.000		08.05.1996		01.01.2023		12,878,498.82		17,099,813.16		870,098.82		1,155,299.81
	FIXED						0.750		08.05.1996		01.01.2036		10,150,000.00		13,476,967.00		4,595,135.53		6,101,329.05
	FIXED						0.750		11.11.2005		15.04.2045		12,350,000.00		16,398,083.00		9,328,898.89		12,386,725.37
UNITED STATES DOLLAR															32,958,742,395.02				24,589,561,376.25
	LIBOR-BASED		0.000		0.759		0.759		08.05.1996		15.09.2022		9,500,000.00		9,500,000.00		156,007.51		156,007.51
	LIBOR-BASED		0.000		0.765		0.765		21.01.1998		01.09.2022		93,000,000.00		93,000,000.00		112,524.72		112,524.72
	LIBOR-BASED		0.000		0.765		0.765		21.01.1998		01.09.2022		20,222,000.00		20,222,000.00		178,367.23		178,367.23
	LIBOR-BASED		0.000		0.838		0.838		15.04.1998		15.11.2022		15,700,000.00		15,700,000.00		522,632.52		522,632.52
	SOFR		0.600		0.050		0.650		21.12.1998		01.08.2022		71,000,000.00		71,000,000.00		1,258,107.65		1,258,107.65
	LIBOR-BASED		0.000		0.767		0.767		01.03.1999		01.10.2025		53,000,000.00		53,000,000.00		9,924,412.56		9,924,412.56
	LIBOR-BASED		0.000		0.856		0.856		01.03.1999		01.12.2023		24,300,000.00		24,300,000.00		202,112.06		202,112.06
	LIBOR-BASED		0.000		0.905		0.905		01.03.1999		15.12.2023		93,162,000.00		93,162,000.00		9,041,801.59		9,041,801.59
	LIBOR-BASED		0.000		0.767		0.767		01.03.1999		15.08.2023		60,000,000.00		60,000,000.00		7,107,076.35		7,107,076.35
	LIBOR-BASED		0.000		0.767		0.767		18.07.2000		15.08.2024		75,000,000.00		75,000,000.00		443,996.51		443,996.51
	LIBOR-BASED		0.000		0.767		0.767		21.07.2000		15.02.2025		75,000,000.00		75,000,000.00		18,875,770.28		18,875,770.28
	LIBOR-BASED		0.000		0.767		0.767		16.11.2000		15.08.2025		25,000,000.00		25,000,000.00		5,931,943.82		5,931,943.82
	LIBOR-BASED		0.600		0.159		0.759		22.10.2000		15.09.2025		75,000,000.00		75,000,000.00		20,642,059.73		20,642,059.73
	LIBOR-BASED		0.000		0.838		0.838		10.01.2005		15.11.2030		13,000,000.00		13,000,000.00		8,333,524.13		8,333,524.13
	LIBOR-BASED		0.000		0.838		0.838		28.03.2007		15.11.2031		33,800,000.00		33,800,000.00		14,884,489.83		14,884,489.83
	LIBOR-BASED		0.000		0.359		0.359		07.10.2008		15.09.2023		250,000,000.00		250,000,000.00		69,196,457.50		69,196,457.50
	LIBOR-BASED		0.000		0.438		0.438		08.12.2008		15.11.2033		45,144,750.20		45,144,750.20		37,079,492.53		37,079,492.53
	LIBOR-BASED		0.000		0.505		0.505		18.12.2008		15.12.2023		300,000,000.00		300,000,000.00		59,206,872.00		59,206,872.00
	LIBOR-BASED		0.000		0.367		0.367		02.03.2009		15.08.2033		31,100,000.00		31,100,000.00		19,299,743.46		19,299,743.46
	LIBOR-BASED		0.000		0.365		0.365		16.09.2009		01.09.2024		250,000,000.00		250,000,000.00		78,440,270.00		78,440,270.00
	LIBOR-BASED		0.000		0.438		0.438		08.12.2009		15.11.2024		225,000,000.00		225,000,000.00		70,596,243.00		70,596,243.00
	LIBOR-BASED		0.000		0.465		0.465		14.09.2010		01.09.2035		400,000,000.00		400,000,000.00		341,407,361.85		341,407,361.85
	LIBOR-BASED		0.300		0.256		0.556		22.02.2011		01.12.2025		200,000,000.00		200,000,000.00		83,868,738.00		83,868,738.00
	LIBOR-BASED		0.400		0.256		0.656		13.01.2012		01.12.2026		300,000,000.00		300,000,000.00		154,533,069.00		154,533,069.00
	LIBOR-BASED		0.400		0.256		0.656		12.03.2012		01.12.2036		62,000,000.00		62,000,000.00		54,583,513.39		54,583,513.39
	LIBOR-BASED		0.000		0.567		0.567		04.07.2012		15.04.2027		350,000,000.00		350,000,000.00		195,860,378.00		195,860,378.00
	LIBOR-BASED		0.000		0.667		0.667		22.03.2013		15.08.2032		100,000,000.00		100,000,000.00		52,166,111.76		52,166,111.76
	LIBOR-BASED		0.400		0.256		0.656		27.09.2013		01.12.2032		300,000,000.00		300,000,000.00		16,635,335.54		16,635,335.54
	LIBOR-BASED		0.400		0.456		0.856		23.12.2013		01.12.2045		500,000,000.00		500,000,000.00		490,000,000.00		490,000,000.00
	FIXED						0.250		27.09.2013		01.12.2052		100,000,000.00		100,000,000.00		7,412,223.22		7,412,223.22
	LIBOR-BASED		0.400		0.505		0.905		26.03.2014		15.12.2045		372,103,895.00		372,103,895.00		318,382,717.97		318,382,717.97
	LIBOR-BASED		0.400		0.164		0.564		14.02.2014		01.02.2029		250,000,000.00		250,000,000.00		222,438,562.50		222,438,562.50
	LIBOR-BASED		0.500		0.256		0.756		12.02.2015		01.12.2029		350,000,000.00		350,000,000.00		318,099,502.00		318,099,502.00
	LIBOR-BASED		0.500		0.256		0.756		10.02.2015		01.12.2034		300,000,000.00		300,000,000.00		253,201,603.92		253,201,603.92
	LIBOR-BASED		0.500		0.159		0.659		07.12.2015		15.09.2030		300,000,000.00		300,000,000.00		281,972,745.00		281,972,745.00

D-133

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

INTEREST					INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
RATE BASIS	SPREAD		RATE				DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
LIBOR-BASED		0.500		0.159		0.659		07.12.2015		15.09.2030		300,000,000.00		300,000,000.00		281,972,745.00		281,972,745.00
LIBOR-BASED		0.500		0.456		0.956		29.04.2016		01.12.2040		400,000,000.00		400,000,000.00		389,561,240.00		389,561,240.00
LIBOR-BASED		0.500		0.256		0.756		15.12.2016		01.12.2031		250,000,000.00		250,000,000.00		240,847,502.50		240,847,502.50
LIBOR-BASED		0.500		0.238		0.738		06.11.2017		15.05.2032		300,000,000.00		300,000,000.00		291,866,046.00		291,866,046.00
LIBOR-BASED		0.500		0.204		0.704		06.12.2017		01.11.2032		300,000,000.00		300,000,000.00		294,343,473.00		294,343,473.00
LIBOR-BASED		0.500		0.267		0.767		08.11.2017		15.10.2042		100,000,000.00		100,000,000.00		50,795,695.15		50,795,695.15
LIBOR-BASED		0.500		0.438		0.938		10.01.2018		15.11.2047		380,000,000.00		380,000,000.00		79,832,333.59		79,832,333.59
LIBOR-BASED		0.500		0.238		0.738		28.08.2018		15.05.2033		300,000,000.00		300,000,000.00		296,497,758.00		296,497,758.00
LIBOR-BASED		0.500		0.438		0.938		17.12.2018		15.11.2050		300,000,000.00		300,000,000.00		300,000,000.00		300,000,000.00
LIBOR-BASED		0.500		0.438		0.938		17.12.2018		15.11.2050		100,000,000.00		100,000,000.00		2,480,260.29		2,480,260.29
LIBOR-BASED		0.500		0.238		0.738		09.10.2018		15.05.2033		300,000,000.00		300,000,000.00		296,497,758.00		296,497,758.00
LIBOR-BASED		0.500		0.438		0.938		03.06.2019		15.05.2044		300,000,000.00		300,000,000.00		176,500,000.00		176,500,000.00
LIBOR-BASED		0.500		0.367		0.867		11.07.2019		01.04.2049		1,300,000,000.00		1,300,000,000.00		468,786,985.95		468,786,985.95
LIBOR-BASED		0.500		0.204		0.704		20.11.2019		01.11.2034		300,000,000.00		300,000,000.00		300,000,000.00		300,000,000.00
LIBOR-BASED		0.500		0.305		0.805		13.12.2019		15.06.2034		400,000,000.00		400,000,000.00		400,000,000.00		400,000,000.00
LIBOR-BASED		0.500		0.456		0.956		13.12.2019		01.12.2047		200,000,000.00		200,000,000.00		18,624,874.42		18,624,874.42
LIBOR-BASED		0.500		0.438		0.938		13.12.2019		15.11.2047		23,300,000.00		23,300,000.00		3,614,206.52		3,614,206.52
LIBOR-BASED		0.500		0.287		0.787		23.04.2020		15.04.2030		250,000,000.00		250,000,000.00		250,000,000.00		250,000,000.00
LIBOR-BASED		0.500		0.287		0.787		23.04.2020		15.04.2025		500,000,000.00		500,000,000.00		500,000,000.00		500,000,000.00
LIBOR-BASED		0.500		0.367		0.867		28.04.2020		15.04.2049		200,000,000.00		200,000,000.00		200,000,000.00		200,000,000.00
LIBOR-BASED		0.500		0.167		0.667		04.06.2020		15.04.2035		400,000,000.00		400,000,000.00		400,000,000.00		400,000,000.00
LIBOR-BASED		0.500		0.404		0.904		15.06.2020		01.05.2049		500,000,000.00		500,000,000.00		470,723,011.03		470,723,011.03
LIBOR-BASED		0.500		0.505		1.005		01.07.2020		15.06.2048		26,532,604.00		26,532,604.00		758,956.73		758,956.73
LIBOR-BASED		0.500		0.167		0.667		20.08.2020		15.02.2035		400,000,000.00		400,000,000.00		400,000,000.00		400,000,000.00
LIBOR-BASED		0.500		0.167		0.667		27.08.2020		15.08.2035		300,000,000.00		300,000,000.00		300,000,000.00		300,000,000.00
LIBOR-BASED		0.500		0.467		0.967		08.09.2020		15.08.2049		125,000,000.00		125,000,000.00		80,334,042.91		80,334,042.91
LIBOR-BASED		0.500		0.165		0.665		15.09.2020		01.09.2036		500,000,000.00		500,000,000.00		500,000,000.00		500,000,000.00
LIBOR-BASED		0.500		0.165		0.665		19.03.2021		01.03.2031		400,000,000.00		400,000,000.00		393,446,825.14		393,446,825.14
SOFR		0.500		0.443		0.943		13.08.2021		15.07.2036		400,000,000.00		400,000,000.00		400,000,000.00		400,000,000.00
LIBOR-BASED		0.500		2.000		2.500		19.11.2021		15.08.2036		400,000,000.00		400,000,000.00		400,000,000.00		400,000,000.00
LIBOR-BASED		0.500		0.305		0.805		16.12.2021		15.11.2036		600,000,000.00		600,000,000.00		600,000,000.00		600,000,000.00
SOFR		0.500		2.280		2.780		01.06.2022		15.05.2037		400,000,000.00		400,000,000.00		400,000,000.00		400,000,000.00
SOFR		0.500		2.280		2.780		01.06.2022		15.05.2037		250,000,000.00		250,000,000.00		250,000,000.00		250,000,000.00
SOFR		1.070		1.171		2.241		07.01.2010		01.10.2034		405,000,000.00		405,000,000.00		337,567,500.16		337,567,500.16
FIXED						5.540		23.01.2007		15.11.2026		250,000,000.00		250,000,000.00		93,625,000.00		93,625,000.00
FIXED						4.910		29.08.2007		15.05.2027		50,000,000.00		50,000,000.00		1,040,500.00		1,040,500.00
FIXED						4.440		29.08.2007		15.05.2027						624,300.00		624,300.00
FIXED						3.730		29.08.2007		15.05.2027						416,200.00		416,200.00
FIXED						4.160		29.08.2007		15.05.2027						2,228,008.29		2,228,008.29
FIXED						4.100		29.08.2007		15.05.2027						1,043,307.56		1,043,307.56
FIXED						3.350		29.08.2007		15.05.2027						1,002,174.58		1,002,174.58

D-134

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

INTEREST					INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
RATE BASIS	SPREAD		RATE				DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED						3.600		29.08.2007		15.05.2027						2,079,766.11		2,079,766.11
FIXED						2.580		29.08.2007		15.11.2026						309,037.26		309,037.26
FIXED						2.350		29.08.2007		15.05.2027						1,769,252.52		1,769,252.52
FIXED						1.940		29.08.2007		15.05.2027						5,920,766.25		5,920,766.25
FIXED						2.280		29.08.2007		15.05.2027						3,112,037.75		3,112,037.75
FIXED						2.900		29.08.2007		15.05.2027						1,198,148.24		1,198,148.24
FIXED						2.750		29.08.2007		15.05.2027						66,440.91		66,440.91
LIBOR-BASED		0.500		1.760		2.260		16.12.2008		15.11.2033		200,000,000.00		200,000,000.00		153,380,000.00		153,380,000.00
FIXED						3.670		24.10.2008		15.11.2032		232,000,000.00		232,000,000.00		406,174.00		406,174.00
FIXED						4.170		24.10.2008		15.11.2032						2,100,900.00		2,100,900.00
FIXED						4.140		24.10.2008		15.11.2032						25,495.84		25,495.84
FIXED						3.510		24.10.2008		15.11.2032						1,386,911.31		1,386,911.31
FIXED						3.730		24.10.2008		15.11.2032						4,786,587.83		4,786,587.83
FIXED						2.660		24.10.2008		15.11.2032						4,246,759.90		4,246,759.90
FIXED						2.470		24.10.2008		15.11.2032						6,514,409.53		6,514,409.53
FIXED						2.090		24.10.2008		15.11.2032						8,956,247.70		8,956,247.70
FIXED						2.530		24.10.2008		15.11.2032						16,334,277.17		16,334,277.17
FIXED						3.230		24.10.2008		15.11.2032						10,084,203.40		10,084,203.40
FIXED						2.980		24.10.2008		15.11.2032						12,412,992.01		12,412,992.01
FIXED						2.710		24.10.2008		15.11.2032						11,189,943.95		11,189,943.95
FIXED						2.520		24.10.2008		15.11.2032						8,406,257.38		8,406,257.38
FIXED						2.410		24.10.2008		15.11.2032						10,609,285.80		10,609,285.80
FIXED						1.880		24.10.2008		15.11.2032						9,484,729.19		9,484,729.19
LIBOR-BASED		0.500		1.790		2.290		24.10.2008		15.11.2032						10,581,871.29		10,581,871.29
FIXED						2.550		24.10.2008		15.11.2032						10,691,713.39		10,691,713.39
FIXED						2.600		24.10.2008		15.11.2032						2,343,345.71		2,343,345.71
LIBOR-BASED		1.450		1.130		2.580		12.05.2009		15.09.2033		10,000,000.00		10,000,000.00		6,875,682.78		6,875,682.78
FIXED						5.810		30.06.2005		15.04.2025		16,000,000.00		16,000,000.00		94,772.00		94,772.00
FIXED						5.640		30.06.2005		15.04.2025						11,160.84		11,160.84
FIXED						5.600		30.06.2005		15.04.2025						1,473.91		1,473.91
FIXED						5.630		30.06.2005		15.04.2025						23,231.20		23,231.20
FIXED						4.480		30.06.2005		15.04.2025						53,356.58		53,356.58
FIXED						4.770		30.06.2005		15.04.2025						34,338.58		34,338.58
FIXED						3.590		30.06.2005		15.04.2025						99,273.35		99,273.35
FIXED						3.820		30.06.2005		15.04.2025						166,976.70		166,976.70
FIXED						4.130		30.06.2005		15.04.2025						92,744.93		92,744.93
FIXED						2.770		30.06.2005		15.04.2025						130,307.00		130,307.00
FIXED						3.680		30.06.2005		15.04.2025						369,887.73		369,887.73
FIXED						2.460		30.06.2005		15.04.2025						221,073.60		221,073.60
FIXED						2.270		30.06.2005		15.04.2025						433,967.69		433,967.69
FIXED						1.850		30.06.2005		15.04.2025						253,182.53		253,182.53

D-135

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

INTEREST			INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
RATE BASIS	SPREAD	RATE			DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED				1.940		30.06.2005		15.04.2025						152,847.22		152,847.22
FIXED				2.600		30.06.2005		15.04.2025						91,032.71		91,032.71
FIXED				2.540		30.06.2005		15.04.2025						461,804.76		461,804.76
FIXED				5.560		26.01.2004		15.10.2023		5,000,000.00		5,000,000.00		6,215.00		6,215.00
FIXED				5.870		26.01.2004		15.10.2023						34,966.95		34,966.95
FIXED				5.830		26.01.2004		15.10.2023						27,206.58		27,206.58
FIXED				5.840		26.01.2004		15.10.2023						5,255.83		5,255.83
FIXED				4.620		26.01.2004		15.10.2023						62,552.78		62,552.78
FIXED				4.980		26.01.2004		15.10.2023						89,391.42		89,391.42
FIXED				3.740		26.01.2004		15.10.2023						57,321.14		57,321.14
FIXED				3.920		26.01.2004		15.10.2023						45,167.42		45,167.42
FIXED				4.170		26.01.2004		15.10.2023						56,271.33		56,271.33
FIXED				2.820		26.01.2004		15.10.2023						64,715.48		64,715.48
FIXED				3.710		26.01.2004		15.10.2023						64,423.53		64,423.53
FIXED				2.560		26.01.2004		15.10.2023						24,820.55		24,820.55
FIXED				5.380		30.03.2007		15.11.2026		11,000,000.00		11,000,000.00		37,450.00		37,450.00
FIXED				4.890		30.03.2007		15.11.2026						91,800.19		91,800.19
FIXED				4.430		30.03.2007		15.11.2026						19,169.93		19,169.93
FIXED				3.710		30.03.2007		15.11.2026						13,664.67		13,664.67
FIXED				4.120		30.03.2007		15.11.2026						43,671.84		43,671.84
FIXED				4.060		30.03.2007		15.11.2026						187,692.38		187,692.38
FIXED				3.290		30.03.2007		15.11.2026						237,053.08		237,053.08
FIXED				3.540		30.03.2007		15.11.2026						117,833.46		117,833.46
FIXED				2.530		30.03.2007		15.11.2026						427,289.05		427,289.05
FIXED				2.300		30.03.2007		15.11.2026						145,800.32		145,800.32
FIXED				1.890		30.03.2007		15.11.2026						413,253.91		413,253.91
FIXED				2.220		30.03.2007		15.11.2026						508,844.35		508,844.35
FIXED				2.820		30.03.2007		15.11.2026						266,866.91		266,866.91
FIXED				5.380		03.05.2007		15.11.2026		83,752,000.00		83,752,000.00		187,250.00		187,250.00
FIXED				4.890		03.05.2007		15.11.2026						749,000.00		749,000.00
FIXED				4.430		03.05.2007		15.11.2026						131,075.00		131,075.00
FIXED				3.710		03.05.2007		15.11.2026						632,905.00		632,905.00
FIXED				4.120		03.05.2007		15.11.2026						1,074,617.73		1,074,617.73
FIXED				4.060		03.05.2007		15.11.2026						913,222.96		913,222.96
FIXED				3.290		03.05.2007		15.11.2026						783,588.78		783,588.78
FIXED				3.540		03.05.2007		15.11.2026						1,709,130.75		1,709,130.75
FIXED				2.530		03.05.2007		15.11.2026						1,724,690.99		1,724,690.99
FIXED				2.300		03.05.2007		15.11.2026						3,237,913.20		3,237,913.20
FIXED				1.890		03.05.2007		15.11.2026						3,493,793.46		3,493,793.46
FIXED				2.220		03.05.2007		15.11.2026						4,416,065.17		4,416,065.17
FIXED				2.820		03.05.2007		15.11.2026						3,547,669.92		3,547,669.92

D-136

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

INTEREST			INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
RATE BASIS	SPREAD	RATE			DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED				2.690		03.05.2007		15.11.2026						2,444,516.74		2,444,516.74
FIXED				2.530		03.05.2007		15.11.2026						2,577,199.72		2,577,199.72
FIXED				2.370		03.05.2007		15.11.2026						2,204,367.48		2,204,367.48
FIXED				5.490		22.01.2003		15.10.2022		50,000,000.00		50,000,000.00		61,350.00		61,350.00
FIXED				5.490		22.01.2003		15.10.2022						10,707.49		10,707.49
FIXED				5.250		22.01.2003		15.10.2022						23,100.60		23,100.60
FIXED				5.420		22.01.2003		15.10.2022						104,543.34		104,543.34
FIXED				5.530		22.01.2003		15.10.2022						102,878.12		102,878.12
FIXED				6.030		22.01.2003		15.10.2022						133,992.80		133,992.80
FIXED				5.860		22.01.2003		15.10.2022						206,362.41		206,362.41
FIXED				5.810		22.01.2003		15.10.2022						341,409.97		341,409.97
FIXED				5.810		22.01.2003		15.10.2022						278,539.65		278,539.65
FIXED				4.530		22.01.2003		15.10.2022						260,163.26		260,163.26
FIXED				4.940		22.01.2003		15.10.2022						168,010.02		168,010.02
FIXED				3.660		22.01.2003		15.10.2022						180,299.39		180,299.39
FIXED				3.810		22.01.2003		15.10.2022						141,614.61		141,614.61
FIXED				4.040		22.01.2003		15.10.2022						16,378.91		16,378.91
FIXED				3.580		22.01.2003		15.10.2022						6,679.88		6,679.88
FIXED				5.490		22.01.2003		15.10.2022		33,600,000.00		33,600,000.00		54,642.40		54,642.40
FIXED				5.490		22.01.2003		15.10.2022						30,682.00		30,682.00
FIXED				5.250		22.01.2003		15.10.2022						35,326.04		35,326.04
FIXED				5.420		22.01.2003		15.10.2022						36,980.10		36,980.10
FIXED				5.530		22.01.2003		15.10.2022						144,970.33		144,970.33
FIXED				6.030		22.01.2003		15.10.2022						154,838.28		154,838.28
FIXED				5.860		22.01.2003		15.10.2022						115,874.35		115,874.35
FIXED				5.810		22.01.2003		15.10.2022						286,515.11		286,515.11
FIXED				5.810		22.01.2003		15.10.2022						99,439.08		99,439.08
FIXED				4.530		22.01.2003		15.10.2022						140,635.87		140,635.87
FIXED				4.940		22.01.2003		15.10.2022						104,146.29		104,146.29
FIXED				3.660		22.01.2003		15.10.2022						67,096.89		67,096.89
FIXED				3.810		22.01.2003		15.10.2022						22,787.65		22,787.65
FIXED				5.520		19.08.2003		15.04.2023		21,900,000.00		21,900,000.00		22,219.40		22,219.40
FIXED				5.280		19.08.2003		15.04.2023						34,868.87		34,868.87
FIXED				5.440		19.08.2003		15.04.2023						42,120.76		42,120.76
FIXED				5.540		19.08.2003		15.04.2023						13,759.72		13,759.72
FIXED				6.040		19.08.2003		15.04.2023						80,496.90		80,496.90
FIXED				5.870		19.08.2003		15.04.2023						112,759.22		112,759.22
FIXED				5.820		19.08.2003		15.04.2023						216,829.03		216,829.03
FIXED				5.830		19.08.2003		15.04.2023						159,859.90		159,859.90
FIXED				4.570		19.08.2003		15.04.2023						86,980.58		86,980.58
FIXED				4.960		19.08.2003		15.04.2023						24,372.11		24,372.11

D-137

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

INTEREST			INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
RATE BASIS	SPREAD	RATE			DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED				3.700		19.08.2003		15.04.2023						97,603.75		97,603.75
FIXED				3.860		19.08.2003		15.04.2023						59,170.91		59,170.91
FIXED				4.110		19.08.2003		15.04.2023						58,347.50		58,347.50
FIXED				2.760		19.08.2003		15.04.2023						10,586.81		10,586.81
FIXED				3.650		19.08.2003		15.04.2023						65,854.27		65,854.27
FIXED				2.510		19.08.2003		15.04.2023						188,452.16		188,452.16
FIXED				2.320		19.08.2003		15.04.2023						187,548.16		187,548.16
FIXED				1.890		19.08.2003		15.04.2023						250,630.59		250,630.59
FIXED				1.950		19.08.2003		15.04.2023						31,862.14		31,862.14
FIXED				5.470		24.08.2004		15.04.2024		60,000,000.00		60,000,000.00		125,080.79		125,080.79
FIXED				5.560		24.08.2004		15.04.2024						82,704.87		82,704.87
FIXED				6.050		24.08.2004		15.04.2024						128,958.43		128,958.43
FIXED				5.880		24.08.2004		15.04.2024						366,293.41		366,293.41
FIXED				5.840		24.08.2004		15.04.2024						147,677.49		147,677.49
FIXED				5.860		24.08.2004		15.04.2024						18,547.70		18,547.70
FIXED				4.660		24.08.2004		15.04.2024						1,723,630.33		1,723,630.33
FIXED				4.990		24.08.2004		15.04.2024						1,543,101.91		1,543,101.91
FIXED				5.430		30.06.2005		15.12.2024		18,995,000.00		18,995,000.00		19,726.26		19,726.26
FIXED				5.840		30.06.2005		15.12.2024						155,775.00		155,775.00
FIXED				5.350		30.06.2005		15.12.2024						76,128.06		76,128.06
FIXED				6.160		30.06.2005		15.12.2024						97,222.59		97,222.59
FIXED				5.140		30.06.2005		15.12.2024						199,402.56		199,402.56
FIXED				5.180		30.06.2005		15.12.2024						230,786.20		230,786.20
FIXED				3.220		30.06.2005		15.12.2024						196,684.68		196,684.68
FIXED				4.640		30.06.2005		15.12.2024						286,678.20		286,678.20
FIXED				4.000		30.06.2005		15.12.2024						414,906.83		414,906.83
FIXED				3.640		30.06.2005		15.12.2024						336,107.20		336,107.20
FIXED				3.520		30.06.2005		15.12.2024						623,093.24		623,093.24
FIXED				3.090		30.06.2005		15.12.2024						348,680.98		348,680.98
FIXED				2.320		30.06.2005		15.12.2024						164,697.55		164,697.55
FIXED				1.980		30.06.2005		15.12.2024						27,651.34		27,651.34
FIXED				6.180		03.10.2006		15.06.2026		200,000,000.00		200,000,000.00		842,121.54		842,121.54
FIXED				5.200		03.10.2006		15.06.2026						3,022,014.58		3,022,014.58
FIXED				5.240		03.10.2006		15.06.2026						12,020,939.04		12,020,939.04
FIXED				3.240		03.10.2006		15.06.2026						8,096,149.68		8,096,149.68
FIXED				4.750		03.10.2006		15.06.2026						2,931,403.94		2,931,403.94
FIXED				4.170		03.10.2006		15.06.2026						9,487,805.32		9,487,805.32
FIXED				3.800		03.10.2006		15.06.2026						8,866,479.84		8,866,479.84
FIXED				3.730		03.10.2006		15.06.2026						6,142,946.29		6,142,946.29
FIXED				3.310		03.10.2006		15.06.2026						1,005,863.26		1,005,863.26
FIXED				2.460		03.10.2006		15.06.2026						9,627,149.98		9,627,149.98

D-138

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

INTEREST					INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
RATE BASIS	SPREAD		RATE				DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED						2.110		03.10.2006		15.06.2026						262,616.20		262,616.20
FIXED						1.950		03.10.2006		15.06.2026						3,109,746.24		3,109,746.24
FIXED						2.440		03.10.2006		15.06.2026						1,144,764.41		1,144,764.41
FIXED						6.180		03.10.2006		15.06.2026		110,000,000.00		110,000,000.00		91,520.00		91,520.00
FIXED						5.200		03.10.2006		15.06.2026						2,133,136.00		2,133,136.00
FIXED						3.240		03.10.2006		15.06.2026						3,872,998.62		3,872,998.62
FIXED						4.170		03.10.2006		15.06.2026						6,540,306.72		6,540,306.72
FIXED						3.730		03.10.2006		15.06.2026						128,849.11		128,849.11
FIXED						3.310		03.10.2006		15.06.2026						10,588,576.06		10,588,576.06
FIXED						2.110		03.10.2006		15.06.2026						10,288,998.38		10,288,998.38
FIXED						1.950		03.10.2006		15.06.2026						1,205,767.18		1,205,767.18
LIBOR-BASED		0.500		0.570		1.070		28.06.2010		15.05.2035		250,000,000.00		250,000,000.00		216,700,000.00		216,700,000.00
LIBOR-BASED		0.500		0.570		1.070		31.08.2010		01.05.2035		30,000,000.00		30,000,000.00		25,425,710.90		25,425,710.90
LIBOR-BASED		0.500		2.550		3.050		07.08.2009		01.05.2034		70,360,000.00		70,360,000.00		46,424,368.18		46,424,368.18
LIBOR-BASED		0.500		0.770		1.270		03.12.2010		01.05.2035		59,124,000.00		59,124,000.00		49,661,651.91		49,661,651.91
SOFR		0.850		0.186		1.036		12.05.2011		01.01.2036		10,000,000.00		10,000,000.00		2,307,994.38		2,307,994.38
SOFR		1.270		1.171		2.441		15.06.2011		01.10.2036		250,000,000.00		250,000,000.00		233,850,000.00		233,850,000.00
LIBOR-BASED		0.500		0.770		1.270		23.09.2011		15.10.2036		500,000,000.00		500,000,000.00		2,416,750.00		2,416,750.00
LIBOR-BASED		0.500		0.770		1.270		23.09.2011		15.10.2036						480,933,250.00		480,933,250.00
SOFR		0.850		0.289		1.139		30.01.2013		15.07.2037		100,000,000.00		100,000,000.00		100,000,000.00		100,000,000.00
SOFR		0.850		0.523		1.373		02.04.2014		15.02.2039		479,000,000.00		479,000,000.00		430,541,837.03		430,541,837.03
LIBOR-BASED		0.500		0.770		1.270		20.04.2013		15.11.2037		300,000,000.00		300,000,000.00		300,000,000.00		300,000,000.00
LIBOR-BASED		1.270		0.480		1.750		23.12.2013		01.12.2038		500,000,000.00		500,000,000.00		500,000,000.00		500,000,000.00
SOFR		0.850		0.986		1.836		10.04.2014		15.03.2039		300,000,000.00		300,000,000.00		295,200,000.00		295,200,000.00
LIBOR-BASED		0.500		0.770		1.270		08.09.2014		15.04.2044		501,250,000.00		501,250,000.00		349,895,847.56		349,895,847.56
LIBOR-BASED		0.500		0.460		0.960		14.10.2014		15.05.2039		116,000,000.00		116,000,000.00		22,074,843.42		22,074,843.42
LIBOR-BASED		0.500		0.770		1.270		14.10.2014		15.05.2039		300,000,000.00		300,000,000.00		300,000,000.00		300,000,000.00
LIBOR-BASED		0.500		1.070		1.570		20.01.2016		15.10.2041		500,000,000.00		500,000,000.00		2,500,000.00		2,500,000.00
LIBOR-BASED		0.500		1.070		1.570		20.01.2016		15.10.2043						496,256,250.00		496,256,250.00
LIBOR-BASED		0.500		1.070		1.570		20.01.2016		15.04.2044						3,110.00		3,110.00
LIBOR-BASED		0.500		1.070		1.570		20.01.2016		15.04.2044						1,240,640.00		1,240,640.00
SOFR		1.050		0.289		1.339		29.04.2016		15.01.2041		450,000,000.00		450,000,000.00		450,000,000.00		450,000,000.00
LIBOR-BASED		0.500		0.970		1.470		02.03.2018		15.11.2040		170,000,000.00		170,000,000.00		155,637,684.86		155,637,684.86
LIBOR-BASED		0.500		1.070		1.570		19.12.2017		15.04.2042		207,603,205.00		207,603,205.00		16,643,698.89		16,643,698.89
SOFR		1.050		0.987		2.037		14.02.2019		15.03.2042		40,700,000.00		40,700,000.00		101,750.00		101,750.00
LIBOR-BASED		0.500		0.970		1.470		02.04.2019		15.10.2037		450,000,000.00		450,000,000.00		450,000,000.00		450,000,000.00
LIBOR-BASED		0.500		1.120		1.620		28.11.2019		15.05.2044		300,000,000.00		300,000,000.00		300,000,000.00		300,000,000.00
LIBOR-BASED		1.470		0.730		2.200		19.12.2019		15.12.2038		400,000,000.00		400,000,000.00		400,000,000.00		400,000,000.00
SOFR		1.770		1.171		2.941		10.04.2020		01.04.2049		500,000,000.00		500,000,000.00		500,000,000.00		500,000,000.00
LIBOR-BASED		0.500		1.270		1.770		28.04.2020		15.04.2049		100,000,000.00		100,000,000.00		80,196,783.43		80,196,783.43
LIBOR-BASED		0.500		1.270		1.770		03.06.2020		15.05.2049		500,000,000.00		500,000,000.00		500,000,000.00		500,000,000.00

D-139

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

INTEREST					INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
RATE BASIS	SPREAD		RATE				DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
LIBOR-BASED		1.770		1.030		2.800		14.07.2020		15.06.2049		370,000,000.00		370,000,000.00		23,892,196.84		23,892,196.84
SOFR		1.350		0.978		2.328		10.11.2020		15.09.2049		600,000,000.00		600,000,000.00		301,505,226.00		301,505,226.00
LIBOR-BASED		0.500		1.270		1.770		03.12.2020		15.10.2049		88,280,000.00		88,280,000.00		625,523.65		625,523.65
LIBOR-BASED		1.070		0.330		1.400		21.12.2020		15.06.2031		600,000,000.00		600,000,000.00		600,000,000.00		600,000,000.00
LIBOR-BASED		1.770		0.980		2.750		21.12.2020		01.12.2049		300,000,000.00		300,000,000.00		137,848,833.21		137,848,833.21
SOFR		0.900		0.791		1.691		19.03.2021		01.09.2039		500,000,000.00		500,000,000.00		453,494,121.40		453,494,121.40
LIBOR-BASED		1.620		0.880		2.500		19.07.2021		15.06.2046		280,000,000.00		280,000,000.00		45,579,546.12		45,579,546.12
LIBOR-BASED		1.320		0.580		1.900		19.07.2021		15.12.2039		400,000,000.00		400,000,000.00		400,000,000.00		400,000,000.00
LIBOR-BASED		0.500		0.820		1.320		29.11.2021		15.11.2039		500,000,000.00		500,000,000.00		2,500,000.00		2,500,000.00
LIBOR-BASED		0.500		0.870		1.370		29.11.2021		15.11.2039						80,000,000.00		80,000,000.00
LIBOR-BASED		0.500		0.820		1.320		29.11.2021		15.11.2039						120,000,000.00		120,000,000.00
LIBOR-BASED		1.320		0.580		1.900		16.12.2021		01.06.2040		600,000,000.00		600,000,000.00		600,000,000.00		600,000,000.00
LIBOR-BASED		1.050		2.266		3.316		18.06.2019		10.06.2044		202,040,000.00		202,040,000.00		9,883,530.77		9,883,530.77
FIXED						3.000		23.07.1982		15.04.2023		9,900,000.00		9,900,000.00		269,704.10		269,704.10
FIXED						3.000		28.05.1981		26.08.2022		1,000,000.00		1,000,000.00		22,444.49		22,444.49
FIXED						3.000		30.09.1981		17.08.2022		1,600,000.00		1,600,000.00		20,244.94		20,244.94
FIXED						3.000		31.08.1982		14.06.2023		4,500,000.00		4,500,000.00		40,002.65		40,002.65
FIXED						3.000		29.09.1982		28.04.2023		8,300,000.00		8,300,000.00		10,423.20		10,423.20
FIXED						3.000		23.05.1984		02.06.2023		7,000,000.00		7,000,000.00		2,119.57		2,119.57
FIXED						3.000		31.08.1983		16.11.2024		13,500,000.00		13,500,000.00		21,857.81		21,857.81
FIXED						3.000		28.10.1980		16.12.2023		7,500,000.00		7,500,000.00		273,979.56		273,979.56
FIXED						3.000		04.12.1980		28.10.2023		9,200,000.00		9,200,000.00		37,794.92		37,794.92
FIXED						3.000		21.07.1982		12.09.2023		2,900,000.00		2,900,000.00		22,013.80		22,013.80
FIXED						3.000		30.07.1983		16.04.2025		7,800,000.00		7,800,000.00		140,961.41		140,961.41
FIXED						3.000		29.07.1983		01.10.2024		1,000,000.00		1,000,000.00		7,626.38		7,626.38
FIXED						3.000		26.03.1984		10.10.2024		2,300,000.00		2,300,000.00		42,588.60		42,588.60
FIXED						3.000		15.02.1979		22.11.2022		1,600,000.00		1,600,000.00		18,237.98		18,237.98
FIXED						3.000		30.06.1980		14.02.2023		3,300,000.00		3,300,000.00		112,968.79		112,968.79
FIXED						3.000		30.04.1993		26.11.2023		20,000,000.00		20,000,000.00		1,666,627.04		1,666,627.04
FIXED						1.000		09.08.2001		31.12.2031		40,000,000.00		40,000,000.00		9,084,407.39		9,084,407.39
FIXED						1.000		09.08.2001		27.01.2032						6,194,921.70		6,194,921.70
FIXED						1.000		11.07.2002		27.12.2032		20,000,000.00		20,000,000.00		6,156,289.04		6,156,289.04
FIXED						1.000		11.07.2002		13.02.2033						2,298,127.85		2,298,127.85
FIXED						1.000		17.07.2003		31.12.2033		40,000,000.00		40,000,000.00		17,483,122.10		17,483,122.10
FIXED						1.000		17.07.2003		14.01.2034						978,344.05		978,344.05
FIXED						1.000		09.08.2004		31.12.2034		20,000,000.00		20,000,000.00		3,304,891.04		3,304,891.04
FIXED						1.000		09.08.2004		03.03.2035						6,692,717.57		6,692,717.57
FIXED						1.000		10.08.2005		21.03.2036		20,000,000.00		20,000,000.00		10,459,590.00		10,459,590.00
FIXED						1.000		14.07.2006		31.12.2037		20,000,000.00		20,000,000.00		5,854,463.13		5,854,463.13
FIXED						1.000		14.07.2006		14.01.2038						6,390,648.82		6,390,648.82
INTEREST FREE								05.01.1973		01.09.2022		12,700,000.00		12,700,000.00		190,500.00		190,500.00

D-140

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

	INTEREST					INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
	RATE BASIS	SPREAD		RATE				DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
	INTEREST FREE								21.04.1978		15.12.2027		28,000,000.00		28,000,000.00		3,550,700.37		3,550,700.37
	INTEREST FREE								27.06.1979		01.06.2029		40,000,000.00		40,000,000.00		6,766,873.91		6,766,873.91
	SOFR		0.000		1.446		1.446		11.10.2017		15.10.2035		10,333,000.00		10,333,000.00		6,682,578.17		6,682,578.17
	FIXED						4.000		17.12.2008		15.07.2028		30,000,000.00		30,000,000.00		828,732.93		828,732.93
	FIXED						4.000		17.12.2008		15.07.2028		10,000,000.00		10,000,000.00		4,333,390.00		4,333,390.00
	FIXED						4.200		20.07.2012		15.01.2032		30,000,000.00		30,000,000.00		18,493,029.90		18,493,029.90
	SOFR		0.000		1.446		1.446		15.04.2019		15.04.2037		62,900,000.00		62,900,000.00		9,279,337.67		9,279,337.67
	LIBOR-BASED		0.000		0.760		0.760		03.06.1994		01.06.2024		15,000,000.00		15,000,000.00		500,000.00		500,000.00
	LIBOR-BASED		0.000		0.760		0.760		03.06.1994		01.06.2024						1,000,000.00		1,000,000.00
	FIXED						1.500		05.07.1996		17.03.2027		25,753,878.00		25,753,878.00		6,281,433.84		6,281,433.84
	FIXED						1.000		22.09.2000		26.02.2031		7,014,271.00		7,014,271.00		3,079,436.06		3,079,436.06
	FIXED						0.300		28.05.2002		10.09.2032		4,398,146.88		4,398,146.88		2,252,709.48		2,252,709.48
	FIXED						0.300		28.05.2002		10.09.2032		6,779,174.50		6,779,174.50		3,472,260.30		3,472,260.30
	FIXED						0.300		28.05.2002		10.09.2032		18,558,684.00		18,558,684.00		9,505,667.60		9,505,667.60
	FIXED						0.300		12.12.2002		10.03.2033		12,937,310.99		12,937,310.99		6,941,971.76		6,941,971.76
	FIXED						0.200		31.05.2006		15.09.2042		13,495,424.00		13,495,424.00		11,066,247.68		11,066,247.68
	FIXED						3.000		09.11.2009		21.01.2030		89,153,766.00		89,153,766.00		47,382,947.07		47,382,947.07
	LIBOR-BASED		0.000		1.560		1.560		19.12.2017		15.04.2042		207,603,205.00		207,603,205.00		16,476,710.45		16,476,710.45
	FIXED						2.000		10.04.2018		21.07.2038		62,086,837.82		62,086,837.82		51,002,759.30		51,002,759.30
	LIBOR-BASED		0.000		0.770		0.770		05.06.2020		15.05.2032		750,000,000.00		750,000,000.00		750,000,000.00		750,000,000.00
	FIXED						2.000		29.08.2019		21.07.2040		219,776,242.63		219,776,242.63		17,585,486.50		17,585,486.50
	FIXED						1.500		29.10.2020		20.10.2050		100,000,000.00		100,000,000.00		100,000,000.00		100,000,000.00
	LIBOR-BASED		0.000		0.790		0.790		26.03.2021		15.03.2033		300,000,000.00		300,000,000.00		295,627,653.30		295,627,653.30
	FIXED						1.500		17.12.2021		20.12.2051		100,000,000.00		100,000,000.00		100,000,000.00		100,000,000.00
	FIXED						3.000		01.08.1978		06.01.2024		883,000.00		883,000.00		42,203.41		42,203.41
	INTEREST FREE								05.04.1974		15.04.2024		9,500,000.00		9,500,000.00		570,000.00		570,000.00
	INTEREST FREE								27.06.1979		15.02.2029		22,000,000.00		22,000,000.00		4,035,658.94		4,035,658.94
B. ON-LENT TO GOCCs/GFIs															872,099,155.31				252,914,242.01
EURO															13,937,880.11				5,403,472.11
	INTEREST FREE								30.10.1992		31.12.2022		3,718,402.88		3,898,001.74		185,921.62		194,901.63
	INTEREST FREE								11.03.1996		31.12.2025		3,264,014.04		3,421,665.92		666,089.88		698,262.02
	INTEREST FREE								04.08.2004		31.12.2038		6,313,280.98		6,618,212.45		4,302,497.81		4,510,308.45
JAPANESE YEN															858,161,275.20				247,510,769.90
	FIXED						3.000		19.08.1993		20.08.2023		18,120,000,000.00		133,508,160.00		1,318,107,000.00		9,711,812.38
	FIXED						3.000		19.08.1993		20.08.2023		1,259,000,000.00		9,276,312.00		87,498,000.00		644,685.26
	FIXED						3.000		20.12.1994		20.12.2024		9,795,000,000.00		72,169,560.00		1,137,190,000.00		8,378,815.92
	FIXED						3.000		20.12.1994		20.12.2024		6,212,000,000.00		45,770,016.00		283,845,000.00		2,091,369.96

D-141

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

	INTEREST			INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
	RATE BASIS	SPREAD	RATE			DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
	FIXED				2.700		18.03.1997		20.03.2027		26,344,000,000.00		194,102,592.00		6,270,710,000.00		46,202,591.28
	FIXED				2.300		18.03.1997		20.03.2027						96,880,000.00		713,811.84
	FIXED				0.750		10.09.1998		20.09.2038		23,668,000,000.00		174,385,824.00		7,290,426,000.00		53,715,858.77
	FIXED				1.000		07.04.2000		20.04.2040		22,262,000,000.00		164,026,416.00		11,040,732,000.00		81,348,113.38
	FIXED				0.750		07.04.2000		20.04.2040						1,081,368,000.00		7,967,519.42
	FIXED				1.000		07.04.2000		20.04.2040		8,266,000,000.00		60,903,888.00		4,387,716,000.00		32,328,691.49
	FIXED				0.750		07.04.2000		20.04.2040						489,924,000.00		3,609,760.03
	FIXED				3.000		16.08.1995		31.07.2025		545,400,000.00		4,018,507.20		108,270,924.00		797,740.17
II. NG-ISSUED EXTERNAL DEBT SECURITIES													44,609,982,073.06				40,551,481,073.06
EURO													4,245,615,000.00				4,245,615,000.00
	FIXED				0.875		17.05.2019		17.05.2027		750,000,000.00		786,225,000.00		750,000,000.00		786,225,000.00
	FIXED				0.700		03.02.2020		03.02.2029		600,000,000.00		628,980,000.00		600,000,000.00		628,980,000.00
	INTEREST FREE						03.02.2020		03.02.2023		600,000,000.00		628,980,000.00		600,000,000.00		628,980,000.00
	FIXED				0.250		28.04.2021		28.04.2025		650,000,000.00		681,395,000.00		650,000,000.00		681,395,000.00
	FIXED				1.200		28.04.2021		28.04.2033		650,000,000.00		681,395,000.00		650,000,000.00		681,395,000.00
	FIXED				1.750		28.04.2021		28.04.2041		800,000,000.00		838,640,000.00		800,000,000.00		838,640,000.00
JAPANESE YEN													1,945,888,800.00				1,945,888,800.00
	FIXED				0.540		15.08.2018		15.08.2023		6,200,000,000.00		45,681,600.00		6,200,000,000.00		45,681,600.00
	FIXED				0.990		15.08.2018		15.08.2028		40,800,000,000.00		300,614,400.00		40,800,000,000.00		300,614,400.00
	FIXED				0.180		15.08.2019		15.08.2022		30,400,000,000.00		223,987,200.00		30,400,000,000.00		223,987,200.00
	FIXED				0.280		15.08.2019		15.08.2024		21,000,000,000.00		154,728,000.00		21,000,000,000.00		154,728,000.00
	FIXED				0.430		15.08.2019		14.08.2026		17,900,000,000.00		131,887,200.00		17,900,000,000.00		131,887,200.00
	FIXED				0.590		15.08.2019		15.08.2029		22,700,000,000.00		167,253,600.00		22,700,000,000.00		167,253,600.00
	FIXED				0.001		13.04.2021		12.04.2024		55,000,000,000.00		405,240,000.00		55,000,000,000.00		405,240,000.00
	FIXED				0.760		22.04.2022		22.04.2027		52,000,000,000.00		383,136,000.00		52,000,000,000.00		383,136,000.00
	FIXED				0.950		22.04.2022		20.04.2029		5,000,000,000.00		36,840,000.00		5,000,000,000.00		36,840,000.00
	FIXED				1.220		22.04.2022		22.04.2032		7,100,000,000.00		52,312,800.00		7,100,000,000.00		52,312,800.00
	FIXED				1.830		22.04.2022		22.04.2042		6,000,000,000.00		44,208,000.00		6,000,000,000.00		44,208,000.00
PHILIPPINE PESO													1,556,667,273.06				1,556,667,273.06
	FIXED				6.250		14.01.2011		14.01.2036		54,770,000,000.00		996,361,651.81		54,770,000,000.00		996,361,651.81
	FIXED				3.900		26.11.2012		26.11.2022		30,800,000,000.00		560,305,621.25		30,800,000,000.00		560,305,621.25
UNITED STATES DOLLAR													36,861,811,000.00				32,803,310,000.00
	FIXED				9.500		21.10.1999		21.10.2024		1,006,294,000.00		1,006,294,000.00		347,796,000.00		347,796,000.00
	FIXED				10.625		16.03.2000		16.03.2025		1,000,000,000.00		1,000,000,000.00		480,463,000.00		480,463,000.00
	FIXED				10.625		24.09.2003		16.03.2025		300,000,000.00		300,000,000.00		300,000,000.00		300,000,000.00

D-142

EXTERNAL DIRECT DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 30 JUNE 2022

INTEREST			INTEREST RATE + SPREAD (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
RATE BASIS	SPREAD	RATE			DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED				10.625		16.09.2004		16.03.2025		700,000,000.00		700,000,000.00		700,000,000.00		700,000,000.00
FIXED				9.500		02.02.2005		02.02.2030		1,500,000,000.00		1,500,000,000.00		1,500,000,000.00		1,500,000,000.00
FIXED				9.500		16.05.2005		02.02.2030		500,000,000.00		500,000,000.00		500,000,000.00		500,000,000.00
FIXED				7.750		11.01.2006		14.01.2031		1,500,000,000.00		1,500,000,000.00		859,940,000.00		859,940,000.00
FIXED				7.750		14.07.2006		14.01.2031		450,000,000.00		450,000,000.00		450,000,000.00		450,000,000.00
FIXED				7.750		25.09.2006		14.01.2031		434,506,000.00		434,506,000.00		434,506,000.00		434,506,000.00
FIXED				7.500		25.09.2006		25.09.2024		774,204,000.00		774,204,000.00		577,589,000.00		577,589,000.00
FIXED				6.375		15.01.2007		15.01.2032		1,000,000,000.00		1,000,000,000.00		522,248,000.00		522,248,000.00
FIXED				6.375		05.02.2008		15.01.2032		500,000,000.00		500,000,000.00		500,000,000.00		500,000,000.00
FIXED				6.375		23.10.2009		23.10.2034		1,000,000,000.00		1,000,000,000.00		53,324,000.00		53,324,000.00
FIXED				6.375		13.01.2010		23.10.2034		850,000,000.00		850,000,000.00		850,000,000.00		850,000,000.00
FIXED				6.375		06.10.2010		23.10.2034		946,807,000.00		946,807,000.00		946,807,000.00		946,807,000.00
FIXED				5.500		30.03.2011		30.03.2026		1,500,000,000.00		1,500,000,000.00		1,049,678,000.00		1,049,678,000.00
FIXED				6.375		23.10.2011		23.10.2034		50,000,000.00		50,000,000.00		50,000,000.00		50,000,000.00
FIXED				5.000		13.01.2012		13.01.2037		1,500,000,000.00		1,500,000,000.00		1,330,959,000.00		1,330,959,000.00
FIXED				4.200		21.01.2014		21.01.2024		1,500,000,000.00		1,500,000,000.00		1,500,000,000.00		1,500,000,000.00
FIXED				3.950		20.01.2015		20.01.2040		2,000,000,000.00		2,000,000,000.00		2,000,000,000.00		2,000,000,000.00
FIXED				3.700		01.03.2016		01.03.2041		2,000,000,000.00		2,000,000,000.00		2,000,000,000.00		2,000,000,000.00
FIXED				3.700		02.02.2017		02.02.2042		2,000,000,000.00		2,000,000,000.00		2,000,000,000.00		2,000,000,000.00
FIXED				3.000		01.02.2018		01.02.2028		2,000,000,000.00		2,000,000,000.00		2,000,000,000.00		2,000,000,000.00
FIXED				3.750		14.01.2019		14.01.2029		1,500,000,000.00		1,500,000,000.00		1,500,000,000.00		1,500,000,000.00
FIXED				2.457		05.05.2020		05.05.2030		1,000,000,000.00		1,000,000,000.00		1,000,000,000.00		1,000,000,000.00
FIXED				2.950		05.05.2020		05.05.2045		1,350,000,000.00		1,350,000,000.00		1,350,000,000.00		1,350,000,000.00
FIXED				2.650		10.12.2020		10.12.2045		1,500,000,000.00		1,500,000,000.00		1,500,000,000.00		1,500,000,000.00
FIXED				1.648		10.12.2020		10.06.2031		1,250,000,000.00		1,250,000,000.00		1,250,000,000.00		1,250,000,000.00
FIXED				1.950		06.07.2021		06.01.2032		750,000,000.00		750,000,000.00		750,000,000.00		750,000,000.00
FIXED				3.200		06.07.2021		06.07.2046		2,250,000,000.00		2,250,000,000.00		2,250,000,000.00		2,250,000,000.00
FIXED				3.229		29.03.2022		29.03.2027		500,000,000.00		500,000,000.00		500,000,000.00		500,000,000.00
FIXED				3.556		29.03.2022		29.03.2032		750,000,000.00		750,000,000.00		750,000,000.00		750,000,000.00
FIXED				4.200		29.03.2022		29.03.2047		1,000,000,000.00		1,000,000,000.00		1,000,000,000.00		1,000,000,000.00

1/ Original currencies converted using BSP reference rate prevailing on 1 July 2022

D-143

DOMESTIC DEBT OF THE REPUBLIC OF THE PHILIPPINES (OTHER THAN SECURITIES) ^1/

AS OF 30 JUNE 2022

	INTEREST			INTEREST RATE + SPREAD (per annum)					ORIGINAL AMOUNT CONTRACTED		OUTSTANDING BALANCE
	RATE BASIS	SPREAD	RATE		DATE CONTRACTED		DATE OF MATURITY		(IN ORIG. CURR)	(IN US DOLLAR) 1/	(IN ORIG. CURR)		(IN US DOLLAR) 1/
TOTAL												156,295,719.74		2,843,291.25
I. NATIONAL GOVERNMENT DIRECT DOMESTIC DEBT												156,295,719.74		2,843,291.25
PHILIPPINE PESO												156,295,719.74		2,843,291.25
	INTEREST FREE					1953		Upon Demand				79,145,577.96		1,439,795.85
	INTEREST FREE					1953		Upon Demand				48,146,311.86		875,865.23
	INTEREST FREE					1953		Upon Demand				29,003,829.92		527,630.16

1/ Excludes government securities and debt guaranteed by the Republic

2/ Original currencies converted using BSP reference rate prevailing on 1 July 2022

D-144

GUARANTEED DOMESTIC DEBT OF THE REPUBLIC OF THE PHILIPPINES (OTHER THAN SECURITIES) ^1/

AS OF 30 JUNE 2022

	INTEREST			INTEREST RATE + SPREAD (per annum)							ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE
	RATE BASIS	SPREAD	RATE			DATE CONTRACTED		DATE OF MATURITY			(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
TOTAL												279,219,820,000.00		5,079,494,633.44		195,223,775,815.06		3,551,243,040.81
	I. NG-GUARANTEED DOMESTIC DEBT											279,000,000,000.00		5,075,495,724.94		195,087,706,440.28		3,548,985,018.01
	PHILIPPINE PESO											279,000,000,000.00		5,075,495,724.94		195,087,706,440.28		3,548,985,018.01
	FLOATING				0.500		2017		2025	PHP		30,000,000,000.00		545,752,228.49		19,100,000,000.00		347,462,252.14
	FLOATING				0.400		2018		2026	PHP		30,000,000,000.00		545,752,228.49		22,400,000,000.00		407,494,997.27
	FIXED				2.747		2020		2025	PHP		43,000,000,000.00		782,244,860.83		37,195,000,000.00		676,641,804.62
	FIXED				2.000		2021		2026	PHP		48,000,000,000.00		873,203,565.58		45,600,000,000.00		829,543,387.30
	FLOATING				2.250		2022		2026	PHP		53,000,000,000.00		964,162,270.33		15,000,000,000.00		272,876,114.24
	FLOATING				3 Months PDST-F + 1.00%		2009		2024	PHP		75,000,000,000.00		1,364,380,571.22		45,188,326,457.82		822,054,328.87
	FIXED				4.000					PHP						10,604,379,982.46		192,912,133.57
	II. NG-GUARANTEED DOMESTIC LIABILITIES ASSUMED PER PROC. 50											219,820,000.00		3,998,908.50		136,069,374.78		2,258,022.79
	PHILIPPINE PESO											219,820,000.00		3,998,908.50		136,069,374.78		2,258,022.79
	INTEREST FREE						1986		Upon Demand	PHP		6,830,000.00		124,249.59		6,826,408.78		124,184.26
	INTEREST FREE						1986		Upon Demand	PHP		30,000,000.00		545,752.23		30,000,000.00		545,752.23
	INTEREST FREE						1986		Upon Demand	PHP		12,340,000.00		224,486.08		12,344,259.00		224,563.56
	INTEREST FREE						1986		Upon Demand	PHP		17,410,000.00		316,718.21		17,411,986.00		57,996.40
	INTEREST FREE						1986		Upon Demand	PHP		35,440,000.00		644,715.30		14,523,999.00		264,216.83
	INTEREST FREE						1986		Upon Demand	PHP		6,620,000.00		120,429.33		6,622,014.00		120,465.96
	INTEREST FREE						1986		Upon Demand	PHP		6,260,000.00		113,880.30		6,264,525.00		113,962.62
	INTEREST FREE						1986		Upon Demand	PHP		5,200,000.00		94,597.05		5,200,323.00		94,602.93
	INTEREST FREE						1986		Upon Demand	PHP		3,440,000.00		62,579.59		3,442,320.00		62,621.79
	INTEREST FREE						1986		Upon Demand	PHP		1,120,000.00		20,374.75		1,121,733.00		20,406.28
	INTEREST FREE						1986		Upon Demand	PHP		19,190,000.00		349,099.51		19,186,222.00		349,030.78
	INTEREST FREE						1986		Upon Demand	PHP		31,970,000.00		581,589.96		910,000.00		57,996.40
	INTEREST FREE						1986		Upon Demand	PHP		32,300,000.00		587,593.23		4,710,883.00		85,699.16
	INTEREST FREE						1986		Upon Demand	PHP		7,690,000.00		139,894.49		3,490,677.00		63,501.49
	INTEREST FREE						1986		Upon Demand	PHP		4,010,000.00		72,948.88		4,014,025.00		73,022.10

1/ Excludes securities issued by GOCCs

2/ Original currencies converted using BSP reference rate prevailing on 1 July 2022

D-145

Outstanding Treasury Bonds Issued by the Nat’l. Government

As of March 31, 2022

In Million Pesos

ISIN	ISSUE/ RE-ISSUE * DATE			MATURITY DATE		COUPON RATE			FACE AMOUNT
Total										7,911,893.38
3 Years										252,250.50
PIBD0322G247		04-Jul-19			04-Jul-22		4.7500	%		19,740.50
PIBD0322G247		29-Aug-19	*		04-Jul-22		4.7500	%		20,000.00
PIBD0322G247		03-Oct-19	*		04-Jul-22		4.7500	%		20,000.00
PIBD0322G247		12-Dec-19	*		04-Jul-22		4.7500	%		27,041.00
PIBD0322G247		09-Jan-20	*		04-Jul-22		4.7500	%		16,586.00
PIBD0323I252		10-Sep-20			10-Sep-23		2.3750	%		45,000.00
PIBD0323I252		08-Oct-20	*		10-Sep-23		2.3750	%		39,048.00
PIBD0323I252		05-Nov-20	*		10-Sep-23		2.3750	%		34,835.00
PIBD0323I252		03-Dec-20	*		10-Sep-23		2.3750	%		30,000.00
5 Years										456,940.00
PIBD0523C752		08-Mar-18			08-Mar-23		5.5000	%		12,039.00
PIBD0523C752		03-May-18	*		08-Mar-23		5.5000	%		10,000.00
PIBD0523C752		16-Aug-18	*		08-Mar-23		5.5000	%		15,000.00
PIBD0523C752		11-Oct-18	*		08-Mar-23		5.5000	%		9,740.00
PIBD0523C752		22-Nov-18	*		08-Mar-23		5.5000	%		30,000.00
PIBD0524J762		17-Oct-19			17-Oct-24		4.2500	%		30,000.00
PIBD0524J762		05-Mar-20	*		17-Oct-24		4.2500	%		40,000.00
PIBD0524J762		28-May-20	*		17-Oct-24		4.2500	%		50,000.00
PIBD0526D772		08-Apr-21			08-Apr-26		3.3750	%		35,000.00
PIBD0526D772		06-May-21	*		08-Apr-26		3.3750	%		50,000.00
PIBD0526D772		02-Sep-21	*		08-Apr-26		3.3750	%		35,000.00
PIBD0526D772		14-Oct-21	*		08-Apr-26		3.3750	%		35,000.00
PIBD0526D772		04-Nov-21	*		08-Apr-26		3.3750	%		35,000.00
PIBD0526D772		13-Jan-22	*		08-Apr-26		3.3750	%		22,126.00
PIBD0526D772		03-Feb-22	*		08-Apr-26		3.3750	%		35,000.00
PIBD0526D772		17-Mar-22	*		08-Apr-26		3.3750	%		13,035.00
7 Years										959,697.00
PIBD0723D588		21-Apr-16			21-Apr-23		3.5000	%		25,000.00
PIBD0723D588		28-Jul-16	*		21-Apr-23		3.5000	%		25,000.00
PIBD0723D588		18-Aug-16	*		21-Apr-23		3.5000	%		25,000.00
PIBD0723D588		13-Oct-16	*		21-Apr-23		3.5000	%		11,772.00
PIBD0723D588		14-May-20	*		21-Apr-23		3.5000	%		45,000.00
PIBD0723D588		11-Jun-20	*		21-Apr-23		3.5000	%		50,000.00
PIBD0724D595		20-Apr-17			20-Apr-24		4.5000	%		6,071.00
PIBD0724D595		01-Jun-17	*		20-Apr-24		4.5000	%		4,026.00
PIBD0724D595		10-Aug-17	*		20-Apr-24		4.5000	%		15,000.00
PIBD0724D595		07-Sep-17	*		20-Apr-24		4.5000	%		15,000.00
PIBD0724D595		19-Oct-17	*		20-Apr-24		4.5000	%		15,000.00
PIBD0725D618		12-Apr-18			12-Apr-25		5.7500	%		7,932.00
PIBD0725D618		17-May-18	*		12-Apr-25		5.7500	%		4,915.00
PIBD0725D618		14-Jun-18	*		12-Apr-25		5.7500	%		7,612.00
PIBD0725D618		27-Sep-18	*		12-Apr-25		5.7500	%		5,730.00
PIBD0725D618		29-Nov-18	*		12-Apr-25		5.7500	%		30,000.00
PIBD0725D618		13-Dec-18	*		12-Apr-25		5.7500	%		17,474.00
PIBD0726B627		14-Feb-19			14-Feb-26		6.2500	%		30,000.00
PIBD0726B627		28-Mar-19	*		14-Feb-26		6.2500	%		20,000.00
PIBD0726B627		16-May-19	*		14-Feb-26		6.2500	%		20,000.00
PIBD0726B627		18-Jul-19	*		14-Feb-26		6.2500	%		20,000.00
PIBD0726B627		12-Sep-19	*		14-Feb-26		6.2500	%		10,399.00
PIBD0726B627		31-Oct-19	*		14-Feb-26		6.2500	%		20,000.00
PIBD0726B627		23-Jan-20	*		14-Feb-26		6.2500	%		27,203.00
PIBD0728D649		22-Apr-21			22-Apr-28		3.6250	%		60,000.00
PIBD0728D649		20-May-21	*		22-Apr-28		3.6250	%		45,000.00
PIBD0728D649		10-Jun-21	*		22-Apr-28		3.6250	%		42,000.00
PIBD0728D649		08-Jul-21	*		22-Apr-28		3.6250	%		52,971.00
PIBD0728D649		29-Jul-21	*		22-Apr-28		3.6250	%		61,000.00
PIBD0728H654		12-Aug-21			12-Aug-28		3.7500	%		55,000.00
PIBD0728H654		09-Sep-21	*		12-Aug-28		3.7500	%		40,000.00
PIBD0728H654		23-Sep-21	*		12-Aug-28		3.7500	%		40,000.00
PIBD0728H654		07-Oct-21	*		12-Aug-28		3.7500	%		35,578.00
PIBD0728H654		28-Oct-21	*		12-Aug-28		3.7500	%		19,315.00
PIBD0728H654		27-Jan-22	*		12-Aug-28		3.7500	%		35,000.00
PIBD0728H654		24-Mar-22	*		12-Aug-28		3.7500	%		15,699.00
10 Years										1,076,531.23

D-146

Outstanding Treasury Bonds Issued by the Nat’l. Government

As of March 31, 2022

In Million Pesos

ISIN	ISSUE/ RE-ISSUE * DATE			MATURITY DATE		COUPON RATE			FACE AMOUNT
PIBD1022H562		02-Aug-12			02-Aug-22		4.8750	%		22,553.90
PIBD1022I570		13-Sep-12			13-Sep-22		4.7500	%		22,944.62
PIBD1022L585		06-Dec-12			06-Dec-22		4.0000	%		56,940.72
PIBD1027E617		04-May-17			04-May-27		4.7500	%		9,723.00
PIBD1027E617		15-Jun-17	*		04-May-27		4.7500	%		15,000.00
PIBD1027E617		24-Aug-17	*		04-May-27		4.7500	%		15,000.00
PIBD1027E617		21-Sep-17	*		04-May-27		4.7500	%		15,000.00
PIBD1027E617		09-Nov-17	*		04-May-27		4.7500	%		10,213.00
PIBD1027E617		17-Dec-20	*		04-May-27		4.7500	%		40,000.00
PIBD1027E617		27-Jan-21	*		04-May-27		4.7500	%		40,000.00
PIBD1027E617		11-Mar-21	*		04-May-27		4.7500	%		49,000.00
PIBD1027E617		24-Jun-21	*		04-May-27		4.7500	%		55,000.00
PIBD1028C635		22-Mar-18			22-Mar-28		6.2500	%		7,990.00
PIBD1028C635		19-Apr-18	*		22-Mar-28		6.2500	%		10,000.00
PIBD1028C635		24-May-18	*		22-Mar-28		6.2500	%		4,080.00
PIBD1028C635		08-Nov-18	*		22-Mar-28		6.2500	%		15,000.00
PIBD1028C635		06-Dec-18	*		22-Mar-28		6.2500	%		38,136.00
PIBD1029A644		10-Jan-19			10-Jan-29		6.8750	%		40,000.00
PIBD1029A644		14-Mar-19	*		10-Jan-29		6.8750	%		20,000.00
PIBD1029A644		11-Apr-19	*		10-Jan-29		6.8750	%		20,000.00
PIBD1029A644		30-May-19	*		10-Jan-29		6.8750	%		20,000.00
PIBD1029A644		15-Aug-19	*		10-Jan-29		6.8750	%		20,000.00
PIBD1029A644		14-Nov-19	*		10-Jan-29		6.8750	%		20,000.00
PIBD1029A644		20-Feb-20	*		10-Jan-29		6.8750	%		45,000.00
PIBD1030G655		09-Jul-20			09-Jul-30		2.8750	%		30,000.00
PIBD1030G655		13-Aug-20	*		09-Jul-30		2.8750	%		30,000.00
PIBD1030G655		04-Feb-21	*		09-Jul-30		2.8750	%		30,000.00
PIBD1030G655		25-Mar-21	*		09-Jul-30		2.8750	%		30,000.00
PIBD1030G655		17-Jun-21	*		09-Jul-30		2.8750	%		45,000.00
PIBD1031G662		22-Jul-21			22-Jul-31		4.0000	%		40,000.00
PIBD1031G662		05-Aug-21	*		22-Jul-31		4.0000	%		42,000.00
PIBD1031G662		16-Sep-21	*		22-Jul-31		4.0000	%		35,000.00
PIBD1031G662		30-Sep-21	*		22-Jul-31		4.0000	%		37,950.00
PIBD1031G662		11-Nov-21	*		22-Jul-31		4.0000	%		35,000.00
PIBD1032A675		20-Jan-22			20-Jan-32		4.8750	%		40,000.00
PIBD1032A675		10-Feb-22	*		20-Jan-32		4.8750	%		35,000.00
PIBD1032A675		31-Mar-22	*		20-Jan-32		4.8750	%		35,000.00
										6,934.70
10 Yr. AR Bonds		various			various		floating rate			6,934.70
20 Years										471,293.23
PIBD2022J033		17-Oct-02			17-Oct-22		12.7500	%		760.00
PISD2023A102		05-Jan-03			05-Jan-23		12.8400	%		2.94
PIBD2023B048		20-Feb-03			20-Feb-23		13.0000	%		4,301.51
TEBD2023B048		20-Feb-03			20-Feb-23		11.7000	%		287.00
PIBD2023E054		29-May-03			29-May-23		11.8750	%		2,649.22
PIBD2023J068		23-Oct-03			23-Oct-23		11.3750	%		1,728.09
PIBD2024F075		03-Jun-04			03-Jun-24		12.3750	%		2,228.68
TEBD2024F075		03-Jun-04			03-Jun-24		11.1375	%		258.30
PIBD2024H086		05-Aug-04			05-Aug-24		12.8750	%		2,380.82
TEBD2024H086		05-Aug-04			05-Aug-24		11.5875	%		60.00
PIBD2024K091		11-Nov-04			11-Nov-24		13.7500	%		3,080.85
TEBD2024K091		11-Nov-04			11-Nov-24		12.3750	%		15.90
PIBD2025D103		14-Apr-05			14-Apr-25		12.1250	%		3,128.46
TEBD2025D103		14-Apr-05			14-Apr-25		10.9125	%		90.00
PIBD2025J116		20-Oct-05			20-Oct-25		12.1250	%		2,343.96
TEBD2025J116		20-Oct-05			20-Oct-25		10.9125	%		29.00
PIBD2026A122		19-Jan-06			19-Jan-26		10.2500	%		7,977.73
PIBD2026L139		07-Dec-06			07-Dec-26		8.0000	%		12,072.25
PIBD2027I140		06-Sep-07			06-Sep-27		8.6250	%		7,521.93
PIBD2028L151		04-Dec-08			04-Dec-28		9.5000	%		17,032.29
PIBD2030E166		27-May-10			27-May-30		8.7500	%		72,412.57
PIBD2032B183		02-Feb-12			02-Feb-32		5.8750	%		35,530.27
PIBD2032I195		27-Sep-12			27-Sep-32		5.7500	%		20,254.12
PIBD2033C206		21-Mar-13			21-Mar-33		3.6250	%		89,250.35
PIBD2033C206		01-Jul-21	*		21-Mar-33		3.6250	%		38,090.00
PIBD2037E214		18-May-17			18-May-37		5.2500	%		15,000.00
PIBD2037E214		29-Jun-17	*		18-May-37		5.2500	%		15,000.00
PIBD2038B224		22-Feb-18			22-Feb-38		6.5000	%		8,853.00

D-147

Outstanding Treasury Bonds Issued by the Nat’l. Government

As of March 31, 2022

In Million Pesos

ISIN	ISSUE/ RE-ISSUE * DATE				MATURITY DATE		COUPON RATE			FACE AMOUNT
PIBD2038B224		26-Apr-18	*			22-Feb-38		6.5000	%		4,260.00
PIBD2038B224		21-Jun-18	*			22-Feb-38		6.5000	%		4,120.00
PIBD2039A232		24-Jan-19				24-Jan-39		6.7500	%		31,504.00
PIBD2039A232		13-Jun-19	*			24-Jan-39		6.7500	%		20,000.00
PIBD2039A232		01-Aug-19	*			24-Jan-39		6.7500	%		20,000.00
PIBD2039A232		28-Nov-19	*			24-Jan-39		6.7500	%		12,271.00
PIBD2041G241		15-Jul-21				15-Jul-41		5.1250	%		16,799.00
25 Years											235,982.41
PIBD2525K015		29-Nov-00				29-Nov-25		18.2500	%		6,112.75
PIBD2530G029		28-Jul-05				28-Jul-30		12.5000	%		5,665.24
TEBD2530G029		28-Jul-05				28-Jul-30		11.2500	%		100.20
PIBD2531A032		26-Jan-06				26-Jan-31		11.2500	%		11,044.89
TEBD2531A032		26-Jan-06				26-Jan-31		10.1250	%		255.00
PIBD2531J042		05-Oct-06				05-Oct-31		9.3750	%		6,175.06
PIBD2532K057		29-Nov-07				29-Nov-32		8.5000	%		46,008.30
PIBD2534K062		05-Nov-09		��		05-Nov-34		9.2500	%		28,054.60
PIBD2535I071		30-Sep-10				30-Sep-35		8.0000	%		62,220.40
PIBD2536I097		29-Sep-11				29-Sep-36		7.6250	%		32,186.37
PIBD2537H103		16-Aug-12				16-Aug-37		5.7500	%		38,159.60
$6.582M Phil. Par Bond Redenominated into 28.5 years											97.05
PISD3025G011		15-Jul-96				06-Jan-25		12.8400	%		97.05
Retail Treasury Bonds											3,248,757.56
PIID0323B101		11-Feb-20				11-Feb-23		4.3750	%		310,827.96
PIID0324C115		09-Mar-21				09-Mar-24		2.3750	%		463,321.67
PIID0522L114		04-Dec-17				04-Dec-22		4.6250	%		255,359.34
PIID0524C129		12-Mar-19				12-Mar-24		6.2500	%		235,916.44
PIID0525H130		12-Aug-20				12-Aug-25		2.6250	%		516,340.79
PIID0527C159		04-Mar-22				04-Mar-27		4.8750	%		457,798.87
PIID0527L140		02-Dec-21				02-Jun-27		4.6250	%		360,025.37
PIID1023H046		15-Aug-13				15-Aug-23		3.2500	%		141,422.52
PIID1026I057		20-Sep-16				20-Sep-26		3.5000	%		100,125.71
PIID1526J019		20-Oct-11				20-Oct-26		6.2500	%		53,270.55
PIID1527C023		01-Mar-12				01-Mar-27		5.3750	%		42,534.69
PIID2032C014		01-Mar-12				01-Mar-32		5.8750	%		132,682.04
PIID2537J015		24-Oct-12				24-Oct-37		6.1250	%		179,131.62
Benchmark Bonds											1,044,747.55
PIBD1024H595		20-Aug-14				20-Aug-24		4.1250	%		119,476.33
PIBD1025I608		09-Sep-15				09-Sep-25		3.6250	%		121,479.52
PIBD1025I608		14-Jan-16	*			09-Sep-25		3.6250	%		22,180.00
PIBD1025I608		25-Jun-20	*			09-Sep-25		3.6250	%		30,000.00
PIBD1025I608		22-Oct-20	*			09-Sep-25		3.6250	%		30,000.00
PIBD1025I608		19-Nov-20	*			09-Sep-25		3.6250	%		35,000.00
PIBD1025I608		07-Jan-21	*			09-Sep-25		3.6250	%		50,000.00
PIBD2031G171		19-Jul-11				19-Jul-31		8.0000	%		255,837.15
PIBD2535L086		16-Dec-10				16-Dec-35		8.1250	%		163,216.53
PIBD2540I116		09-Sep-15				09-Sep-40		4.6250	%		142,558.01
PIBD2540I116		03-Jun-21	*			09-Sep-40		4.6250	%		40,000.00
PIBD2540I116		19-Aug-21	*			09-Sep-40		4.6250	%		35,000.00
25 Years P50 B CB-BoL T/Bonds											50,000.00
PISD2543L027		20-Dec-18				20-Dec-43		Floating rate			50,000.00
Onshore Dollar T-Bond a/											25,953.00
ODTB1023L018		04-Dec-12				04-Jun-23		2.7500	%		25,953.00
Retail Dollar Bonds a/											82,709.15
RODB0526J014		08-Oct-21				08-Oct-26		1.3750	%		57,808.18
RODB1031J014		08-Oct-21				08-Oct-31		2.2500	%		24,900.97

^a/ conversion rate used based on BSP reference rate

as of April 01, 2022 : 1US$/P =P51.906

* reissue date

D-148

Outstanding Treasury Bills Issued by the Nat’l. Government

As of March 31, 2022

In Million Pesos

ISIN	ISSUE DATE		MATURITY DATE		AVERAGE RATE			FACE AMOUNT
Total									656,601.30
91-day									117,903.00
PIBL1221D147		05-Jan-22		06-Apr-22		1.0750	%		5,000.00
PISB0322A016		05-Jan-22		06-Apr-22		1.0750	%		5,000.00
PIBL1221D156		12-Jan-22		13-Apr-22		0.9690	%		5,000.00
PISB0322A025		12-Jan-22		13-Apr-22		0.9690	%		5,000.00
PIBL1221D165		19-Jan-22		20-Apr-22		0.8750	%		5,000.00
PISB0322A034		19-Jan-22		20-Apr-22		0.8750	%		5,000.00
PIBL1221D174		26-Jan-22		27-Apr-22		0.6930	%		5,000.00
PISB0322A043		26-Jan-22		27-Apr-22		0.6930	%		5,000.00
PIBL1221E182		02-Feb-22		04-May-22		0.6910	%		5,000.00
PISB0322B051		02-Feb-22		04-May-22		0.6910	%		5,000.00
PIBL1221E191		09-Feb-22		11-May-22		0.7100	%		5,000.00
PISB0322B060		09-Feb-22		11-May-22		0.7100	%		5,000.00
PIBL1221E208		16-Feb-22		18-May-22		0.8100	%		5,000.00
PISB0322B079		16-Feb-22		18-May-22		0.8100	%		5,000.00
PIBL1221E217		23-Feb-22		25-May-22		0.8990	%		5,000.00
PISB0322B088		23-Feb-22		25-May-22		0.8990	%		5,000.00
PISB0322C096		02-Mar-22		01-Jun-22		0.8990	%		5,000.00
PISB0322C103		09-Mar-22		08-Jun-22		0.8990	%		5,000.00
PIBL1221F243		16-Mar-22		15-Jun-22		1.3050	%		3,037.00
PISB0322C112		16-Mar-22		15-Jun-22		1.3050	%		5,000.00
PIBL1221F252		23-Mar-22		22-Jun-22		1.5360	%		4,866.00
PISB0322C121		23-Mar-22		22-Jun-22		1.5360	%		5,000.00
PIBL1221F261		30-Mar-22		29-Jun-22		1.5870	%		5,000.00
PISB0322C130		30-Mar-22		29-Jun-22		1.5870	%		5,000.00
182-day									157,000.00
PIBL1221D147		06-Oct-21		06-Apr-22		1.3910	%		5,000.00
PIBL1221D156		13-Oct-21		13-Apr-22		1.3910	%		5,000.00
PIBL1221D165		20-Oct-21		20-Apr-22		1.3900	%		5,000.00
PIBL1221D174		27-Oct-21		27-Apr-22		1.3870	%		5,000.00
PIBL1221E182		03-Nov-21		04-May-22		1.3950	%		5,000.00
PIBL1221E191		10-Nov-21		11-May-22		1.4010	%		5,000.00
PIBL1221E208		17-Nov-21		18-May-22		1.4130	%		5,000.00
PIBL1221E217		24-Nov-21		25-May-22		1.4430	%		5,000.00
PIBL1221F225		01-Dec-21		01-Jun-22		1.4490	%		3,000.00
PIBL1221F234		07-Dec-21		08-Jun-22		1.4430	%		3,000.00
PISB0621L046		07-Dec-21		08-Jun-22		1.4430	%		30,000.00
PIBL1221F243		15-Dec-21		15-Jun-22		1.4280	%		3,000.00
PIBL1221G279		05-Jan-22		06-Jul-22		1.2690	%		5,000.00
PIBL1221G288		12-Jan-22		13-Jul-22		1.1210	%		5,000.00
PIBL1221G297		19-Jan-22		20-Jul-22		1.0970	%		5,000.00
PIBL1221G304		26-Jan-22		27-Jul-22		1.0770	%		5,000.00
PIBL1221H312		02-Feb-22		03-Aug-22		1.0230	%		5,000.00
PIBL1221H321		09-Feb-22		10-Aug-22		1.0220	%		5,000.00
PIBL1221H330		16-Feb-22		17-Aug-22		1.0660	%		5,000.00
PIBL1221H349		23-Feb-22		24-Aug-22		1.1570	%		5,000.00
PISB0622C017		09-Mar-22		07-Sep-22		1.1570	%		30,000.00
PIBL1221I375		16-Mar-22		14-Sep-22		1.4580	%		3,000.00
PIBL1221I384		23-Mar-22		21-Sep-22		1.6070	%		5,000.00

D-149

Outstanding Treasury Bills Issued by the Nat’l. Government

As of March 31, 2022

In Million Pesos

ISIN	ISSUE DATE		MATURITY DATE		AVERAGE RATE			FACE AMOUNT
364-day									381,698.30
PIBL1221D147		07-Apr-21		06-Apr-22		1.9120	%		12,000.00
PIBL1221D156		14-Apr-21		13-Apr-22		1.9030	%		12,000.00
PIBL1221D165		21-Apr-21		20-Apr-22		1.8840	%		17,000.00
PIBL1221D174		28-Apr-21		27-Apr-22		1.8800	%		17,000.00
PIBL1221E182		05-May-21		04-May-22		1.8630	%		19,000.00
PIBL1221E191		12-May-21		11-May-22		1.8290	%		19,000.00
PIBL1221E208		19-May-21		18-May-22		1.8100	%		17,000.00
PIBL1221E217		26-May-21		25-May-22		1.7960	%		17,000.00
PIBL1221F225		02-Jun-21		01-Jun-22		1.7230	%		7,000.00
PIBL1221F234		09-Jun-21		08-Jun-22		1.6490	%		7,000.00
PIBL1221F243		16-Jun-21		15-Jun-22		1.5770	%		7,000.00
PIBL1221F252		23-Jun-21		22-Jun-22		1.5630	%		7,000.00
PIBL1221F261		30-Jun-21		29-Jun-22		1.5620	%		5,000.00
PIBL1221G279		07-Jul-21		06-Jul-22		1.5680	%		5,000.00
PIBL1221G288		14-Jul-21		13-Jul-22		1.5930	%		5,000.00
PIBL1221G297		21-Jul-21		20-Jul-22		1.6290	%		5,000.00
PIBL1221G304		28-Jul-21		27-Jul-22		1.6380	%		5,000.00
PIBL1221H312		04-Aug-21		03-Aug-22		1.6320	%		5,000.00
PIBL1221H321		11-Aug-21		10-Aug-22		1.6250	%		5,000.00
PISB1221H021		11-Aug-21		10-Aug-22		1.6250	%		25,000.00
PIBL1221H330		18-Aug-21		17-Aug-22		1.6170	%		5,000.00
PIBL1221H349		25-Aug-21		24-Aug-22		1.6120	%		5,000.00
PIBL1221I357		01-Sep-21		31-Aug-22		1.6160	%		5,000.00
PIBL1221I366		08-Sep-21		07-Sep-22		1.6090	%		5,000.00
PIBL1221I375		15-Sep-21		14-Sep-22		1.6040	%		5,000.00
PIBL1221I384		22-Sep-21		21-Sep-22		1.5970	%		5,000.00
PIBL1221I393		29-Sep-21		28-Sep-22		1.5820	%		7,000.00
PIBL1221J409		06-Oct-21		05-Oct-22		1.5840	%		5,000.00
PIBL1221J418		13-Oct-21		12-Oct-22		1.5870	%		5,000.00
PIBL1221J427		20-Oct-21		19-Oct-22		1.6040	%		5,000.00
PIBL1221J436		27-Oct-21		26-Oct-22		1.6060	%		5,000.00
PIBL1221K443		03-Nov-21		02-Nov-22		1.6130	%		5,000.00
PIBL1221K452		10-Nov-21		09-Nov-22		1.6160	%		5,000.00
PIBL1221K461		17-Nov-21		16-Nov-22		1.6210	%		5,000.00
PIBL1221K470		24-Nov-21		23-Nov-22		1.6280	%		5,000.00
PIBL1221L488		01-Dec-21		29-Nov-22		1.6360	%		5,000.00
PIBL1221L497		07-Dec-21		07-Dec-22		1.6430	%		5,000.00
PIBL1221L503		15-Dec-21		14-Dec-22		1.6490	%		5,000.00
PIBL1222A013		05-Jan-22		04-Jan-23		1.6000	%		5,000.00
PIBL1222A022		12-Jan-22		11-Jan-23		1.4680	%		5,000.00
PIBL1222A031		19-Jan-22		18-Jan-23		1.4150	%		5,000.00
PIBL1222A040		26-Jan-22		25-Jan-23		1.4100	%		5,000.00
PIBL1222B058		02-Feb-22		01-Feb-23		1.4080	%		5,000.00
PIBL1222B067		09-Feb-22		08-Feb-23		1.4080	%		5,000.00
PISB1222B016		09-Feb-22		08-Feb-23		1.4080	%		24,568.30
PIBL1222B076		16-Feb-22		15-Feb-23		1.4750	%		5,000.00
PIBL1222B085		23-Feb-22		22-Feb-23		1.5680	%		5,000.00
PIBL1222C119		16-Mar-22		15-Mar-23		1.7340	%		3,100.00
PIBL1222C128		23-Mar-22		22-Mar-23		1.7920	%		4,030.00

D-150

GUARANTEED EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

	INTEREST RATE BASIS	INTEREST		INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
		SPREAD	RATE			YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
GRAND TOTAL													7,407,896,951.22				4,489,390,016.69
I. NG-GUARANTEED EXTERNAL DEBT													7,322,368,713.66				4,403,861,779.13
A. NG-GUARANTEED EXTERNAL LOANS													5,521,713,713.66				2,645,266,779.13
EURO													162,985,219.10				84,123,691.34
	FIXED				3.000		16.11.1990		31.03.2022		1,829,388.21		2,081,843.78		23,312.04		26,529.10
	FIXED				3.000		16.11.1990		30.06.2022						4,642.87		5,283.59
	FIXED				3.000		16.11.1990		31.12.2022						5,345.33		6,082.99
	FIXED				3.000		16.11.1990		30.06.2023						8,680.53		9,878.44
	FIXED				2.500		25.01.1991		31.12.2022		2,210,510.74		2,515,561.22		49,057.95		55,827.95
	FIXED				1.500		30.08.1996		30.06.2022		5,157,960.05		5,869,758.54		17,893.58		20,362.89
	FIXED				1.500		30.08.1996		31.03.2023						90,113.99		102,549.72
	FIXED				1.500		30.08.1996		30.06.2023						125,909.61		143,285.14
	FIXED				1.500		30.08.1996		31.03.2024						59,894.13		68,159.52
	FIXED				0.400		10.11.2004		31.03.2032		13,500,000.00		15,363,000.00		2,328,753.00		2,650,120.91
	FIXED				0.400		10.11.2004		31.03.2032						71,522.00		81,392.04
	FIXED				0.400		10.11.2004		31.03.2033						668,564.00		760,825.83
	FIXED				0.400		10.11.2004		30.06.2033						1,222,151.00		1,390,807.84
	FIXED				0.400		10.11.2004		30.09.2033						1,306,536.00		1,486,837.97
	FIXED				0.400		10.11.2004		31.12.2033						372,264.00		423,636.43
	FIXED				0.400		10.11.2004		31.03.2034						722,450.00		822,148.10
	FIXED				0.400		10.11.2004		30.06.2034						174,200.00		198,239.60
	FIXED				0.400		10.11.2004		30.09.2034						283,530.00		322,657.14
	FIXED				0.400		10.11.2004		30.12.2034						259,012.00		294,755.66
	FIXED				0.400		10.11.2004		30.06.2035						726,273.00		826,498.67
	FIXED				0.750		27.12.1996		30.12.2036		4,703,885.30		5,353,021.47		2,357,055.51		2,682,329.17
	FIXED				0.750		08.11.1999		30.12.2039		14,699,641.58		16,728,192.12		8,821,830.14		10,039,242.70
	FIXED				0.750		17.09.1991		31.12.2031		8,819,784.95		10,036,915.27		461,532.42		525,223.89
	FIXED				0.750		29.12.2005		30.12.2045		15,000,000.00		17,070,000.00		12,000,000.00		13,656,000.00
	FIXED				0.750		15.03.2004		30.12.2043		7,500,000.00		8,535,000.00		5,500,000.00		6,259,000.00
	FIXED				0.750		21.12.2004		30.12.2045		5,287,649.52		6,017,345.15		4,231,649.52		4,815,617.15
	FIXED				0.750		07.04.2010		30.06.2050		7,000,000.00		7,966,000.00		6,487,000.00		7,382,206.00
	FIXED				0.750		20.12.2007		30.12.2047		4,741,730.27		5,396,089.05		4,109,730.27		4,676,873.05
	FIXED				0.750		30.06.2009		30.06.2049		10,200,000.00		11,607,600.00		3,169,510.39		3,606,902.82

D-151

GUARANTEED EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

	INTEREST RATE BASIS	INTEREST				INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
		SPREAD		RATE				YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
	FIXED						0.750		21.12.2004		30.12.2044		5,112,918.81		5,818,501.61		3,922,918.81		4,464,281.61
	FIXED						0.750		30.12.2003		31.12.2039		25,564,594.06		29,092,508.04		7,675,513.79		8,734,734.69
	FIXED						0.750		04.12.2000		30.12.2040		9,356,641.43		10,647,857.95		5,925,872.99		6,743,643.46
	FIXED						2.991		31.01.2007		30.06.2025		2,536,050.00		2,886,024.90		739,681.25		841,757.26
JAPANESE YEN															3,444,666,710.02				1,471,666,399.82
	LIBOR-BASED		0.000		0.168		0.168		15.05.2002		15.08.2026		3,676,050,000.00		31,955,902.65		561,272,856.00		4,879,144.94
	LIBOR-BASED		0.000		0.000		0.000		27.04.2009		15.09.2040		4,520,780,200.00		39,299,142.28		1,788,279,204.00		15,545,511.12
	LIBOR-BASED		0.500		-0.050		0.450		29.06.2006		15.06.2026		11,710,000,000.00		101,795,030.00		2,613,405,793.00		22,718,336.56
	FIXED						2.410		08.12.2003		01.08.2023		1,188,200,000.00		10,329,022.60		1,972,420.00		17,146.25
	FIXED						1.860		08.12.2003		01.08.2023						21,414,000.00		186,151.90
	FIXED						2.420		08.12.2003		01.08.2023						14,700,164.00		127,788.53
	FIXED						2.160		08.12.2003		01.08.2023						40,691,363.00		353,730.02
	FIXED						2.300		08.12.2003		01.08.2023						50,078,113.00		435,329.04
	FIXED						1.910		08.12.2003		01.08.2023						13,464,286.00		117,045.04
	FIXED						2.010		08.12.2003		01.08.2023						27,282,093.00		237,163.23
	FIXED						1.480		08.12.2003		01.08.2023						26,326,107.00		228,852.85
	FIXED						1.590		08.12.2003		01.08.2023						1,312,674.00		11,411.08
	LIBOR-BASED		0.500		-0.290		0.210		22.07.2005		15.04.2022		6,592,000,000.00		57,304,256.00		166,959,866.00		1,451,382.12
	FIXED						2.500		17.03.1992		20.03.2022		6,686,000,000.00		58,121,398.00		163,073,000.00		1,417,593.59
	FIXED						3.000		20.12.1994		20.12.2024		22,499,999,999.00		195,592,499.99		3,292,674,000.00		28,623,215.08
	FIXED						3.000		20.12.1994		20.12.2024		15,000,000,000.00		130,395,000.00		1,858,500,000.00		16,155,940.50
	FIXED						2.500		30.08.1995		20.08.2025		6,131,000,000.00		53,296,783.00		268,592,000.00		2,334,870.26
	FIXED						2.100		30.08.1995		20.08.2025						105,512,000.00		917,215.82
	FIXED						2.500		30.08.1995		20.08.2025		1,352,000,000.00		11,752,936.00		199,352,000.00		1,732,966.94
	FIXED						2.100		30.08.1995		20.08.2025						64,144,000.00		557,603.79
	FIXED						2.700		30.08.1995		20.08.2025		12,315,000,000.00		107,054,295.00		2,123,248,000.00		18,457,394.86
	FIXED						2.100		30.08.1995		20.08.2025						275,152,000.00		2,391,896.34
	FIXED						2.700		29.03.1996		20.03.2026		24,712,000,000.00		214,821,416.00		3,212,046,000.00		27,922,315.88
	FIXED						2.300		29.03.1996		20.03.2026						1,306,899,000.00		11,360,873.01
	FIXED						2.700		29.05.1996		20.03.2026		10,494,000,000.00		91,224,342.00		2,247,804,000.00		19,540,160.17
	FIXED						2.300		29.05.1996		20.03.2026						54,882,000.00		477,089.23
	FIXED						2.500		29.03.1996		20.03.2026		5,158,000,000.00		44,838,494.00		1,075,707,000.00		9,351,120.95
	FIXED						2.100		29.03.1996		20.03.2026						34,668,000.00		301,368.92
	FIXED						2.300		18.03.1997		20.03.2027		876,000,000.00		7,615,068.00		134,904,000.00		1,172,720.47
	FIXED						2.500		18.03.1997		20.03.2027		7,228,000,000.00		62,833,004.00		749,760,000.00		6,517,663.68

D-152

GUARANTEED EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

	INTEREST RATE BASIS	INTEREST				INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
		SPREAD		RATE				YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
	FIXED						2.100		18.03.1997		20.03.2027						383,119,000.00		3,330,453.47
	FIXED						2.500		18.03.1997		20.03.2027		1,034,000,000.00		8,988,562.00		78,309,000.00		680,740.14
	FIXED						2.100		18.03.1997		20.03.2027						135,729,000.00		1,179,892.20
	FIXED						2.500		18.03.1997		20.03.2027		2,746,000,000.00		23,870,978.00		95,007,000.00		825,895.85
	FIXED						2.100		18.03.1997		20.03.2027						48,444,000.00		421,123.69
	FIXED						2.200		10.09.1998		20.09.2028		14,555,000,000.00		126,526,615.00		4,534,362,000.00		39,417,208.87
	FIXED						0.750		10.09.1998		20.09.2038						568,922,000.00		4,945,638.95
	FIXED						2.200		10.09.1998		20.09.2028		19,990,000,000.00		173,773,070.00		6,478,696,000.00		56,319,304.33
	FIXED						0.750		10.09.1998		20.09.2038						228,548,000.00		1,986,767.76
	FIXED						2.200		10.09.1998		20.09.2028		6,072,000,000.00		52,783,896.00		169,204,000.00		1,470,890.37
	FIXED						1.700		10.09.1998		20.09.2028						1,199,170,000.00		10,424,384.81
	FIXED						0.750		10.09.1998		20.09.2038						1,148,588,000.00		9,984,675.48
	FIXED						0.750		28.12.1999		20.12.2039		35,350,000,000.00		307,297,550.00		20,809,296,000.00		180,895,210.13
	FIXED						0.750		28.12.1999		20.12.2039		20,529,000,000.00		178,458,597.00		12,115,404,000.00		105,319,206.97
	FIXED						0.950		31.08.2000		20.08.2040		16,450,000,000.00		142,999,850.00		8,850,390,000.00		76,936,440.27
	FIXED						0.750		31.08.2000		20.08.2040						911,430,000.00		7,923,060.99
	FIXED						0.950		14.09.2001		20.09.2041		59,037,000,000.00		513,208,641.00		35,919,320,000.00		312,246,648.76
	FIXED						0.750		14.09.2001		20.09.2041						2,204,160,000.00		19,160,762.88
	FIXED						1.400		30.09.2008		20.09.2038		24,846,000,000.00		215,986,278.00		6,302,410,000.00		54,786,850.13
	FIXED						0.650		30.09.2008		20.09.2048						15,049,152,000.00		130,822,278.34
	FIXED						0.010		30.09.2008		20.09.2048						189,648,000.00		1,648,610.06
	FIXED						1.400		25.12.2009		20.11.2039		14,608,000,000.00		126,987,344.00		2,826,108,000.00		24,567,356.84
	FIXED						0.650		25.12.2009		20.11.2049						6,491,016,000.00		56,426,402.09
	FIXED						0.010		25.12.2009		20.11.2049						197,960,000.00		1,720,866.28
	FIXED						1.400		09.11.2009		20.11.2039		30,380,000,000.00		264,093,340.00		16,959,312,000.00		147,427,299.22
	FIXED						0.010		09.11.2009		20.11.2039						74,088,000.00		644,046.98
	FIXED						1.400		12.01.2017		20.01.2042		4,928,000,000.00		42,839,104.00		2,615,000,000.00		22,732,195.00
	FIXED						2.390		20.12.2007		30.12.2022		5,593,500,000.00		48,624,295.50		216,402,488.00		1,881,186.83
KOREAN WON															27,945,138.00				17,462,637.95
	FIXED						2.500		07.05.2004		20.05.2034		33,189,000,000.00		27,945,138.00		20,739,475,000.00		17,462,637.95
UNITED STATES DOLLAR															1,886,116,646.54				1,072,014,050.02
	LIBOR-BASED		0.500		-0.197		0.303		27.05.2016		15.03.2041		123,300,000.00		123,300,000.00		66,568,176.42		66,568,176.42
	LIBOR-BASED		0.500		-0.197		0.303		19.05.2016		15.03.2041		60,000,000.00		60,000,000.00		10,282,578.85		10,282,578.85
	FIXED						3.000		07.01.2010		21.01.2030		116,602,000.00		116,602,000.00		65,353,819.83		65,353,819.83

D-153

GUARANTEED EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

	INTEREST RATE BASIS	INTEREST				INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
		SPREAD		RATE				YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
	FIXED						2.000		20.11.2018		21.01.2039		211,214,646.54		211,214,646.54		31,682,392.76		31,682,392.76
	LIBOR-BASED		0.000		0.173		0.173		28.03.2019		17.05.2024		1,100,000,000.00		1,100,000,000.00		660,044,200.00		660,044,200.00
	LIBOR-BASED		0.500		0.450		0.950		31.05.2012		15.05.2037		275,000,000.00		275,000,000.00		238,082,882.16		238,082,882.16
B. NG-GUARANTEED EXTERNAL DEBT SECURITIES															1,800,655,000.00				1,758,595,000.00
JAPANESE YEN															321,641,000.00				321,641,000.00
	FIXED						3.500		10.12.2002		13.12.2022		37,000,000,000.00		321,641,000.00		37,000,000,000.00		321,641,000.00
UNITED STATES DOLLAR															1,479,014,000.00				1,436,954,000.00
	FIXED						9.625		05.05.1998		15.05.2028		300,000,000.00		300,000,000.00		300,000,000.00		300,000,000.00
	FIXED						7.390		02.12.2009		02.12.2024		579,014,000.00		579,014,000.00		579,014,000.00		579,014,000.00
	FIXED						7.390		23.11.2009		02.12.2024		600,000,000.00		600,000,000.00		557,940,000.00		557,940,000.00
II. NG-GUARANTEED EXTERNAL LIABILITIES ASSUMED PER PROC. 50															85,528,237.56				85,528,237.56
CANADIAN DOLLAR															211,990.13				211,990.13
	INTEREST FREE								30.06.1986		31.12.2022		267,807.00		211,990.13		267,807.00		211,990.13
EURO															370,117.19				370,117.19
	INTEREST FREE								30.06.1986		31.12.2022		325,234.79		370,117.19		325,234.79		370,117.19
BRITISH POUND															365.58				365.58
	INTEREST FREE								30.06.1986		31.12.2022		270.00		365.58		270.00		365.58
JAPANESE YEN															23,829.25				23,829.25
	INTEREST FREE								30.06.1986		31.12.2022		2,741,200.00		23,829.25		2,741,200.00		23,829.25
SAUDI RIYAL															7,280,365.43				7,280,365.43
	INTEREST FREE								30.06.1986		31.12.2022		5,918,966.00		1,576,415.97		5,918,966.00		1,576,415.97
	INTEREST FREE								30.06.1986		31.12.2022		18,456,608.00		4,915,603.78		18,456,608.00		4,915,603.78
	INTEREST FREE								30.06.1986		31.12.2022		2,960,000.00		788,345.68		2,960,000.00		788,345.68
UNITED STATES DOLLAR															77,641,569.98				77,641,569.98
	INTEREST FREE								30.06.1986		31.12.2022		8,333,333.32		8,333,333.32		8,333,333.32		8,333,333.32

D-154

GUARANTEED EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

INTEREST RATE BASIS	INTEREST		INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)					ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
	SPREAD	RATE		YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
INTEREST FREE					30.06.1986		31.12.2022		5,215,433.52		5,215,433.52		5,215,433.52		5,215,433.52
INTEREST FREE					30.06.1986		31.12.2022		33,088,000.00		33,088,000.00		33,088,000.00		33,088,000.00
INTEREST FREE					30.06.1986		31.12.2022		7,511,546.63		7,511,546.63		7,511,546.63		7,511,546.63
INTEREST FREE					30.06.1986		31.12.2022		18,598,000.00		18,598,000.00		18,598,000.00		18,598,000.00
INTEREST FREE					30.06.1986		31.12.2022		509,091.00		509,091.00		509,091.00		509,091.00
INTEREST FREE					30.06.1986		31.12.2022		514,525.51		514,525.51		514,525.51		514,525.51
INTEREST FREE					30.06.1986		31.12.2022		2,180,000.00		2,180,000.00		2,180,000.00		2,180,000.00
INTEREST FREE					30.06.1986		31.12.2022		717,440.00		717,440.00		717,440.00		717,440.00
INTEREST FREE					30.06.1986		31.12.2022		974,200.00		974,200.00		974,200.00		974,200.00

1/ Original currencies converted using BSP reference rate prevailing on 3 January 2022

D-155

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

	INTEREST RATE BASIS	INTEREST				INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
		SPREAD		RATE				YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
GRAND TOTAL															94,133,902,451.17				69,807,684,637.66
I. NG DIRECT EXTERNAL LOANS															51,155,775,506.61				30,888,058,693.10
A. AVAILED BY GOVERNMENT AGENCIES															50,118,143,192.89				30,571,917,196.95
CANADIAN DOLLAR															5,010,688.74				230,727.62
	INTEREST FREE								15.11.1974		30.09.2024		6,330,000.00		5,010,688.74		291,478.06		230,727.62
CHINA YUAN															188,292,000.00				60,634,826.22
	FIXED						2.000		11.05.2006		21.03.2026		400,000,000.00		62,764,000.00		119,763,938.35		18,792,159.57
	FIXED						2.000		15.01.2007		21.09.2026		800,000,000.00		125,528,000.00		266,666,666.60		41,842,666.66
EURO															2,403,648,643.61				1,930,495,663.16
	LIBOR-BASED		0.000		0.233		0.233		23.04.2020		15.04.2030		231,632,000.00		263,597,216.00		231,632,000.00		263,597,216.00
	LIBOR-BASED		0.000		0.105		0.105		23.04.2020		15.04.2025		463,263,000.00		527,193,294.00		463,263,000.00		527,193,294.00
	FIXED						0.750		14.02.2002		30.06.2042		6,828,167.68		7,770,454.82		4,592,167.68		5,225,886.82
	FIXED						0.750		26.06.2002		30.06.2042		7,464,861.47		8,495,012.35		5,047,861.47		5,744,466.35
	FIXED						0.750		20.12.2007		30.12.2047		10,000,000.00		11,380,000.00		8,516,536.60		9,691,818.65
	FIXED						0.750		24.12.2008		30.12.2048		4,000,000.00		4,552,000.00		3,603,663.86		4,100,969.47
	LIBOR-BASED		0.000		1.030		1.030		14.10.2015		01.05.2034		22,800,000.00		25,946,400.00		14,468,857.31		16,465,559.62
	LIBOR-BASED		0.000		1.030		1.030		26.10.2015		01.11.2033		27,310,000.00		31,078,780.00		15,449,791.97		17,581,863.26
	FIXED						4.500		23.07.1999		31.12.2022		72,672,834.17		82,701,685.29		5,589,511.14		6,360,863.68
	FIXED						4.000		16.11.2000		30.06.2023		31,249,318.69		35,561,724.67		3,906,164.74		4,445,215.47
	FIXED						4.400		11.12.2001		18.10.2024		23,986,986.00		27,297,190.07		5,996,746.50		6,824,297.52
	FIXED						3.650		28.02.2002		31.10.2024		36,279,013.93		41,285,517.85		6,046,502.23		6,880,919.54
	FIXED						3.450		28.02.2002		17.05.2025		18,168,208.54		20,675,421.32		5,299,060.80		6,030,331.19
	FIXED						3.000		08.04.1988		31.03.2022		4,344,796.99		4,944,378.97		4,612.67		5,249.22
	FIXED						3.000		08.04.1988		30.06.2022						15,247.49		17,351.64
	FIXED						3.000		08.04.1988		30.06.2023						13,008.04		14,803.15
	FIXED						3.000		08.04.1988		30.09.2023						6,208.46		7,065.23
	FIXED						3.000		08.04.1988		31.12.2024						1,951.83		2,221.18
	FIXED						2.500		09.02.1990		31.12.2022		4,431,330.44		5,042,854.04		136,632.25		155,487.50
	FIXED						2.500		09.02.1990		31.12.2022		4,153,865.01		4,727,098.38		136,955.29		155,855.12
	FIXED						2.500		09.02.1990		31.12.2023						37,241.34		42,380.64
	FIXED						2.500		09.02.1990		31.12.2022		2,652,595.39		3,018,653.55		99,413.29		113,132.32
	FIXED						2.500		22.01.1992		31.12.2022		1,017,361.58		1,157,757.48		13,139.20		14,952.41
	FIXED						2.500		22.01.1992		31.12.2023						49,564.78		56,404.72

D-156

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

INTEREST RATE BASIS	INTEREST		INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
	SPREAD	RATE			YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED				2.500		22.01.1992		31.12.2024						36,736.86		41,806.55
FIXED				2.000		07.12.1990		31.12.2022		10,518,982.19		11,970,601.73		242,294.95		275,731.65
FIXED				2.000		07.12.1990		31.12.2023						477,295.92		543,162.76
FIXED				2.000		07.12.1990		31.12.2024						91,075.05		103,643.41
FIXED				2.000		07.12.1990		31.12.2025						38,764.80		44,114.34
FIXED				2.000		07.12.1990		31.12.2022		729,010.47		829,613.91		14,789.07		16,829.96
FIXED				2.000		07.12.1990		31.12.2023						43,322.28		49,300.75
FIXED				2.000		07.12.1990		31.12.2022		2,881,286.42		3,278,903.95		65,437.94		74,468.38
FIXED				2.000		07.12.1990		30.12.2023						152,516.22		173,563.46
FIXED				2.000		07.12.1990		31.12.2024						7,104.48		8,084.90
FIXED				2.000		07.12.1990		31.12.2022		759,194.79		863,963.67		37,959.50		43,197.91
FIXED				2.000		07.12.1990		31.12.2022		2,167,469.20		2,466,579.95		26,807.33		30,506.74
FIXED				2.000		07.12.1990		31.12.2023						163,131.29		185,643.41
FIXED				1.400		13.09.1994		30.06.2022		2,689,415.88		3,060,555.27		18,513.36		21,068.20
FIXED				1.400		13.09.1994		31.12.2022						13,391.58		15,239.62
FIXED				1.400		13.09.1994		31.03.2023						69,354.43		78,925.34
FIXED				1.400		13.09.1994		30.06.2023						41,156.36		46,835.94
FIXED				1.400		13.09.1994		30.09.2023						32,440.39		36,917.16
FIXED				1.400		13.09.1994		31.03.2024						3,085.00		3,510.73
FIXED				1.400		13.09.1994		31.03.2023		15,568,940.42		17,717,454.20		789,146.64		898,048.88
FIXED				1.400		13.09.1994		30.09.2023						35,737.62		40,669.41
FIXED				1.400		13.09.1994		31.12.2025						232,048.12		264,070.76
FIXED				1.400		13.09.1994		31.12.2028						229,389.97		261,045.79
FIXED				1.500		18.12.1995		30.06.2022		1,920,857.62		2,185,935.97		12,248.50		13,938.79
FIXED				1.500		18.12.1995		30.09.2022						76,600.63		87,171.52
FIXED				1.500		18.12.1995		31.03.2023		743,803.27		846,448.12		14,364.31		16,346.58
FIXED				1.500		18.12.1995		30.06.2023						27,429.38		31,214.63
FIXED				1.500		18.12.1995		30.09.2023						15,810.04		17,991.83
FIXED				1.500		18.12.1995		30.06.2024						8,444.99		9,610.40
FIXED				1.500		18.12.1995		30.09.2022		3,658,776.41		4,163,687.55		46,697.02		53,141.21
FIXED				1.500		18.12.1995		31.12.2022						113,568.81		129,241.31
FIXED				1.500		18.12.1995		31.03.2023						3,751.60		4,269.32
FIXED				1.500		18.12.1995		30.06.2023						1,424.59		1,621.18
FIXED				1.500		18.12.1995		30.09.2023						6,087.55		6,927.63
FIXED				1.500		18.12.1995		31.12.2023						9,771.48		11,119.94
FIXED				1.500		18.12.1995		31.03.2024						12,095.01		13,764.12
FIXED				1.500		18.12.1995		30.09.2024						7,650.00		8,705.70
FIXED				1.500		18.12.1995		31.03.2025						6,447.00		7,336.69

D-157

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

INTEREST RATE BASIS	INTEREST		INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
	SPREAD	RATE			YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED				1.500		18.12.1995		30.06.2025						40,446.02		46,027.57
FIXED				1.500		18.12.1995		31.12.2022		3,099,676.12		3,527,431.42		39,054.59		44,444.12
FIXED				1.500		18.12.1995		30.06.2024						34,500.03		39,261.03
FIXED				1.500		18.12.1995		31.12.2024						12,330.01		14,031.55
FIXED				1.500		18.12.1995		30.09.2025						1,608.00		1,829.90
FIXED				1.500		18.12.1995		31.12.2025						1,608.00		1,829.90
FIXED				1.500		18.12.1995		31.03.2026						222,984.00		253,755.79
FIXED				1.500		18.12.1995		31.12.2026						22,750.01		25,889.51
FIXED				1.500		18.12.1995		30.06.2027						4,730.00		5,382.74
FIXED				1.500		18.12.1995		30.09.2027						12,948.00		14,734.82
FIXED				1.500		18.12.1995		31.12.2027						6,552.00		7,456.18
FIXED				1.500		18.12.1995		30.09.2029						44,000.00		50,072.00
FIXED				1.500		18.12.1995		31.12.2029						332,256.00		378,107.33
FIXED				1.500		15.01.1997		30.09.2023		5,497,311.79		6,255,940.82		141,547.80		161,081.40
FIXED				1.500		15.01.1997		31.03.2024						236,260.00		268,863.88
FIXED				1.500		15.01.1997		30.06.2024						110,240.02		125,453.14
FIXED				1.500		15.01.1997		30.09.2024						124,769.97		141,988.23
FIXED				1.500		15.01.1997		31.12.2024						5,334.00		6,070.09
FIXED				1.500		15.01.1997		31.03.2025						8,428.01		9,591.08
FIXED				1.500		15.01.1997		30.06.2025						29,617.00		33,704.15
FIXED				1.500		15.01.1997		30.09.2025						7,615.99		8,667.00
FIXED				1.500		15.01.1997		31.12.2025						8,704.01		9,905.16
FIXED				1.500		15.01.1997		31.03.2026						12,159.01		13,836.95
FIXED				1.500		15.01.1997		30.06.2026						85,167.00		96,920.05
FIXED				1.500		15.01.1997		30.09.2023		9,144,059.29		10,405,939.47		237,712.64		270,516.98
FIXED				1.500		15.01.1997		30.09.2024						278,364.17		316,778.43
FIXED				1.500		15.01.1997		31.12.2024						4,589.99		5,223.41
FIXED				1.500		15.01.1997		31.03.2025						23,891.04		27,188.00
FIXED				1.500		15.01.1997		30.06.2025						453,971.10		516,619.11
FIXED				1.500		15.01.1997		30.09.2025						111,752.06		127,173.84
FIXED				0.470		22.01.1998		31.12.2029		3,298,662.49		3,753,877.91		383,029.91		435,888.04
FIXED				0.470		22.01.1998		30.06.2030						28,681.43		32,639.47
FIXED				0.470		22.01.1998		30.09.2030						1,686.60		1,919.35
FIXED				0.470		22.01.1998		31.12.2031						824,560.00		938,349.28
FIXED				0.470		22.01.1998		31.03.2032						31,773.00		36,157.67
FIXED				0.470		22.01.1998		30.06.2032						192,566.15		219,140.28
FIXED				0.470		22.01.1998		30.09.2032						74,404.00		84,671.75
FIXED				0.470		22.01.1998		31.12.2029		741,169.01		843,450.33		88,938.09		101,211.55

D-158

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

	INTEREST RATE BASIS	INTEREST				INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
		SPREAD		RATE				YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
	FIXED						0.470		22.01.1998		31.03.2030						45,662.00		51,963.36
	FIXED						0.470		22.01.1998		30.06.2030						33,623.57		38,263.62
	FIXED						0.470		22.01.1998		30.09.2030						28,049.40		31,920.22
	FIXED						0.470		22.01.1998		31.12.2030						52,668.00		59,936.18
	FIXED						0.470		22.01.1998		31.03.2031						9,918.00		11,286.68
	FIXED						0.470		22.01.1998		30.06.2031						19,532.00		22,227.42
	FIXED						0.470		22.01.1998		30.09.2031						19,880.00		22,623.44
	FIXED						0.470		22.01.1998		30.06.2032						26,785.65		30,482.07
	INTEREST FREE								27.11.2007		15.05.2024		5,387,110.80		6,130,532.09		1,122,314.75		1,277,194.19
	INTEREST FREE								07.11.2008		31.10.2022		11,351,426.36		12,917,923.20		908,110.77		1,033,430.06
	FIXED						0.300		06.11.2009		10.02.2040		15,708,268.88		17,876,009.99		15,708,015.38		17,875,721.50
	FIXED						4.740		06.11.2009		15.09.2022		15,708,268.88		17,876,009.99		66,740.93		75,951.18
	LIBOR-BASED		1.100		-0.512		0.588		15.02.2010		30.11.2029		150,000,000.00		170,700,000.00		80,000,000.00		91,040,000.00
	FIXED						1.000		12.01.2012		28.01.2031		20,493,740.00		23,321,876.12		13,906,466.48		15,825,558.85
	FIXED						0.150		10.02.2011		11.04.2034		26,190,016.00		29,804,238.21		23,492,000.00		26,733,896.00
	LIBOR-BASED		0.560		1.650		2.210		16.04.2014		31.03.2034		110,269,793.43		125,487,024.92		106,028,647.53		120,660,600.89
	LIBOR-BASED		0.530		0.910		1.440		26.02.2015		31.03.2043		50,893,963.00		57,917,329.89		3,000,000.00		3,414,000.00
	INTEREST FREE								01.04.2016		14.06.2039		20,493,740.00		23,321,876.12		20,493,704.00		23,321,835.15
	LIBOR-BASED		0.270		0.670		0.940		04.04.2016		30.09.2035		50,000,000.00		56,900,000.00		50,000,000.00		56,900,000.00
	LIBOR-BASED		0.500		1.320		1.820		27.10.2017		01.09.2037		100,000,000.00		113,800,000.00		100,000,000.00		113,800,000.00
	FIXED						0.250		09.06.2020		31.03.2040		150,000,000.00		170,700,000.00		150,000,000.00		170,700,000.00
	FIXED						0.250		09.06.2020		31.03.2040		100,000,000.00		113,800,000.00		100,000,000.00		113,800,000.00
	FIXED						0.340		14.12.2021		30.11.2031		250,000,000.00		284,500,000.00		250,000,000.00		284,500,000.00
JAPANESE YEN															15,555,677,260.26				6,159,108,505.33
	LIBOR-BASED		0.000		0.325		0.325		22.02.2008		01.11.2022		34,253,100,000.00		297,762,198.30		4,610,467,260.00		40,078,791.89
	FIXED						2.700		20.03.1992		20.03.2022		7,655,000,000.00		66,544,915.00		113,650,000.00		987,959.45
	FIXED						3.000		19.08.1993		20.08.2023		6,872,000,000.00		59,738,296.00		650,324,000.00		5,653,266.53
	FIXED						3.000		19.08.1993		20.08.2023		4,633,000,000.00		40,274,669.00		387,096,000.00		3,365,025.53
	FIXED						3.000		19.08.1993		20.08.2023		3,803,000,000.00		33,059,479.00		347,044,000.00		3,016,853.49
	FIXED						3.000		19.08.1993		20.08.2023		3,055,000,000.00		26,557,115.00		298,044,000.00		2,590,896.49
	FIXED						3.000		19.08.1993		20.08.2023		9,294,000,000.00		80,792,742.00		559,896,000.00		4,867,175.93
	FIXED						3.000		20.12.1994		20.12.2024		9,620,000,000.00		83,626,660.00		1,398,618,000.00		12,158,186.27
	FIXED						3.000		20.12.1994		20.12.2024		4,616,000,000.00		40,126,888.00		632,700,000.00		5,500,061.10
	FIXED						3.000		20.12.1994		20.12.2024		11,754,000,000.00		102,177,522.00		1,720,074,000.00		14,952,603.28
	FIXED						2.700		30.08.1995		20.08.2025		6,151,000,000.00		53,470,643.00		981,480,000.00		8,532,005.64
	FIXED						2.300		30.08.1995		20.08.2025						153,352,000.00		1,333,088.94
	FIXED						2.700		30.08.1995		20.08.2025		4,040,000,000.00		35,119,720.00		645,568,000.00		5,611,922.62

D-159

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

INTEREST RATE BASIS	INTEREST		INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
	SPREAD	RATE			YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED				2.300		30.08.1995		20.08.2025						113,816,000.00		989,402.49
FIXED				2.500		30.08.1995		20.08.2025		8,312,000,000.00		72,256,216.00		1,454,728,000.00		12,645,950.50
FIXED				2.100		30.08.1995		20.08.2025						162,480,000.00		1,412,438.64
FIXED				2.700		30.08.1995		20.08.2025		18,391,000,000.00		159,872,963.00		3,121,592,000.00		27,135,999.26
FIXED				2.300		30.08.1995		20.08.2025						464,080,000.00		4,034,247.44
FIXED				2.700		30.08.1995		20.08.2025		5,579,000,000.00		48,498,247.00		915,832,000.00		7,961,327.58
FIXED				2.300		30.08.1995		20.08.2025						110,992,000.00		964,853.46
FIXED				2.700		30.08.1995		20.08.2025		6,386,000,000.00		55,513,498.00		1,026,664,000.00		8,924,790.15
FIXED				2.300		30.08.1995		20.08.2025						183,688,000.00		1,596,799.78
FIXED				2.700		30.08.1995		20.08.2025		12,895,000,000.00		112,096,235.00		2,047,880,000.00		17,802,220.84
FIXED				2.300		30.08.1995		20.08.2025						390,008,000.00		3,390,339.54
FIXED				2.700		30.08.1995		20.08.2025		4,765,000,000.00		41,422,145.00		661,096,000.00		5,746,907.53
FIXED				2.300		30.08.1995		20.08.2025						88,864,000.00		772,494.75
FIXED				2.700		30.08.1995		20.08.2025		9,551,000,000.00		83,026,843.00		1,268,040,000.00		11,023,071.72
FIXED				2.300		30.08.1995		20.08.2025						474,360,000.00		4,123,611.48
FIXED				2.700		30.08.1995		20.08.2025		2,872,000,000.00		24,966,296.00		245,200,000.00		2,131,523.60
FIXED				2.300		30.08.1995		20.08.2025						109,080,000.00		948,232.44
FIXED				2.500		29.03.1996		20.03.2026		6,911,000,000.00		60,077,323.00		1,307,412,000.00		11,365,332.52
FIXED				2.100		29.03.1996		20.03.2026						209,574,000.00		1,821,826.78
FIXED				2.300		29.03.1996		20.03.2026		305,000,000.00		2,651,365.00		49,869,000.00		433,511.22
FIXED				2.700		18.03.1997		20.03.2027		5,746,000,000.00		49,949,978.00		909,051,000.00		7,902,380.34
FIXED				2.300		18.03.1997		20.03.2027						198,605,000.00		1,726,473.27
FIXED				2.700		18.03.1997		20.03.2027		7,683,000,000.00		66,788,319.00		1,671,351,000.00		14,529,054.24
FIXED				2.300		18.03.1997		20.03.2027						330,209,000.00		2,870,506.84
FIXED				2.700		18.03.1997		20.03.2027		6,339,868,462.00		55,112,476.54		1,547,425,000.00		13,451,765.53
FIXED				2.300		18.03.1997		20.03.2027						153,494,000.00		1,334,323.34
FIXED				2.500		18.03.1997		20.03.2027		9,411,000,000.00		81,809,823.00		2,151,930,000.00		18,706,727.49
FIXED				2.100		18.03.1997		20.03.2027						242,022,000.00		2,103,897.25
FIXED				2.500		18.03.1997		20.03.2027		7,979,000,000.00		69,361,447.00		1,667,622,000.00		14,496,638.05
FIXED				2.100		18.03.1997		20.03.2027						291,093,000.00		2,530,471.45
FIXED				2.700		18.03.1997		20.03.2027		11,122,000,000.00		96,683,546.00		1,868,064,000.00		16,239,080.35
FIXED				2.300		18.03.1997		20.03.2027						697,081,000.00		6,059,725.13
FIXED				2.200		10.09.1998		20.09.2028		5,849,000,000.00		50,845,357.00		1,438,304,000.00		12,503,176.67
FIXED				0.750		10.09.1998		20.09.2038						492,660,000.00		4,282,693.38
FIXED				2.200		10.09.1998		20.09.2028		13,564,000,000.00		117,911,852.00		3,339,784,000.00		29,032,742.31
FIXED				0.750		10.09.1998		20.09.2038						1,109,522,000.00		9,645,074.75
FIXED				2.200		10.09.1998		20.09.2028		5,728,000,000.00		49,793,504.00		634,158,000.00		5,512,735.49
FIXED				0.750		10.09.1998		20.09.2038						266,050,000.00		2,312,772.65

D-160

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

INTEREST RATE BASIS	INTEREST		INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
	SPREAD	RATE			YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED				2.200		10.09.1998		20.09.2028		4,328,000,000.00		37,623,304.00		805,952,000.00		7,006,140.74
FIXED				0.750		10.09.1998		20.09.2038						344,352,000.00		2,993,451.94
FIXED				1.700		10.09.1998		20.09.2028		458,000,000.00		3,981,394.00		8,946,000.00		77,767.58
FIXED				0.750		10.09.1998		20.09.2038						174,148,000.00		1,513,868.56
FIXED				1.700		10.09.1998		20.09.2028		6,734,000,000.00		58,538,662.00		1,691,270,000.00		14,702,210.11
FIXED				0.750		10.09.1998		20.09.2038						733,482,000.00		6,376,159.03
FIXED				1.700		10.09.1998		20.09.2028		3,201,000,000.00		27,826,293.00		12,376,000.00		107,584.57
FIXED				0.750		10.09.1998		20.09.2038						1,203,328,000.00		10,460,530.30
FIXED				2.200		10.09.1998		20.09.2028		14,136,000,000.00		122,884,248.00		3,449,292,000.00		29,984,695.36
FIXED				0.750		10.09.1998		20.09.2038						798,014,000.00		6,937,135.70
FIXED				1.700		10.09.1998		20.09.2028		2,428,000,000.00		21,106,604.00		380,548,000.00		3,308,103.76
FIXED				0.750		10.09.1998		20.09.2038						212,058,000.00		1,843,420.19
FIXED				0.750		10.03.1999		20.03.2039		36,300,000,000.00		315,555,900.00		20,827,835,000.00		181,056,369.66
FIXED				1.800		28.12.1999		20.12.2029		7,210,000,000.00		62,676,530.00		1,927,760,000.00		16,758,017.68
FIXED				0.750		28.12.1999		20.12.2039						906,300,000.00		7,878,465.90
FIXED				1.300		28.12.1999		20.12.2029		951,000,000.00		8,267,043.00		40,960,000.00		356,065.28
FIXED				0.750		28.12.1999		20.12.2039						199,404,000.00		1,733,418.97
FIXED				1.800		28.12.1999		20.12.2029		6,078,000,000.00		52,836,054.00		2,119,824,000.00		18,427,630.03
FIXED				0.750		28.12.1999		20.12.2039						343,260,000.00		2,983,959.18
FIXED				1.800		28.12.1999		20.12.2029		16,990,000,000.00		147,694,070.00		4,194,304,000.00		36,461,084.67
FIXED				1.300		28.12.1999		20.12.2029						84,432,000.00		733,967.38
FIXED				0.750		28.12.1999		20.12.2039						808,164,000.00		7,025,369.65
FIXED				1.800		28.12.1999		20.12.2029		15,384,000,000.00		133,733,112.00		5,131,216,000.00		44,605,660.69
FIXED				0.750		28.12.1999		20.12.2039						1,240,632,000.00		10,784,813.98
FIXED				1.800		28.12.1999		20.12.2029		5,852,000,000.00		50,871,436.00		1,816,976,000.00		15,794,972.37
FIXED				0.750		28.12.1999		20.12.2039						510,912,000.00		4,441,358.02
FIXED				1.800		28.12.1999		20.12.2029		7,434,000,000.00		64,623,762.00		2,570,944,000.00		22,349,216.19
FIXED				0.750		28.12.1999		20.12.2039						498,672,000.00		4,334,955.70
FIXED				1.800		28.12.1999		20.12.2029		5,068,000,000.00		44,056,124.00		1,224,464,000.00		10,644,265.55
FIXED				0.750		28.12.1999		20.12.2039						382,320,000.00		3,323,507.76
FIXED				0.750		28.12.1999		20.12.2039		4,714,000,000.00		40,978,802.00		148,284,000.00		1,289,032.81
FIXED				1.300		28.12.1999		20.12.2029		9,013,000,000.00		78,350,009.00		2,628,528,000.00		22,849,793.90
FIXED				0.750		28.12.1999		20.12.2039						529,524,000.00		4,603,152.13
FIXED				0.750		28.12.1999		20.12.2039		1,167,000,000.00		10,144,731.00		569,628,000.00		4,951,776.20
FIXED				1.000		07.04.2000		20.04.2040		8,929,000,000.00		77,619,797.00		4,649,568,000.00		40,418,694.62
FIXED				0.750		07.04.2000		20.04.2040						679,616,000.00		5,907,901.89
FIXED				0.950		31.08.2000		20.08.2040		14,724,000,000.00		127,995,732.00		8,023,168,000.00		69,745,399.42
FIXED				0.750		31.08.2000		20.08.2040						898,776,000.00		7,813,059.77

D-161

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

INTEREST RATE BASIS	INTEREST		INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)							ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
	SPREAD	RATE				YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED				0.950			31.08.2000		20.08.2040		3,549,000,000.00		30,851,457.00		1,835,780,000.00		15,958,435.54
FIXED				0.750			31.08.2000		20.08.2040						348,384,000.00		3,028,502.11
FIXED				2.200			30.05.2001		20.05.2031		8,294,000,000.00		72,099,742.00		2,901,699,000.00		25,224,469.41
FIXED				0.750			30.05.2001		20.05.2041						966,147,000.00		8,398,715.87
FIXED				0.750			30.05.2001		20.05.2041		5,543,000,000.00		48,185,299.00		183,612,000.00		1,596,139.12
FIXED				2.200			30.05.2001		20.05.2031		11,743,000,000.00		102,081,899.00		2,633,229,000.00		22,890,659.70
FIXED				0.750			30.05.2001		20.05.2041						387,894,000.00		3,371,962.54
FIXED				2.200			30.05.2001		20.05.2031		6,205,000,000.00		53,940,065.00		1,584,315,000.00		13,772,450.30
FIXED				0.750			30.05.2001		20.05.2041						662,610,000.00		5,760,068.73
FIXED				2.200			30.05.2001		20.05.2031		5,210,000,000.00		45,290,530.00		1,332,090,000.00		11,579,858.37
FIXED				0.750			30.05.2001		20.05.2041						571,194,000.00		4,965,389.44
FIXED				2.200			30.05.2001		20.05.2031		6,515,000,000.00		56,634,895.00		2,146,506,000.00		18,659,576.66
FIXED				0.750			30.05.2001		20.05.2041						630,279,000.00		5,479,015.35
FIXED				1.700			30.05.2001		20.05.2031		2,789,000,000.00		24,244,777.00		1,218,185,000.00		10,589,682.21
FIXED				0.750			30.05.2001		20.05.2041						94,419,000.00		820,784.37
FIXED				1.700			30.05.2001		20.05.2031		6,309,000,000.00		54,844,137.00		2,397,629,000.00		20,842,588.90
FIXED				0.750			30.05.2001		20.05.2041						717,366,000.00		6,236,062.64
FIXED				0.750			30.05.2001		20.05.2041		2,034,000,000.00		17,681,562.00		1,250,301,000.00		10,868,866.59
FIXED				2.200			28.03.2002		20.03.2032		6,723,000,000.00		58,443,039.00		2,983,890,000.00		25,938,955.77
FIXED				0.750			28.03.2002		20.03.2042						536,567,000.00		4,664,376.93
FIXED				1.700	��		28.03.2002		20.03.2032		6,790,000,000.00		59,025,470.00		2,758,224,000.00		23,977,241.23
FIXED				0.750			28.03.2002		20.03.2042						902,984,000.00		7,849,639.91
FIXED				0.950			28.03.2002		20.03.2042		18,488,000,000.00		160,716,184.00		10,958,685,000.00		95,263,848.71
FIXED				0.750			28.03.2002		20.03.2042						1,362,922,000.00		11,847,880.95
FIXED				2.200			28.03.2002		20.03.2032		22,049,000,000.00		191,671,957.00		5,264,482,742.00		45,764,148.48
FIXED				1.800			28.03.2002		20.03.2032						1,517,027,949.00		13,187,523.96
FIXED				2.200			28.03.2002		20.03.2032		3,224,000,000.00		28,026,232.00		1,179,297,000.00		10,251,628.82
FIXED				0.750			28.03.2002		20.03.2042						461,947,000.00		4,015,705.27
FIXED				2.200			11.12.2003		20.12.2033		2,365,097,269.00		20,559,790.56		1,383,456,000.00		12,026,383.01
FIXED				2.200			30.03.2004		20.03.2034		6,223,000,000.00		54,096,539.00		2,518,175,000.00		21,890,495.28
FIXED				2.200			16.12.2003		20.12.2033		3,717,000,000.00		32,311,881.00		1,853,088,000.00		16,108,893.98
FIXED				0.750			27.02.2007		20.02.2047		8,529,000,000.00		74,142,597.00		7,620,675,000.00		66,246,527.78
FIXED				1.500			18.12.2007		20.12.2037		7,604,000,000.00		66,101,572.00		4,970,496,000.00		43,208,521.73
FIXED				0.010			18.12.2007		20.12.2037						845,504,000.00		7,349,966.27
FIXED				1.500			18.12.2007		20.12.2037		11,802,000,000.00		102,594,786.00		7,679,360,000.00		66,756,676.48
FIXED				0.750			18.12.2007		20.12.2047						261,560,000.00		2,273,741.08
FIXED				0.010			18.12.2007		20.12.2037						1,008,032,000.00		8,762,822.18
FIXED				1.400			20.03.2009		20.03.2039		9,293,000,000.00		80,784,049.00		7,933,030,000.00		68,961,829.79

D-162

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

INTEREST RATE BASIS	INTEREST				INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
	SPREAD		RATE				YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED						1.400		15.03.2010		20.03.2040		9,220,000,000.00		80,149,460.00		8,320,486,000.00		72,329,984.80
LIBOR-BASED		0.000		0.021		0.021		15.03.2010		20.01.2025		13,830,000,000.00		120,224,190.00		3,872,400,000.00		33,662,773.20
FIXED						0.010		26.05.2010		20.05.2050		9,912,000,000.00		86,165,016.00		7,600,551,000.00		66,071,589.84
FIXED						1.400		31.03.2011		20.03.2036		40,847,000,000.00		355,082,971.00		26,312,448,610.00		228,734,115.77
FIXED						0.010		31.03.2011		20.03.2036						1,182,186,796.00		10,276,749.82
FIXED						0.300		30.03.2012		20.03.2052		9,244,000,000.00		80,358,092.00		6,173,022,676.00		53,662,086.12
FIXED						0.010		30.03.2012		20.03.2052						62,598,392.00		544,167.82
FIXED						1.400		30.03.2012		20.03.2042		22,796,000,000.00		198,165,628.00		20,657,571,000.00		179,576,264.70
FIXED						0.010		30.03.2012		20.03.2042						931,068,289.00		8,093,776.64
FIXED						1.400		30.03.2012		20.03.2042		4,591,000,000.00		39,909,563.00		3,965,938,016.00		34,475,899.17
FIXED						0.010		30.03.2012		20.03.2042						386,473,640.00		3,359,615.35
FIXED						1.400		30.03.2012		20.03.2042		6,063,000,000.00		52,705,659.00		5,177,630,021.00		45,009,137.77
FIXED						0.010		30.03.2012		20.03.2042						671,948,220.00		5,841,245.88
FIXED						0.200		30.03.2012		20.03.2052		11,836,000,000.00		102,890,348.00		10,762,585,550.00		93,559,156.19
FIXED						0.010		30.03.2012		20.03.2052						1,012,696,208.00		8,803,368.14
FIXED						1.400		30.03.2012		20.03.2042		7,546,000,000.00		65,597,378.00		6,227,965,808.00		54,139,706.77
FIXED						0.010		30.03.2012		20.03.2042						1,265,159,078.00		10,998,027.87
FIXED						1.400		30.03.2012		20.03.2042		6,187,000,000.00		53,783,591.00		4,067,299,422.00		35,357,033.88
FIXED						0.010		30.03.2012		20.03.2042						817,993,691.00		7,110,819.16
FIXED						1.400		10.10.2012		20.10.2042		7,775,000,000.00		67,588,075.00		7,775,000,000.00		67,588,075.00
FIXED						0.200		27.03.2013		20.03.2053		43,252,000,000.00		375,989,636.00		14,436,200,768.00		125,493,893.28
FIXED						0.010		27.03.2013		20.03.2053						2,527,169,557.00		21,968,684.96
FIXED						0.200		27.03.2013		20.03.2053		10,782,000,000.00		93,727,926.00		9,396,010,000.00		81,679,514.93
FIXED						0.010		27.03.2013		20.03.2053						1,385,990,000.00		12,048,411.07
FIXED						0.100		14.12.2013		20.12.2053		18,732,000,000.00		162,837,276.00		13,325,076,000.00		115,834,885.67
FIXED						0.010		14.12.2013		20.12.2053						251,875,218.00		2,189,551.27
FIXED						0.010		31.01.2014		20.03.2054		50,000,000,000.00		434,650,000.00		15,000,000,000.00		130,395,000.00
FIXED						0.010		31.01.2014		20.08.2054						10,000,000,000.00		86,930,000.00
FIXED						0.010		31.01.2014		20.02.2055						25,000,000,000.00		217,325,000.00
FIXED						0.010		26.03.2015		20.03.2055		7,929,000,000.00		68,926,797.00		94,690,474.00		823,144.29
FIXED						0.300		26.03.2015		20.03.2055		11,576,000,000.00		100,630,168.00		7,992,567,426.00		69,479,388.63
FIXED						0.010		26.03.2015		20.03.2055						650,774,264.00		5,657,180.68
FIXED						0.010		25.08.2015		20.08.2055		9,783,000,000.00		85,043,619.00		345,708,598.00		3,005,244.84
FIXED						0.100		25.08.2015		20.08.2055		23,906,000,000.00		207,814,858.00		4,056,977,163.00		35,267,302.48
FIXED						0.010		25.08.2015		20.08.2055						469,645,734.00		4,082,630.37
FIXED						0.100		27.11.2015		20.11.2055		241,991,000,000.00		2,103,627,763.00		59,247,855,873.00		515,041,611.10
FIXED						0.010		27.11.2015		20.11.2055						7,250,251,492.00		63,026,436.22
FIXED						0.100		26.10.2016		20.10.2056		16,455,000,000.00		143,043,315.00		8,478,000,000.00		73,699,254.00

D-163

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

	INTEREST RATE BASIS	INTEREST		INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)							ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
		SPREAD	RATE				YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
	FIXED				0.010			26.10.2016		20.10.2056						197,408,797.00		1,716,074.67
	FIXED				0.010			13.11.2017		20.11.2057		15,928,000,000.00		138,462,104.00		748,400,798.00		6,505,848.14
	FIXED				1.500			28.02.2018		20.02.2048		9,399,000,000.00		81,705,507.00		2,571,708,613.00		22,355,862.97
	FIXED				0.010			28.02.2018		20.02.2048						106,997,793.00		930,131.81
	FIXED				0.100			16.03.2018		20.03.2058		104,530,000,000.00		908,679,290.00		44,029,625,376.00		382,749,533.39
	FIXED				0.010	��		16.03.2018		20.03.2058						5,559,762,228.00		48,331,013.05
	FIXED				0.100			08.10.2018		20.10.2058		4,376,000,000.00		38,040,568.00		1,038,247,798.00		9,025,488.11
	FIXED				0.010			08.10.2018		20.10.2058						108,978,299.00		947,348.35
	FIXED				0.100			08.11.2018		20.11.2058		38,101,000,000.00		331,211,993.00		25,991,902,275.00		225,947,606.48
	FIXED				0.010			08.11.2018		20.11.2058						233,684,570.00		2,031,419.97
	FIXED				0.010			21.01.2019		20.01.2059		167,199,000,000.00		1,453,460,907.00		7,112,149,212.00		61,825,913.10
	FIXED				0.100			21.01.2019		20.01.2059		37,905,000,000.00		329,508,165.00		2,665,251,341.00		23,169,029.91
	FIXED				0.010			21.01.2019		20.01.2059						436,447,063.00		3,794,034.32
	FIXED				0.010			01.07.2020		20.07.2035		50,000,000,000.00		434,650,000.00		50,000,000,000.00		434,650,000.00
	FIXED				0.010			15.09.2020		20.09.2060		50,000,000,000.00		434,650,000.00		10,000,000,000.00		86,930,000.00
	FIXED				0.010			15.09.2020		20.07.2060						10,000,000,000.00		86,930,000.00
	FIXED				0.010			15.09.2020		20.07.2060						20,000,000,000.00		173,860,000.00
	FIXED				0.010			15.09.2020		20.08.2060						10,000,000,000.00		86,930,000.00
	FIXED				2.490			04.09.2008		10.04.2022		23,407,764,508.00		203,483,696.87		752,500,470.00		6,541,486.59
	FIXED				2.350			26.12.2008		19.09.2022		33,963,312,331.00		295,243,074.09		2,276,598,253.00		19,790,468.61
	FIXED				3.030			26.08.2009		24.06.2022		23,554,524,203.00		204,759,478.90		235,373,506.00		2,046,101.89
	FIXED				1.430			26.08.2009		25.09.2029						8,103,352,426.00		70,442,442.64
	FIXED				3.000			31.03.1993		20.03.2023		6,112,000,000.00		53,131,616.00		218,562,000.00		1,899,959.47
	FIXED				3.000			29.01.1993		20.01.2023		3,653,000,000.00		31,755,529.00		230,907,000.00		2,007,274.55
	FIXED				2.700			26.05.1992		20.05.2022		1,094,000,000.00		9,510,142.00		19,234,000.00		167,201.16
	FIXED				3.000			12.08.1994		20.08.2024		11,433,000,000.00		99,387,069.00		1,425,330,000.00		12,390,393.69
	FIXED				3.000			07.12.1994		20.12.2024		7,056,000,000.00		61,337,808.00		930,222,000.00		8,086,419.85
	FIXED				3.000			07.12.1994		20.12.2024		6,630,000,000.00		57,634,590.00		814,614,000.00		7,081,439.50
	FIXED				3.000			20.12.1994		20.12.2024		5,513,000,000.00		47,924,509.00		755,706,000.00		6,569,352.26
	FIXED				3.000			20.12.1994		20.12.2024		10,756,000,000.00		93,501,908.00		46,842,000.00		407,197.51
	FIXED				3.000			20.12.1994		20.12.2024		2,896,000,000.00		25,174,928.00		178,386,000.00		1,550,709.50
	FIXED				3.000			20.12.1994		20.12.2024		457,000,000.00		3,972,701.00		31,296,000.00		272,056.13
KOREAN WON														703,752,092.96				272,974,914.46
	FIXED				2.500			24.02.1998		20.12.2030		21,172,000,000.00		17,826,824.00		10,372,177,810.00		8,733,373.72
	FIXED				1.500			15.12.2005		20.12.2035		23,041,000,000.00		19,400,522.00		15,829,688,000.00		13,328,597.30
	INTEREST FREE							13.07.2009		20.07.2049		14,953,000,000.00		12,590,426.00		1,302,504,000.00		1,096,708.37
	FIXED				0.100			13.07.2009		20.07.2049						10,182,760,000.00		8,573,883.92

D-164

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

	INTEREST RATE BASIS	INTEREST				INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
		SPREAD		RATE				YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
	INTEREST FREE								13.07.2009		20.07.2049		32,274,000,000.00		27,174,708.00		3,391,528,000.00		2,855,666.58
	FIXED						0.100		13.07.2009		20.07.2049						16,901,360,000.00		14,230,945.12
	FIXED						0.150		13.10.2011		20.10.2051		14,323,000,000.00		12,059,966.00		10,777,472,280.00		9,074,631.66
	INTEREST FREE								23.08.2012		20.08.2052		77,117,000,000.00		64,932,514.00		5,375,522,450.00		4,526,189.90
	FIXED						0.100		23.08.2012		20.08.2052						71,540,845,570.00		60,237,391.97
	INTEREST FREE								09.08.2012		20.08.2052		235,988,000,000.00		198,701,896.00		8,399,945,390.00		7,072,754.02
	FIXED						0.075		09.08.2012		20.08.2052						56,980,177,240.00		47,977,309.24
	INTEREST FREE								19.08.2013		20.08.2053		22,424,000,000.00		18,881,008.00		1,886,666,940.00		1,588,573.56
	FIXED						0.075		19.08.2013		20.08.2053						10,942,938,090.00		9,213,953.87
	INTEREST FREE								17.10.2013		20.10.2053		89,144,000,000.00		75,059,248.00		4,538,832,250.00		3,821,696.75
	FIXED						0.075		17.10.2013		20.10.2053						53,279,703,410.00		44,861,510.27
	INTEREST FREE								28.04.2016		20.04.2056		120,536,000,000.00		101,491,312.00		2,261,901,820.00		1,904,521.33
	FIXED						0.075		28.04.2016		20.04.2056						39,053,589,190.00		32,883,122.10
	INTEREST FREE								04.06.2018		20.06.2058		184,838,086,650.00		155,633,668.96		1,180,623,260.00		994,084.78
SPECIAL DRAWING RIGHTS															355,553,112.30				109,206,820.81
	FIXED						1.000		24.04.1986		15.05.2026		39,807,621.26		55,714,348.64		10,235,221.26		14,325,113.32
	FIXED						1.000		08.05.1996		15.09.2022		4,762,904.84		6,666,113.99		392,104.84		548,786.01
	FIXED						1.000		27.11.1995		15.05.2022		8,512,850.57		11,914,500.53		350,850.57		491,046.95
	FIXED						1.000		27.11.1995		15.04.2022		12,123,651.16		16,968,140.93		496,651.16		695,108.00
	FIXED						1.000		03.06.1997		15.03.2023		6,765,191.11		9,468,493.83		824,191.11		1,153,529.64
	FIXED						1.000		03.06.1997		15.05.2023		1,966,544.74		2,752,356.35		237,294.03		332,114.35
	FIXED						1.000		21.01.1998		01.03.2024		9,269,975.84		12,974,165.49		2,166,375.84		3,032,037.96
	FIXED						1.000		15.04.1998		15.05.2024		5,618,668.14		7,863,831.74		1,297,068.14		1,815,363.60
	INTEREST FREE								22.11.1993		01.06.2022		50,500,000.00		70,679,295.00		1,263,947.05		1,769,007.65
	FIXED						0.750		06.03.1996		15.09.2035		6,150,000.00		8,607,478.50		1,836,468.96		2,570,303.59
	FIXED						0.750		29.04.1998		15.03.2038		11,000,000.00		15,395,490.00		5,406,276.91		7,566,571.10
	FIXED						0.750		08.04.2002		01.10.2041		11,600,000.00		16,235,244.00		6,184,601.68		8,655,906.67
	FIXED						0.750		04.06.2008		15.04.2048		16,150,000.00		22,603,378.50		13,685,789.73		19,154,494.45
	LIBOR-BASED		0.000		0.830		0.830		02.09.2009		15.10.2028		10,685,000.00		14,954,619.15		4,009,584.65		5,611,774.58
	LIBOR-BASED		0.000		0.690		0.690		12.04.2013		01.11.2032		13,250,000.00		18,544,567.50		6,873,394.71		9,619,934.50
	FIXED						0.750		25.09.2000		15.01.2040		6,000,000.00		8,397,540.00		3,719,719.52		5,206,082.24
	FIXED						0.750		29.11.2000		15.01.2040		4,500,000.00		6,298,155.00		3,190,929.58		4,465,993.13
	FIXED						1.000		08.05.1996		01.01.2023		12,878,498.82		18,024,618.16		1,566,298.82		2,192,176.17
	FIXED						0.750		08.05.1996		01.01.2036		10,150,000.00		14,205,838.50		4,759,245.53		6,660,992.45
	FIXED						0.750		11.11.2005		15.04.2045		12,350,000.00		17,284,936.50		9,531,708.89		13,340,484.45
UNITED STATES DOLLAR															30,906,209,395.02				22,039,265,739.36

D-165

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

INTEREST RATE BASIS	INTEREST				INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
	SPREAD		RATE				YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
LIBOR-BASED		0.000		0.759		0.759		08.05.1996		15.09.2022		9,500,000.00		9,500,000.00		304,764.92		304,764.92
LIBOR-BASED		0.000		0.838		0.838		27.11.1995		15.05.2022		15,000,000.00		15,000,000.00		298,952.15		298,952.15
LIBOR-BASED		0.000		0.765		0.765		21.01.1998		01.09.2022		93,000,000.00		93,000,000.00		219,913.13		219,913.13
LIBOR-BASED		0.000		0.765		0.765		21.01.1998		01.09.2022		20,222,000.00		20,222,000.00		348,611.79		348,611.79
LIBOR-BASED		0.000		0.838		0.838		15.04.1998		15.11.2022		15,700,000.00		15,700,000.00		1,021,752.79		1,021,752.79
LIBOR-BASED		0.000		0.764		0.764		21.12.1998		01.08.2022		71,000,000.00		71,000,000.00		2,459,493.31		2,459,493.31
LIBOR-BASED		0.000		0.767		0.767		01.03.1999		01.10.2025		53,000,000.00		53,000,000.00		11,084,370.58		11,084,370.58
LIBOR-BASED		0.000		0.781		0.781		01.03.1999		01.12.2023		24,300,000.00		24,300,000.00		263,151.56		263,151.56
LIBOR-BASED		0.000		0.763		0.763		01.03.1999		15.12.2023		93,162,000.00		93,162,000.00		11,772,246.65		11,772,246.65
LIBOR-BASED		0.000		0.767		0.767		01.03.1999		15.08.2023		60,000,000.00		60,000,000.00		9,254,320.68		9,254,320.68
LIBOR-BASED		0.000		0.767		0.767		18.07.2000		15.08.2024		75,000,000.00		75,000,000.00		520,577.99		520,577.99
LIBOR-BASED		0.000		0.767		0.767		21.07.2000		15.02.2025		75,000,000.00		75,000,000.00		21,518,505.77		21,518,505.77
LIBOR-BASED		0.000		0.767		0.767		16.11.2000		15.08.2025		25,000,000.00		25,000,000.00		6,625,265.04		6,625,265.04
LIBOR-BASED		0.600		0.159		0.759		22.10.2000		15.09.2025		75,000,000.00		75,000,000.00		23,056,991.79		23,056,991.79
LIBOR-BASED		0.000		0.838		0.838		10.01.2005		15.11.2030		13,000,000.00		13,000,000.00		8,640,528.67		8,640,528.67
LIBOR-BASED		0.000		0.771		0.771		13.02.2007		01.01.2022		250,000,000.00		250,000,000.00		17,225,000.00		17,225,000.00
LIBOR-BASED		0.000		0.838		0.838		28.03.2007		15.11.2031		33,800,000.00		33,800,000.00		15,347,682.86		15,347,682.86
LIBOR-BASED		0.000		0.359		0.359		07.10.2008		15.09.2023		250,000,000.00		250,000,000.00		88,201,275.00		88,201,275.00
LIBOR-BASED		0.000		0.438		0.438		08.12.2008		15.11.2033		45,144,750.20		45,144,750.20		37,931,855.67		37,931,855.67
LIBOR-BASED		0.000		0.363		0.363		18.12.2008		15.12.2023		300,000,000.00		300,000,000.00		77,093,469.00		77,093,469.00
LIBOR-BASED		0.000		0.367		0.367		02.03.2009		15.08.2033		31,100,000.00		31,100,000.00		19,743,395.37		19,743,395.37
LIBOR-BASED		0.000		0.365		0.365		16.09.2009		01.09.2024		250,000,000.00		250,000,000.00		91,959,995.00		91,959,995.00
LIBOR-BASED		0.000		0.438		0.438		08.12.2009		15.11.2024		225,000,000.00		225,000,000.00		82,763,995.50		82,763,995.50
LIBOR-BASED		0.000		0.465		0.465		14.09.2010		01.09.2035		400,000,000.00		400,000,000.00		347,354,958.33		347,354,958.33
LIBOR-BASED		0.300		0.181		0.481		22.02.2011		01.12.2025		200,000,000.00		200,000,000.00		93,678,970.00		93,678,970.00
LIBOR-BASED		0.400		0.181		0.581		13.01.2012		01.12.2026		300,000,000.00		300,000,000.00		167,880,324.00		167,880,324.00
LIBOR-BASED		0.400		0.181		0.581		12.03.2012		01.12.2036		62,000,000.00		62,000,000.00		55,417,628.08		55,417,628.08
LIBOR-BASED		0.000		0.567		0.567		04.07.2012		15.04.2027		350,000,000.00		350,000,000.00		210,690,658.50		210,690,658.50
LIBOR-BASED		0.000		0.667		0.667		22.03.2013		15.08.2032		100,000,000.00		100,000,000.00		52,625,063.25		52,625,063.25
LIBOR-BASED		0.400		0.181		0.581		27.09.2013		01.12.2032		300,000,000.00		300,000,000.00		17,427,494.32		17,427,494.32
LIBOR-BASED		0.400		0.381		0.781		23.12.2013		01.12.2045		500,000,000.00		500,000,000.00		500,000,000.00		500,000,000.00
FIXED						0.250		27.09.2013		01.12.2052		100,000,000.00		100,000,000.00		7,412,223.22		7,412,223.22
LIBOR-BASED		0.400		0.363		0.763		26.03.2014		15.12.2045		372,103,895.00		372,103,895.00		324,880,324.42		324,880,324.42
LIBOR-BASED		0.400		0.164		0.564		14.02.2014		01.02.2029		250,000,000.00		250,000,000.00		227,213,930.00		227,213,930.00
LIBOR-BASED		0.500		0.181		0.681		12.02.2015		01.12.2029		350,000,000.00		350,000,000.00		323,912,991.50		323,912,991.50
LIBOR-BASED		0.500		0.181		0.681		10.02.2015		01.12.2034		300,000,000.00		300,000,000.00		263,329,667.90		263,329,667.90
LIBOR-BASED		0.500		0.159		0.659		07.12.2015		15.09.2030		300,000,000.00		300,000,000.00		285,740,604.00		285,740,604.00
LIBOR-BASED		0.500		0.159		0.659		07.12.2015		15.09.2030		300,000,000.00		300,000,000.00		285,740,604.00		285,740,604.00

D-166

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

INTEREST RATE BASIS	INTEREST				INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
	SPREAD		RATE				YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
LIBOR-BASED		0.500		0.381		0.881		29.04.2016		01.12.2040		400,000,000.00		400,000,000.00		393,211,908.00		393,211,908.00
LIBOR-BASED		0.500		0.181		0.681		15.12.2016		01.12.2031		250,000,000.00		250,000,000.00		243,221,705.00		243,221,705.00
LIBOR-BASED		0.500		0.238		0.738		06.11.2017		15.05.2032		300,000,000.00		300,000,000.00		294,343,473.00		294,343,473.00
LIBOR-BASED		0.500		0.204		0.704		06.12.2017		01.11.2032		300,000,000.00		300,000,000.00		296,497,758.00		296,497,758.00
LIBOR-BASED		0.500		0.267		0.767		08.11.2017		15.10.2042		100,000,000.00		100,000,000.00		46,334,863.50		46,334,863.50
LIBOR-BASED		0.500		0.403		0.903		10.01.2018		15.11.2047		380,000,000.00		380,000,000.00		69,697,706.02		69,697,706.02
LIBOR-BASED		0.500		0.238		0.738		28.08.2018		15.05.2033		300,000,000.00		300,000,000.00		298,371,051.00		298,371,051.00
LIBOR-BASED		0.500		0.438		0.938		17.12.2018		15.11.2050		300,000,000.00		300,000,000.00		300,000,000.00		300,000,000.00
LIBOR-BASED		0.500		0.438		0.938		17.12.2018		15.11.2050		100,000,000.00		100,000,000.00		1,586,176.88		1,586,176.88
LIBOR-BASED		0.500		0.238		0.738		09.10.2018		15.05.2033		300,000,000.00		300,000,000.00		298,371,051.00		298,371,051.00
LIBOR-BASED		0.500		0.438		0.938		03.06.2019		15.05.2044		300,000,000.00		300,000,000.00		142,500,000.00		142,500,000.00
LIBOR-BASED		0.500		0.367		0.867		11.07.2019		01.04.2049		1,300,000,000.00		1,300,000,000.00		342,168,824.71		342,168,824.71
LIBOR-BASED		0.500		0.204		0.704		20.11.2019		01.11.2034		300,000,000.00		300,000,000.00		300,000,000.00		300,000,000.00
LIBOR-BASED		0.500		0.163		0.663		13.12.2019		15.06.2034		400,000,000.00		400,000,000.00		400,000,000.00		400,000,000.00
LIBOR-BASED		0.500		0.381		0.881		13.12.2019		01.12.2047		200,000,000.00		200,000,000.00		11,319,420.19		11,319,420.19
LIBOR-BASED		0.500		0.438		0.938		13.12.2019		15.11.2047		23,300,000.00		23,300,000.00		2,901,241.17		2,901,241.17
LIBOR-BASED		0.500		0.287		0.787		23.04.2020		15.04.2030		250,000,000.00		250,000,000.00		250,000,000.00		250,000,000.00
LIBOR-BASED		0.500		0.287		0.787		23.04.2020		15.04.2025		500,000,000.00		500,000,000.00		500,000,000.00		500,000,000.00
LIBOR-BASED		0.500		0.367		0.867		28.04.2020		15.04.2049		200,000,000.00		200,000,000.00		200,000,000.00		200,000,000.00
LIBOR-BASED		0.500		0.167		0.667		04.06.2020		15.04.2035		400,000,000.00		400,000,000.00		400,000,000.00		400,000,000.00
LIBOR-BASED		0.500		0.404		0.904		15.06.2020		01.05.2049		500,000,000.00		500,000,000.00		470,723,011.03		470,723,011.03
LIBOR-BASED		0.500		0.363		0.863		01.07.2020		15.06.2048		26,532,604.00		26,532,604.00		758,956.73		758,956.73
LIBOR-BASED		0.500		0.167		0.667		20.08.2020		15.02.2035		400,000,000.00		400,000,000.00		400,000,000.00		400,000,000.00
LIBOR-BASED		0.500		0.167		0.667		27.08.2020		15.08.2035		300,000,000.00		300,000,000.00		300,000,000.00		300,000,000.00
LIBOR-BASED		0.500		0.467		0.967		08.09.2020		15.08.2049		125,000,000.00		125,000,000.00		78,907,965.00		78,907,965.00
LIBOR-BASED		0.500		0.165		0.665		15.09.2020		01.03.2050		500,000,000.00		500,000,000.00		500,000,000.00		500,000,000.00
LIBOR-BASED		0.500		0.165		0.665		19.03.2021		01.03.2031		400,000,000.00		400,000,000.00		393,446,825.14		393,446,825.14
LIBOR-BASED		0.500		0.164		0.664		13.08.2021		15.07.2036		400,000,000.00		400,000,000.00		400,000,000.00		400,000,000.00
LIBOR-BASED		0.500		0.190		0.690		07.01.2010		01.10.2034		405,000,000.00		405,000,000.00		351,054,000.12		351,054,000.12
FIXED						5.540		23.01.2007		15.11.2026		250,000,000.00		250,000,000.00		104,050,000.00		104,050,000.00
FIXED						4.910		29.08.2007		15.05.2027		50,000,000.00		50,000,000.00		1,144,750.00		1,144,750.00
FIXED						4.440		29.08.2007		15.05.2027						686,850.00		686,850.00
FIXED						3.730		29.08.2007		15.05.2027						457,900.00		457,900.00
FIXED						4.160		29.08.2007		15.05.2027						2,451,237.37		2,451,237.37
FIXED						4.100		29.08.2007		15.05.2027						1,147,838.86		1,147,838.86
FIXED						3.350		29.08.2007		15.05.2027						1,102,584.71		1,102,584.71
FIXED						3.600		29.08.2007		15.05.2027						2,288,142.49		2,288,142.49
FIXED						2.580		29.08.2007		15.11.2026						340,000.40		340,000.40

D-167

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

INTEREST RATE BASIS	INTEREST				INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
	SPREAD		RATE				YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED						2.350		29.08.2007		15.05.2027						1,946,517.83		1,946,517.83
FIXED						1.940		29.08.2007		15.05.2027						6,513,980.92		6,513,980.92
FIXED						2.280		29.08.2007		15.05.2027						3,423,839.69		3,423,839.69
FIXED						2.900		29.08.2007		15.05.2027						1,318,193.37		1,318,193.37
FIXED						2.750		29.08.2007		15.05.2027						73,097.76		73,097.76
LIBOR-BASED		0.500		0.030		0.530		16.12.2008		15.11.2033		200,000,000.00		200,000,000.00		160,040,000.00		160,040,000.00
FIXED						3.670		24.10.2008		15.11.2032		232,000,000.00		232,000,000.00		425,488.00		425,488.00
FIXED						4.170		24.10.2008		15.11.2032						2,200,800.00		2,200,800.00
FIXED						4.140		24.10.2008		15.11.2032						26,708.19		26,708.19
FIXED						3.510		24.10.2008		15.11.2032						1,452,860.40		1,452,860.40
FIXED						3.730		24.10.2008		15.11.2032						5,014,195.10		5,014,195.10
FIXED						2.660		24.10.2008		15.11.2032						4,448,697.77		4,448,697.77
FIXED						2.470		24.10.2008		15.11.2032						6,824,176.53		6,824,176.53
FIXED						2.090		24.10.2008		15.11.2032						9,382,126.70		9,382,126.70
FIXED						2.530		24.10.2008		15.11.2032						17,110,989.16		17,110,989.16
FIXED						3.230		24.10.2008		15.11.2032						10,563,717.88		10,563,717.88
FIXED						2.980		24.10.2008		15.11.2032						13,003,242.82		13,003,242.82
FIXED						2.710		24.10.2008		15.11.2032						11,722,037.53		11,722,037.53
FIXED						2.520		24.10.2008		15.11.2032						8,805,983.73		8,805,983.73
FIXED						2.410		24.10.2008		15.11.2032						11,113,768.47		11,113,768.47
FIXED						1.880		24.10.2008		15.11.2032						9,935,738.01		9,935,738.01
LIBOR-BASED		0.500		1.790		2.290		24.10.2008		15.11.2032						11,085,050.39		11,085,050.39
FIXED						2.550		24.10.2008		15.11.2032						11,200,115.57		11,200,115.57
FIXED						2.600		24.10.2008		15.11.2032						2,454,774.25		2,454,774.25
LIBOR-BASED		0.500		1.100		1.600		12.05.2009		15.09.2033		10,000,000.00		10,000,000.00		7,174,235.69		7,174,235.69
FIXED						5.810		30.06.2005		15.04.2025		16,000,000.00		16,000,000.00		110,618.00		110,618.00
FIXED						5.640		30.06.2005		15.04.2025						13,026.96		13,026.96
FIXED						5.600		30.06.2005		15.04.2025						1,720.34		1,720.34
FIXED						5.630		30.06.2005		15.04.2025						27,115.50		27,115.50
FIXED						4.480		30.06.2005		15.04.2025						62,277.84		62,277.84
FIXED						4.770		30.06.2005		15.04.2025						40,080.03		40,080.03
FIXED						3.590		30.06.2005		15.04.2025						115,871.99		115,871.99
FIXED						3.820		30.06.2005		15.04.2025						194,895.43		194,895.43
FIXED						4.130		30.06.2005		15.04.2025						108,251.98		108,251.98
FIXED						2.770		30.06.2005		15.04.2025						152,094.50		152,094.50
FIXED						3.680		30.06.2005		15.04.2025						431,733.43		431,733.43
FIXED						2.460		30.06.2005		15.04.2025						258,037.40		258,037.40
FIXED						2.270		30.06.2005		15.04.2025						506,527.65		506,527.65

D-168

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

INTEREST RATE BASIS	INTEREST		INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
	SPREAD	RATE			YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED				1.850		30.06.2005		15.04.2025						295,515.00		295,515.00
FIXED				1.940		30.06.2005		15.04.2025						178,403.51		178,403.51
FIXED				2.600		30.06.2005		15.04.2025						106,253.49		106,253.49
FIXED				2.540		30.06.2005		15.04.2025						538,919.90		538,919.90
FIXED				5.560		26.01.2004		15.10.2023		5,000,000.00		5,000,000.00		8,300.00		8,300.00
FIXED				5.870		26.01.2004		15.10.2023						46,697.65		46,697.65
FIXED				5.830		26.01.2004		15.10.2023						36,333.86		36,333.86
FIXED				5.840		26.01.2004		15.10.2023						7,019.04		7,019.04
FIXED				4.620		26.01.2004		15.10.2023						83,537.81		83,537.81
FIXED				4.980		26.01.2004		15.10.2023						119,380.35		119,380.35
FIXED				3.740		26.01.2004		15.10.2023						76,551.04		76,551.04
FIXED				3.920		26.01.2004		15.10.2023						60,320.23		60,320.23
FIXED				4.170		26.01.2004		15.10.2023						75,149.13		75,149.13
FIXED				2.820		26.01.2004		15.10.2023						86,426.25		86,426.25
FIXED				3.710		26.01.2004		15.10.2023						86,036.37		86,036.37
FIXED				2.560		26.01.2004		15.10.2023						33,147.30		33,147.30
FIXED				5.380		30.03.2007		15.11.2026		11,000,000.00		11,000,000.00		41,620.00		41,620.00
FIXED				4.890		30.03.2007		15.11.2026						102,022.02		102,022.02
FIXED				4.430		30.03.2007		15.11.2026						21,304.47		21,304.47
FIXED				3.710		30.03.2007		15.11.2026						15,186.23		15,186.23
FIXED				4.120		30.03.2007		15.11.2026						48,534.67		48,534.67
FIXED				4.060		30.03.2007		15.11.2026						208,591.63		208,591.63
FIXED				3.290		30.03.2007		15.11.2026						263,448.58		263,448.58
FIXED				3.540		30.03.2007		15.11.2026						130,954.02		130,954.02
FIXED				2.530		30.03.2007		15.11.2026						474,867.00		474,867.00
FIXED				2.300		30.03.2007		15.11.2026						162,034.95		162,034.95
FIXED				1.890		30.03.2007		15.11.2026						459,269.12		459,269.12
FIXED				2.220		30.03.2007		15.11.2026						565,503.39		565,503.39
FIXED				2.820		30.03.2007		15.11.2026						296,582.14		296,582.14
FIXED				5.380		03.05.2007		15.11.2026		83,752,000.00		83,752,000.00		208,100.00		208,100.00
FIXED				4.890		03.05.2007		15.11.2026						832,400.00		832,400.00
FIXED				4.430		03.05.2007		15.11.2026						145,670.00		145,670.00
FIXED				3.710		03.05.2007		15.11.2026						703,378.00		703,378.00
FIXED				4.120		03.05.2007		15.11.2026						1,194,274.75		1,194,274.75
FIXED				4.060		03.05.2007		15.11.2026						1,014,908.94		1,014,908.94
FIXED				3.290		03.05.2007		15.11.2026						870,840.20		870,840.20
FIXED				3.540		03.05.2007		15.11.2026						1,899,439.76		1,899,439.76
FIXED				2.530		03.05.2007		15.11.2026						1,916,732.67		1,916,732.67

D-169

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

INTEREST RATE BASIS	INTEREST		INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
	SPREAD	RATE			YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED				2.300		03.05.2007		15.11.2026						3,598,449.91		3,598,449.91
FIXED				1.890		03.05.2007		15.11.2026						3,882,822.00		3,882,822.00
FIXED				2.220		03.05.2007		15.11.2026						4,907,787.22		4,907,787.22
FIXED				2.820		03.05.2007		15.11.2026						3,942,697.49		3,942,697.49
FIXED				2.690		03.05.2007		15.11.2026						2,716,709.92		2,716,709.92
FIXED				2.530		03.05.2007		15.11.2026						2,864,166.96		2,864,166.96
FIXED				2.370		03.05.2007		15.11.2026						2,449,820.41		2,449,820.41
FIXED				5.300		07.10.2002		15.04.2022		100,000,000.00		100,000,000.00		122,700.00		122,700.00
FIXED				5.500		07.10.2002		15.04.2022						60,743.01		60,743.01
FIXED				5.500		07.10.2002		15.04.2022						124,141.71		124,141.71
FIXED				5.270		07.10.2002		15.04.2022						195,161.73		195,161.73
FIXED				5.450		07.10.2002		15.04.2022						88,785.02		88,785.02
FIXED				5.570		07.10.2002		15.04.2022						251,008.15		251,008.15
FIXED				6.070		07.10.2002		15.04.2022						353,974.37		353,974.37
FIXED				5.900		07.10.2002		15.04.2022						204,942.63		204,942.63
FIXED				5.850		07.10.2002		15.04.2022						543,080.32		543,080.32
FIXED				5.850		07.10.2002		15.04.2022						251,184.40		251,184.40
FIXED				4.540		07.10.2002		15.04.2022						322,905.23		322,905.23
FIXED				4.970		07.10.2002		15.04.2022						323,548.45		323,548.45
FIXED				3.670		07.10.2002		15.04.2022						557,673.87		557,673.87
FIXED				3.810		07.10.2002		15.04.2022						295,759.47		295,759.47
FIXED				2.690		07.10.2002		15.04.2022						14,194.28		14,194.28
FIXED				3.570		07.10.2002		15.04.2022						176,115.09		176,115.09
FIXED				2.460		07.10.2002		15.04.2022						119,710.32		119,710.32
FIXED				5.490		22.01.2003		15.10.2022		50,000,000.00		50,000,000.00		123,900.05		123,900.05
FIXED				5.490		22.01.2003		15.10.2022						21,624.50		21,624.50
FIXED				5.250		22.01.2003		15.10.2022						46,653.02		46,653.02
FIXED				5.420		22.01.2003		15.10.2022						211,131.47		211,131.47
FIXED				5.530		22.01.2003		15.10.2022						207,768.37		207,768.37
FIXED				6.030		22.01.2003		15.10.2022						270,606.61		270,606.61
FIXED				5.860		22.01.2003		15.10.2022						416,761.29		416,761.29
FIXED				5.810		22.01.2003		15.10.2022						689,498.29		689,498.29
FIXED				5.810		22.01.2003		15.10.2022						562,526.96		562,526.96
FIXED				4.530		22.01.2003		15.10.2022						525,415.16		525,415.16
FIXED				4.940		22.01.2003		15.10.2022						339,306.21		339,306.21
FIXED				3.660		22.01.2003		15.10.2022						364,125.30		364,125.30
FIXED				3.810		22.01.2003		15.10.2022						285,998.81		285,998.81
FIXED				4.040		22.01.2003		15.10.2022						33,078.12		33,078.12

D-170

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

INTEREST RATE BASIS	INTEREST		INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
	SPREAD	RATE			YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED				3.580		22.01.2003		15.10.2022						13,490.34		13,490.34
FIXED				5.490		22.01.2003		15.10.2022		33,600,000.00		33,600,000.00		110,353.60		110,353.60
FIXED				5.490		22.01.2003		15.10.2022						61,964.24		61,964.24
FIXED				5.250		22.01.2003		15.10.2022						71,342.83		71,342.83
FIXED				5.420		22.01.2003		15.10.2022						74,683.63		74,683.63
FIXED				5.530		22.01.2003		15.10.2022						292,776.19		292,776.19
FIXED				6.030		22.01.2003		15.10.2022						312,704.95		312,704.95
FIXED				5.860		22.01.2003		15.10.2022						234,015.36		234,015.36
FIXED				5.810		22.01.2003		15.10.2022						578,634.53		578,634.53
FIXED				5.810		22.01.2003		15.10.2022						200,823.16		200,823.16
FIXED				4.530		22.01.2003		15.10.2022						284,022.43		284,022.43
FIXED				4.940		22.01.2003		15.10.2022						210,329.80		210,329.80
FIXED				3.660		22.01.2003		15.10.2022						135,506.48		135,506.48
FIXED				3.810		22.01.2003		15.10.2022						46,021.18		46,021.18
FIXED				5.520		19.08.2003		15.04.2023		21,900,000.00		21,900,000.00		33,436.70		33,436.70
FIXED				5.280		19.08.2003		15.04.2023						52,472.18		52,472.18
FIXED				5.440		19.08.2003		15.04.2023						63,385.11		63,385.11
FIXED				5.540		19.08.2003		15.04.2023						20,706.25		20,706.25
FIXED				6.040		19.08.2003		15.04.2023						121,135.10		121,135.10
FIXED				5.870		19.08.2003		15.04.2023						169,684.83		169,684.83
FIXED				5.820		19.08.2003		15.04.2023						326,293.53		326,293.53
FIXED				5.830		19.08.2003		15.04.2023						240,563.93		240,563.93
FIXED				4.570		19.08.2003		15.04.2023						130,892.25		130,892.25
FIXED				4.960		19.08.2003		15.04.2023						36,676.21		36,676.21
FIXED				3.700		19.08.2003		15.04.2023						146,878.35		146,878.35
FIXED				3.860		19.08.2003		15.04.2023						89,042.84		89,042.84
FIXED				4.110		19.08.2003		15.04.2023						87,803.88		87,803.88
FIXED				2.760		19.08.2003		15.04.2023						15,931.45		15,931.45
FIXED				3.650		19.08.2003		15.04.2023						99,100.31		99,100.31
FIXED				2.510		19.08.2003		15.04.2023						283,341.32		283,341.32
FIXED				2.320		19.08.2003		15.04.2023						282,001.35		282,001.35
FIXED				1.890		19.08.2003		15.04.2023						377,364.45		377,364.45
FIXED				1.950		19.08.2003		15.04.2023						47,896.17		47,896.17
FIXED				5.470		24.08.2004		15.04.2024		60,000,000.00		60,000,000.00		156,501.67		156,501.67
FIXED				5.560		24.08.2004		15.04.2024						103,480.69		103,480.69
FIXED				6.050		24.08.2004		15.04.2024						161,353.37		161,353.37
FIXED				5.880		24.08.2004		15.04.2024						458,308.28		458,308.28
FIXED				5.840		24.08.2004		15.04.2024						184,774.55		184,774.55

D-171

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

INTEREST RATE BASIS	INTEREST		INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
	SPREAD	RATE			YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED				5.860		24.08.2004		15.04.2024						23,206.89		23,206.89
FIXED				4.660		24.08.2004		15.04.2024						2,156,614.60		2,156,614.60
FIXED				4.990		24.08.2004		15.04.2024						1,930,736.55		1,930,736.55
FIXED				5.430		30.06.2005		15.12.2024		18,995,000.00		18,995,000.00		23,686.72		23,686.72
FIXED				5.840		30.06.2005		15.12.2024						187,050.00		187,050.00
FIXED				5.350		30.06.2005		15.12.2024						91,412.33		91,412.33
FIXED				6.160		30.06.2005		15.12.2024						116,741.99		116,741.99
FIXED				5.140		30.06.2005		15.12.2024						239,433.78		239,433.78
FIXED				5.180		30.06.2005		15.12.2024						277,121.20		277,121.20
FIXED				3.220		30.06.2005		15.12.2024						236,173.05		236,173.05
FIXED				4.640		30.06.2005		15.12.2024						344,234.67		344,234.67
FIXED				4.000		30.06.2005		15.12.2024						498,207.83		498,207.83
FIXED				3.640		30.06.2005		15.12.2024						403,587.59		403,587.59
FIXED				3.520		30.06.2005		15.12.2024						748,191.89		748,191.89
FIXED				3.090		30.06.2005		15.12.2024						418,685.83		418,685.83
FIXED				2.320		30.06.2005		15.12.2024						197,763.93		197,763.93
FIXED				1.980		30.06.2005		15.12.2024						33,202.94		33,202.94
FIXED				6.180		03.10.2006		15.06.2026		200,000,000.00		200,000,000.00		947,639.79		947,639.79
FIXED				5.200		03.10.2006		15.06.2026						3,400,674.42		3,400,674.42
FIXED				5.240		03.10.2006		15.06.2026						13,527,168.49		13,527,168.49
FIXED				3.240		03.10.2006		15.06.2026						9,110,601.11		9,110,601.11
FIXED				4.750		03.10.2006		15.06.2026						3,298,710.26		3,298,710.26
FIXED				4.170		03.10.2006		15.06.2026						10,676,631.83		10,676,631.83
FIXED				3.800		03.10.2006		15.06.2026						9,977,454.06		9,977,454.06
FIXED				3.730		03.10.2006		15.12.2026						6,912,660.40		6,912,660.40
FIXED				3.310		03.10.2006		15.06.2026						1,131,898.41		1,131,898.41
FIXED				2.460		03.10.2006		15.06.2026						10,833,436.47		10,833,436.47
FIXED				2.110		03.10.2006		15.06.2026						295,522.13		295,522.13
FIXED				1.950		03.10.2006		15.06.2026						3,499,398.99		3,499,398.99
FIXED				2.440		03.10.2006		15.06.2026						1,288,203.94		1,288,203.94
FIXED				6.180		03.10.2006		15.06.2026		110,000,000.00		110,000,000.00		102,987.50		102,987.50
FIXED				5.200		03.10.2006		15.06.2026						2,400,418.98		2,400,418.98
FIXED				3.240		03.10.2006		15.12.2026						4,358,287.20		4,358,287.20
FIXED				4.170		03.10.2006		15.06.2026						7,359,810.31		7,359,810.31
FIXED				3.730		03.10.2006		15.06.2026						144,993.96		144,993.96
FIXED				3.310		03.10.2006		15.06.2026						11,915,329.74		11,915,329.74
FIXED				2.110		03.10.2006		15.06.2026						11,578,214.82		11,578,214.82
FIXED				1.950		03.10.2006		15.06.2026						1,356,850.41		1,356,850.41

D-172

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

INTEREST RATE BASIS	INTEREST				INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
	SPREAD		RATE				YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
LIBOR-BASED		0.500		0.260		0.760		28.06.2010		15.05.2035		250,000,000.00		250,000,000.00		225,025,000.00		225,025,000.00
LIBOR-BASED		0.500		0.220		0.720		31.08.2010		01.05.2035		30,000,000.00		30,000,000.00		26,402,494.65		26,402,494.65
LIBOR-BASED		0.500		0.890		1.390		07.08.2009		01.05.2034		70,360,000.00		70,360,000.00		48,356,299.57		48,356,299.57
LIBOR-BASED		0.500		0.420		0.920		03.12.2010		01.05.2035		59,124,000.00		59,124,000.00		51,569,511.88		51,569,511.88
LIBOR-BASED		0.500		0.390		0.890		12.05.2011		01.01.2036		10,000,000.00		10,000,000.00		2,390,334.44		2,390,334.44
LIBOR-BASED		0.500		0.390		0.890		15.06.2011		01.10.2036		250,000,000.00		250,000,000.00		241,925,000.00		241,925,000.00
LIBOR-BASED		0.500		0.390		0.890		23.09.2011		15.10.2036		500,000,000.00		500,000,000.00		2,500,000.00		2,500,000.00
LIBOR-BASED		0.500		0.390		0.890		23.09.2011		15.10.2036						497,500,000.00		497,500,000.00
LIBOR-BASED		0.500		0.380		0.880		30.01.2013		15.07.2037		100,000,000.00		100,000,000.00		100,000,000.00		100,000,000.00
LIBOR-BASED		0.500		0.390		0.890		02.04.2014		15.02.2039		479,000,000.00		479,000,000.00		430,541,837.03		430,541,837.03
LIBOR-BASED		0.500		0.460		0.960		20.04.2013		15.11.2037		300,000,000.00		300,000,000.00		300,000,000.00		300,000,000.00
LIBOR-BASED		0.500		0.480		0.980		23.12.2013		01.12.2038		500,000,000.00		500,000,000.00		500,000,000.00		500,000,000.00
LIBOR-BASED		0.500		0.380		0.880		10.04.2014		15.03.2039		300,000,000.00		300,000,000.00		295,200,000.00		295,200,000.00
LIBOR-BASED		0.500		0.390		0.890		08.09.2014		15.04.2044		501,250,000.00		501,250,000.00		353,743,361.80		353,743,361.80
LIBOR-BASED		0.500		0.460		0.960		14.10.2014		15.05.2039		116,000,000.00		116,000,000.00		22,074,843.42		22,074,843.42
LIBOR-BASED		0.500		0.460		0.960		14.10.2014		15.05.2039		300,000,000.00		300,000,000.00		300,000,000.00		300,000,000.00
LIBOR-BASED		0.500		0.690		1.190		20.01.2016		15.10.2041		500,000,000.00		500,000,000.00		2,500,000.00		2,500,000.00
LIBOR-BASED		0.500		0.890		1.390		20.01.2016		15.10.2043						496,256,250.00		496,256,250.00
LIBOR-BASED		0.500		0.890		1.390		20.01.2016		15.04.2044						3,110.00		3,110.00
LIBOR-BASED		0.500		0.890		1.390		20.01.2016		15.04.2044						1,240,640.00		1,240,640.00
LIBOR-BASED		0.500		0.580		1.080		29.04.2016		15.01.2041		450,000,000.00		450,000,000.00		450,000,000.00		450,000,000.00
LIBOR-BASED		0.500		0.660		1.160		02.03.2018		15.11.2040		170,000,000.00		170,000,000.00		146,311,714.36		146,311,714.36
LIBOR-BASED		0.500		0.690		1.190		19.12.2017		15.04.2042		207,603,205.00		207,603,205.00		11,426,715.45		11,426,715.45
LIBOR-BASED		0.500		0.580		1.080		14.02.2019		15.03.2042		40,700,000.00		40,700,000.00		101,750.00		101,750.00
LIBOR-BASED		0.500		0.590		1.090		02.04.2019		15.10.2037		450,000,000.00		450,000,000.00		450,000,000.00		450,000,000.00
LIBOR-BASED		0.500		0.810		1.310		28.11.2019		15.05.2044		300,000,000.00		300,000,000.00		300,000,000.00		300,000,000.00
LIBOR-BASED		0.500		0.580		1.080		19.12.2019		15.12.2038		400,000,000.00		400,000,000.00		400,000,000.00		400,000,000.00
LIBOR-BASED		0.500		0.890		1.390		10.04.2020		01.04.2049		500,000,000.00		500,000,000.00		500,000,000.00		500,000,000.00
LIBOR-BASED		0.500		0.890		1.390		28.04.2020		15.04.2049		100,000,000.00		100,000,000.00		78,057,995.92		78,057,995.92
LIBOR-BASED		0.500		0.960		1.460		03.06.2020		15.05.2049		500,000,000.00		500,000,000.00		500,000,000.00		500,000,000.00
LIBOR-BASED		0.500		0.880		1.380		14.07.2020		15.06.2049		370,000,000.00		370,000,000.00		16,854,355.08		16,854,355.08
LIBOR-BASED		0.500		0.880		1.380		10.11.2020		15.09.2049		600,000,000.00		600,000,000.00		301,505,226.00		301,505,226.00
LIBOR-BASED		0.500		0.890		1.390		03.12.2020		15.10.2049		88,280,000.00		88,280,000.00		625,523.65		625,523.65
LIBOR-BASED		0.500		0.180		0.680		21.12.2020		15.06.2031		600,000,000.00		600,000,000.00		600,000,000.00		600,000,000.00
LIBOR-BASED		0.500		0.980		1.480		21.12.2020		01.12.2049		300,000,000.00		300,000,000.00		137,848,833.21		137,848,833.21
LIBOR-BASED		0.500		0.430		0.930		19.03.2021		01.09.2039		500,000,000.00		500,000,000.00		227,316,961.00		227,316,961.00
LIBOR-BASED		0.500		0.430		0.930		19.07.2021		15.12.2039		400,000,000.00		400,000,000.00		400,000,000.00		400,000,000.00
LIBOR-BASED		0.500		0.510		1.010		29.11.2021		15.11.2039		500,000,000.00		500,000,000.00		2,500,000.00		2,500,000.00

D-173

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

INTEREST RATE BASIS	INTEREST				INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
	SPREAD		RATE				YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
LIBOR-BASED		0.500		0.510		1.010		29.11.2021		15.11.2039		—		—		80,000,000.00		80,000,000.00
LIBOR-BASED		1.050		0.288		1.338		18.06.2019		10.06.2044		202,040,000.00		202,040,000.00		9,883,530.77		9,883,530.77
FIXED						3.000		23.07.1982		15.04.2023		9,900,000.00		9,900,000.00		401,574.32		401,574.32
FIXED						3.000		28.05.1981		26.08.2022		1,000,000.00		1,000,000.00		44,557.28		44,557.28
FIXED						3.000		30.09.1981		17.08.2022		1,600,000.00		1,600,000.00		40,191.11		40,191.11
FIXED						3.000		31.08.1982		14.06.2023		4,500,000.00		4,500,000.00		59,561.74		59,561.74
FIXED						3.000		29.09.1982		28.04.2023		8,300,000.00		8,300,000.00		15,519.51		15,519.51
FIXED						3.000		23.05.1984		02.06.2023		7,000,000.00		7,000,000.00		3,155.89		3,155.89
FIXED						3.000		31.08.1983		16.11.2024		13,500,000.00		13,500,000.00		26,037.56		26,037.56
FIXED						3.000		28.10.1980		16.12.2023		7,500,000.00		7,500,000.00		362,620.21		362,620.21
FIXED						3.000		04.12.1980		28.10.2023		9,200,000.00		9,200,000.00		50,022.77		50,022.77
FIXED						3.000		21.07.1982		12.09.2023		2,900,000.00		2,900,000.00		29,136.01		29,136.01
FIXED						3.000		30.07.1983		16.04.2025		7,800,000.00		7,800,000.00		163,254.92		163,254.92
FIXED						3.000		29.07.1983		01.10.2024		1,000,000.00		1,000,000.00		9,084.69		9,084.69
FIXED						3.000		26.03.1984		10.10.2024		2,300,000.00		2,300,000.00		50,732.39		50,732.39
FIXED						3.000		15.02.1979		22.11.2022		1,600,000.00		1,600,000.00		36,206.01		36,206.01
FIXED						3.000		30.06.1980		14.02.2023		3,300,000.00		3,300,000.00		168,204.29		168,204.29
FIXED						4.000		03.02.1992		05.04.2022		20,000,000.00		20,000,000.00		833,309.59		833,309.59
FIXED						3.000		30.04.1993		26.11.2023		20,000,000.00		20,000,000.00		1,666,627.04		1,666,627.04
FIXED						1.000		09.08.2001		31.12.2031		40,000,000.00		40,000,000.00		9,084,407.39		9,084,407.39
FIXED						1.000		09.08.2001		27.01.2032						6,814,413.86		6,814,413.86
FIXED						1.000		11.07.2002		27.12.2032		20,000,000.00		20,000,000.00		6,156,289.04		6,156,289.04
FIXED						1.000		11.07.2002		13.02.2033						2,507,048.57		2,507,048.57
FIXED						1.000		17.07.2003		31.12.2033		40,000,000.00		40,000,000.00		17,483,122.10		17,483,122.10
FIXED						1.000		17.07.2003		14.01.2034						1,059,872.72		1,059,872.72
FIXED						1.000		09.08.2004		31.12.2034		20,000,000.00		20,000,000.00		3,304,891.04		3,304,891.04
FIXED						1.000		09.08.2004		03.03.2035						7,207,541.99		7,207,541.99
FIXED						1.000		10.08.2005		21.03.2036		20,000,000.00		20,000,000.00		11,206,703.62		11,206,703.62
FIXED						1.000		14.07.2006		31.12.2037		20,000,000.00		20,000,000.00		5,854,463.13		5,854,463.13
FIXED						1.000		14.07.2006		14.01.2038						6,790,064.37		6,790,064.37
INTEREST FREE								05.01.1973		01.09.2022		12,700,000.00		12,700,000.00		381,000.00		381,000.00
INTEREST FREE								21.04.1978		15.12.2027		28,000,000.00		28,000,000.00		3,873,484.37		3,873,484.37
INTEREST FREE								27.06.1979		01.06.2029		40,000,000.00		40,000,000.00		7,250,221.91		7,250,221.91
LIBOR-BASED		0.000		1.446		1.446		11.10.2017		15.10.2035		10,333,000.00		10,333,000.00		8,720,063.05		8,720,063.05
FIXED						4.000		17.12.2008		15.07.2028		30,000,000.00		30,000,000.00		892,480.93		892,480.93
FIXED						4.000		17.12.2008		15.07.2028		10,000,000.00		10,000,000.00		4,666,720.00		4,666,720.00
FIXED						4.200		20.07.2012		15.01.2032		30,000,000.00		30,000,000.00		19,417,679.90		19,417,679.90
LIBOR-BASED		0.000		1.446		1.446		15.04.2019		15.04.2037		62,900,000.00		62,900,000.00		9,279,337.67		9,279,337.67

D-174

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

INTEREST RATE BASIS	INTEREST				INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
	SPREAD		RATE				YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
LIBOR-BASED		0.000		0.156		0.156		06.02.1992		01.02.2022		20,000,000.00		20,000,000.00		500,000.00		500,000.00
LIBOR-BASED		0.000		0.086		0.086		03.06.1994		01.06.2024		15,000,000.00		15,000,000.00		625,000.00		625,000.00
LIBOR-BASED		0.000		0.086		0.086		03.06.1994		01.06.2024						1,250,000.00		1,250,000.00
FIXED						1.500		05.07.1996		17.03.2027		25,753,878.00		25,753,878.00		6,909,577.20		6,909,577.20
LIBOR-BASED		2.000		0.159		2.159		28.12.2007		20.06.2022		62,750,000.00		62,750,000.00		799,632.30		799,632.30
LIBOR-BASED		2.000		0.159		2.159		28.12.2007		20.06.2022						327,767.57		327,767.57
LIBOR-BASED		2.000		0.159		2.159		28.12.2007		20.06.2022						119,631.19		119,631.19
LIBOR-BASED		2.000		0.159		2.159		28.12.2007		20.06.2022						171,367.83		171,367.83
LIBOR-BASED		2.000		0.159		2.159		28.12.2007		20.06.2022						119,371.51		119,371.51
LIBOR-BASED		2.000		0.159		2.159		28.12.2007		20.06.2022						145,483.71		145,483.71
LIBOR-BASED		2.000		0.159		2.159		28.12.2007		20.06.2022						48,198.45		48,198.45
LIBOR-BASED		2.000		0.159		2.159		28.12.2007		20.06.2022						48,324.23		48,324.23
LIBOR-BASED		2.000		0.159		2.159		28.12.2007		20.06.2022						80,212.12		80,212.12
LIBOR-BASED		2.000		0.159		2.159		28.12.2007		20.06.2022						30,733.09		30,733.09
LIBOR-BASED		2.000		0.159		2.159		28.12.2007		20.06.2022						428,748.44		428,748.44
LIBOR-BASED		2.000		0.159		2.159		28.12.2007		20.06.2022						90,830.79		90,830.79
LIBOR-BASED		2.000		0.159		2.159		28.12.2007		20.06.2022						25,516.54		25,516.54
LIBOR-BASED		2.000		0.159		2.159		28.12.2007		20.06.2022						169,012.31		169,012.31
LIBOR-BASED		2.000		0.159		2.159		28.12.2007		20.06.2022						395,289.48		395,289.48
FIXED						1.000		22.09.2000		26.02.2031		7,014,271.00		7,014,271.00		3,250,515.84		3,250,515.84
FIXED						0.300		28.05.2002		10.09.2032		4,398,146.88		4,398,146.88		2,359,981.35		2,359,981.35
FIXED						0.300		28.05.2002		10.09.2032		6,779,174.50		6,779,174.50		3,637,606.01		3,637,606.01
FIXED						0.300		28.05.2002		10.09.2032		18,558,684.00		18,558,684.00		9,958,318.42		9,958,318.42
FIXED						0.300		12.12.2002		10.03.2033		12,937,310.99		12,937,310.99		7,257,515.93		7,257,515.93
FIXED						0.200		31.05.2006		15.09.2042		13,495,424.00		13,495,424.00		11,336,156.16		11,336,156.16
FIXED						3.000		09.11.2009		21.01.2030		89,153,766.00		89,153,766.00		50,344,381.27		50,344,381.27
LIBOR-BASED		0.000		1.560		1.560		19.12.2017		15.04.2042		207,603,205.00		207,603,205.00		11,424,170.85		11,424,170.85
FIXED						2.000		10.04.2018		21.07.2038		62,086,837.82		62,086,837.82		34,892,295.95		34,892,295.95
LIBOR-BASED		0.000		0.770		0.770		05.06.2020		15.05.2032		750,000,000.00		750,000,000.00		750,000,000.00		750,000,000.00
FIXED						2.000		29.08.2019		21.07.2040		219,776,242.63		219,776,242.63		12,568,933.52		12,568,933.52
FIXED						1.500		29.10.2020		20.10.2050		100,000,000.00		100,000,000.00		100,000,000.00		100,000,000.00
LIBOR-BASED		0.000		0.790		0.790		26.03.2021		15.03.2033		300,000,000.00		300,000,000.00		295,627,653.30		295,627,653.30
FIXED						1.500		17.12.2021		20.12.2051		100,000,000.00		100,000,000.00		100,000,000.00		100,000,000.00
FIXED						3.000		01.08.1979		11.01.2022		2,617,000.00		2,617,000.00		20,495.27		20,495.27
FIXED						3.000		01.08.1978		06.01.2024		883,000.00		883,000.00		52,367.44		52,367.44
FIXED						3.000		25.09.1981		15.03.2022		7,100,000.00		7,100,000.00		75,193.18		75,193.18
INTEREST FREE								05.04.1974		15.04.2024		9,500,000.00		9,500,000.00		712,500.00		712,500.00
INTEREST FREE								27.06.1979		15.02.2029		22,000,000.00		22,000,000.00		4,323,916.94		4,323,916.94

D-175

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

	INTEREST RATE BASIS	INTEREST		INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
		SPREAD	RATE			YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
B. ON-LENT TO GOCCs/GFIs													1,037,632,313.72				316,141,496.15
EURO													15,130,504.21				5,865,831.59
	INTEREST FREE						30.10.1992		31.12.2022		3,718,402.88		4,231,542.48		185,921.62		211,578.80
	INTEREST FREE						11.03.1996		31.12.2025		3,264,014.04		3,714,447.98		666,089.88		758,010.28
	INTEREST FREE						04.08.2004		31.12.2038		6,313,280.98		7,184,513.76		4,302,497.81		4,896,242.51
JAPANESE YEN													1,012,485,880.20				310,125,425.70
	FIXED				3.000		19.08.1993		20.08.2023		18,120,000,000.00		157,517,160.00		1,757,476,000.00		15,277,738.87
	FIXED				3.000		19.08.1993		20.08.2023		1,259,000,000.00		10,944,487.00		116,664,000.00		1,014,160.15
	FIXED				3.000		20.12.1994		20.12.2024		9,795,000,000.00		85,147,935.00		1,364,628,000.00		11,862,711.20
	FIXED				3.000		20.12.1994		20.12.2024		6,212,000,000.00		54,000,916.00		340,614,000.00		2,960,957.50
	FIXED				2.700		18.03.1997		20.03.2027		26,344,000,000.00		229,008,392.00		6,897,781,000.00		59,962,410.23
	FIXED				2.300		18.03.1997		20.03.2027						106,568,000.00		926,395.62
	FIXED				0.750		10.09.1998		20.09.2038		23,668,000,000.00		205,745,924.00		7,511,348,000.00		65,296,148.16
	FIXED				1.000		07.04.2000		20.04.2040		22,262,000,000.00		193,523,566.00		11,347,419,000.00		98,643,113.37
	FIXED				0.750		07.04.2000		20.04.2040						1,111,406,000.00		9,661,452.36
	FIXED				1.000		07.04.2000		20.04.2040		8,266,000,000.00		71,856,338.00		4,509,597,000.00		39,201,926.72
	FIXED				0.750		07.04.2000		20.04.2040						503,533,000.00		4,377,212.37
	FIXED				3.000		16.08.1995		31.07.2025		545,400,000.00		4,741,162.20		108,270,924.00		941,199.14
UNITED STATES DOLLAR													10,015,929.31				150,238.85
	INTEREST FREE						03.04.1972		01.03.2022		10,015,929.31		10,015,929.31		150,238.85		150,238.85
II. NG-ISSUED EXTERNAL DEBT SECURITIES													42,978,126,944.56				38,919,625,944.56
CHINA YUAN													392,275,000.00				392,275,000.00
	FIXED				3.580		20.05.2019		20.05.2022		2,500,000,000.00		392,275,000.00		2,500,000,000.00		392,275,000.00
EURO													4,608,900,000.00				4,608,900,000.00
	FIXED				0.875		17.05.2019		17.05.2027		750,000,000.00		853,500,000.00		750,000,000.00		853,500,000.00
	FIXED				0.700		03.02.2020		03.02.2029		600,000,000.00		682,800,000.00		600,000,000.00		682,800,000.00
	INTEREST FREE						03.02.2020		03.02.2023		600,000,000.00		682,800,000.00		600,000,000.00		682,800,000.00
	FIXED				0.250		28.04.2021		28.04.2025		650,000,000.00		739,700,000.00		650,000,000.00		739,700,000.00
	FIXED				1.200		28.04.2021		28.04.2033		650,000,000.00		739,700,000.00		650,000,000.00		739,700,000.00
	FIXED				1.750		28.04.2021		28.04.2041		800,000,000.00		910,400,000.00		800,000,000.00		910,400,000.00

D-176

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

	INTEREST RATE BASIS	INTEREST		INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
		SPREAD	RATE			YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
JAPANESE YEN													1,686,442,000.00				1,686,442,000.00
	FIXED				0.540		15.08.2018		15.08.2023		6,200,000,000.00		53,896,600.00		6,200,000,000.00		53,896,600.00
	FIXED				0.990		15.08.2018		15.08.2028		40,800,000,000.00		354,674,400.00		40,800,000,000.00		354,674,400.00
	FIXED				0.180		15.08.2019		15.08.2022		30,400,000,000.00		264,267,200.00		30,400,000,000.00		264,267,200.00
	FIXED				0.280		15.08.2019		15.08.2024		21,000,000,000.00		182,553,000.00		21,000,000,000.00		182,553,000.00
	FIXED				0.430		15.08.2019		14.08.2026		17,900,000,000.00		155,604,700.00		17,900,000,000.00		155,604,700.00
	FIXED				0.590		15.08.2019		15.08.2029		22,700,000,000.00		197,331,100.00		22,700,000,000.00		197,331,100.00
	FIXED				0.001		13.04.2021		12.04.2024		55,000,000,000.00		478,115,000.00		55,000,000,000.00		478,115,000.00
PHILIPPINE PESO													1,678,698,944.56				1,678,698,944.56
	FIXED				6.250		14.01.2011		14.01.2036		54,770,000,000.00		1,074,469,337.31		54,770,000,000.00		1,074,469,337.31
	FIXED				3.900		26.11.2012		26.11.2022		30,800,000,000.00		604,229,607.25		30,800,000,000.00		604,229,607.25
UNITED STATES DOLLAR													34,611,811,000.00				30,553,310,000.00
	FIXED				9.500		21.10.1999		21.10.2024		1,006,294,000.00		1,006,294,000.00		347,796,000.00		347,796,000.00
	FIXED				10.625		16.03.2000		16.03.2025		1,000,000,000.00		1,000,000,000.00		480,463,000.00		480,463,000.00
	FIXED				10.625		24.09.2003		16.03.2025		300,000,000.00		300,000,000.00		300,000,000.00		300,000,000.00
	FIXED				10.625		16.09.2004		16.03.2025		700,000,000.00		700,000,000.00		700,000,000.00		700,000,000.00
	FIXED				9.500		02.02.2005		02.02.2030		1,500,000,000.00		1,500,000,000.00		1,500,000,000.00		1,500,000,000.00
	FIXED				9.500		16.05.2005		02.02.2030		500,000,000.00		500,000,000.00		500,000,000.00		500,000,000.00
	FIXED				7.750		11.01.2006		14.01.2031		1,500,000,000.00		1,500,000,000.00		859,940,000.00		859,940,000.00
	FIXED				7.750		14.07.2006		14.01.2031		450,000,000.00		450,000,000.00		450,000,000.00		450,000,000.00
	FIXED				7.750		25.09.2006		14.01.2031		434,506,000.00		434,506,000.00		434,506,000.00		434,506,000.00
	FIXED				7.500		25.09.2006		25.09.2024		774,204,000.00		774,204,000.00		577,589,000.00		577,589,000.00
	FIXED				6.375		15.01.2007		15.01.2032		1,000,000,000.00		1,000,000,000.00		522,248,000.00		522,248,000.00
	FIXED				6.375		05.02.2008		15.01.2032		500,000,000.00		500,000,000.00		500,000,000.00		500,000,000.00
	FIXED				6.375		23.10.2009		23.10.2034		1,000,000,000.00		1,000,000,000.00		53,324,000.00		53,324,000.00
	FIXED				6.375		13.01.2010		23.10.2034		850,000,000.00		850,000,000.00		850,000,000.00		850,000,000.00
	FIXED				6.375		06.10.2010		23.10.2034		946,807,000.00		946,807,000.00		946,807,000.00		946,807,000.00
	FIXED				5.500		30.03.2011		30.03.2026		1,500,000,000.00		1,500,000,000.00		1,049,678,000.00		1,049,678,000.00
	FIXED				6.375		23.10.2011		23.10.2034		50,000,000.00		50,000,000.00		50,000,000.00		50,000,000.00
	FIXED				5.000		13.01.2012		13.01.2037		1,500,000,000.00		1,500,000,000.00		1,330,959,000.00		1,330,959,000.00
	FIXED				4.200		21.01.2014		21.01.2024		1,500,000,000.00		1,500,000,000.00		1,500,000,000.00		1,500,000,000.00
	FIXED				3.950		20.01.2015		20.01.2040		2,000,000,000.00		2,000,000,000.00		2,000,000,000.00		2,000,000,000.00
	FIXED				3.700		01.03.2016		01.03.2041		2,000,000,000.00		2,000,000,000.00		2,000,000,000.00		2,000,000,000.00
	FIXED				3.700		02.02.2017		02.02.2042		2,000,000,000.00		2,000,000,000.00		2,000,000,000.00		2,000,000,000.00
	FIXED				3.000		01.02.2018		01.02.2028		2,000,000,000.00		2,000,000,000.00		2,000,000,000.00		2,000,000,000.00

D-177

DIRECT EXTERNAL DEBT OF THE REPUBLIC OF THE PHILIPPINES

AS OF 31 DECEMBER 2021

INTEREST RATE BASIS	INTEREST		INTEREST RATE + SPREAD/ SERVICE CHARGE (per annum)						ORIGINAL AMOUNT CONTRACTED				OUTSTANDING BALANCE AS OF 31 DECEMBER 2021
	SPREAD	RATE			YEAR CONTRACTED		YEAR OF MATURITY		(IN ORIG. CURR)		(IN US DOLLAR) 1/		(IN ORIG. CURR)		(IN US DOLLAR) 1/
FIXED				3.750		14.01.2019		14.01.2029		1,500,000,000.00		1,500,000,000.00		1,500,000,000.00		1,500,000,000.00
FIXED				2.457		05.05.2020		05.05.2030		1,000,000,000.00		1,000,000,000.00		1,000,000,000.00		1,000,000,000.00
FIXED				2.950		05.05.2020		05.05.2045		1,350,000,000.00		1,350,000,000.00		1,350,000,000.00		1,350,000,000.00
FIXED				2.650		10.12.2020		10.12.2045		1,500,000,000.00		1,500,000,000.00		1,500,000,000.00		1,500,000,000.00
FIXED				1.648		10.12.2020		10.06.2031		1,250,000,000.00		1,250,000,000.00		1,250,000,000.00		1,250,000,000.00
FIXED				1.950		06.07.2021		06.01.2032		750,000,000.00		750,000,000.00		750,000,000.00		750,000,000.00
FIXED				3.200		06.07.2021		06.07.2046		2,250,000,000.00		2,250,000,000.00		2,250,000,000.00		2,250,000,000.00

1/ Original currencies converted using BSP reference rate prevailing on 3 January 2022

D-178

Outstanding Treasury Bonds Issued by the Nat’l. Government

As of December 31, 2021

In Million Pesos

ISIN	ISSUE/ RE-ISSUE* DATE			MATURITY DATE		COUPON RATE			FACE AMOUNT
Total										7,374,115.02
3 Years										252,510.00
PIBD0322G247		04-Jul-19			04-Jul-22		4.7500	%		20,000.00
PIBD0322G247		29-Aug-19	*		04-Jul-22		4.7500	%		20,000.00
PIBD0322G247		03-Oct-19	*		04-Jul-22		4.7500	%		20,000.00
PIBD0322G247		12-Dec-19	*		04-Jul-22		4.7500	%		27,041.00
PIBD0322G247		09-Jan-20	*		04-Jul-22		4.7500	%		16,586.00
PIBD0323I252		10-Sep-20			10-Sep-23		2.3750	%		45,000.00
PIBD0323I252		08-Oct-20	*		10-Sep-23		2.3750	%		39,048.00
PIBD0323I252		05-Nov-20	*		10-Sep-23		2.3750	%		34,835.00
PIBD0323I252		03-Dec-20	*		10-Sep-23		2.3750	%		30,000.00
5 Years										477,759.15
PIBD0522A747		26-Jan-17			26-Jan-22		4.0000	%		15,000.00
PIBD0522A747		23-Feb-17	*		26-Jan-22		4.0000	%		15,000.00
PIBD0522A747		23-Mar-17	*		26-Jan-22		4.0000	%		15,000.00
PIBD0522A747		13-Jul-17	*		26-Jan-22		4.0000	%		15,000.00
PIBD0522A747		05-Oct-17	*		26-Jan-22		4.0000	%		15,000.00
PIBD0522A747		30-Apr-20	*		26-Jan-22		4.0000	%		15,980.15
PIBD0523C752		08-Mar-18			08-Mar-23		5.5000	%		12,039.00
PIBD0523C752		03-May-18	*		08-Mar-23		5.5000	%		10,000.00
PIBD0523C752		16-Aug-18	*		08-Mar-23		5.5000	%		15,000.00
PIBD0523C752		11-Oct-18	*		08-Mar-23		5.5000	%		9,740.00
PIBD0523C752		22-Nov-18	*		08-Mar-23		5.5000	%		30,000.00
PIBD0524J762		17-Oct-19			17-Oct-24		4.2500	%		30,000.00
PIBD0524J762		05-Mar-20	*		17-Oct-24		4.2500	%		40,000.00
PIBD0524J762		28-May-20	*		17-Oct-24		4.2500	%		50,000.00
PIBD0526D772		08-Apr-21			08-Apr-26		3.3750	%		35,000.00
PIBD0526D772		06-May-21	*		08-Apr-26		3.3750	%		50,000.00
PIBD0526D772		02-Sep-21	*		08-Apr-26		3.3750	%		35,000.00
PIBD0526D772		14-Oct-21	*		08-Apr-26		3.3750	%		35,000.00
PIBD0526D772		04-Nov-21	*		08-Apr-26		3.3750	%		35,000.00
7 Years										908,998.00
PIBD0723D588		21-Apr-16			21-Apr-23		3.5000	%		25,000.00
PIBD0723D588		28-Jul-16	*		21-Apr-23		3.5000	%		25,000.00
PIBD0723D588		18-Aug-16	*		21-Apr-23		3.5000	%		25,000.00
PIBD0723D588		13-Oct-16	*		21-Apr-23		3.5000	%		11,772.00
PIBD0723D588		14-May-20	*		21-Apr-23		3.5000	%		45,000.00
PIBD0723D588		11-Jun-20	*		21-Apr-23		3.5000	%		50,000.00
PIBD0724D595		20-Apr-17			20-Apr-24		4.5000	%		6,071.00
PIBD0724D595		01-Jun-17	*		20-Apr-24		4.5000	%		4,026.00
PIBD0724D595		10-Aug-17	*		20-Apr-24		4.5000	%		15,000.00
PIBD0724D595		07-Sep-17	*		20-Apr-24		4.5000	%		15,000.00
PIBD0724D595		19-Oct-17	*		20-Apr-24		4.5000	%		15,000.00
PIBD0725D618		12-Apr-18			12-Apr-25		5.7500	%		7,932.00
PIBD0725D618		17-May-18	*		12-Apr-25		5.7500	%		4,915.00
PIBD0725D618		14-Jun-18	*		12-Apr-25		5.7500	%		7,612.00
PIBD0725D618		27-Sep-18	*		12-Apr-25		5.7500	%		5,730.00
PIBD0725D618		29-Nov-18	*		12-Apr-25		5.7500	%		30,000.00
PIBD0725D618		13-Dec-18	*		12-Apr-25		5.7500	%		17,474.00
PIBD0726B627		14-Feb-19			14-Feb-26		6.2500	%		30,000.00
PIBD0726B627		28-Mar-19	*		14-Feb-26		6.2500	%		20,000.00
PIBD0726B627		16-May-19	*		14-Feb-26		6.2500	%		20,000.00
PIBD0726B627		18-Jul-19	*		14-Feb-26		6.2500	%		20,000.00
PIBD0726B627		12-Sep-19	*		14-Feb-26		6.2500	%		10,399.00
PIBD0726B627		31-Oct-19	*		14-Feb-26		6.2500	%		20,000.00
PIBD0726B627		23-Jan-20	*		14-Feb-26		6.2500	%		27,203.00
PIBD0728D649		22-Apr-21			22-Apr-28		3.6250	%		60,000.00
PIBD0728D649		20-May-21	*		22-Apr-28		3.6250	%		45,000.00
PIBD0728D649		10-Jun-21	*		22-Apr-28		3.6250	%		42,000.00
PIBD0728D649		08-Jul-21	*		22-Apr-28		3.6250	%		52,971.00
PIBD0728D649		29-Jul-21	*		22-Apr-28		3.6250	%		61,000.00
PIBD0728H654		12-Aug-21			12-Aug-28		3.7500	%		55,000.00
PIBD0728H654		09-Sep-21	*		12-Aug-28		3.7500	%		40,000.00
PIBD0728H654		23-Sep-21	*		12-Aug-28		3.7500	%		40,000.00
PIBD0728H654		07-Oct-21	*		12-Aug-28		3.7500	%		35,578.00
PIBD0728H654		28-Oct-21	*		12-Aug-28		3.7500	%		19,315.00
10 Years										966,531.23

D-179

Outstanding Treasury Bonds Issued by the Nat’l. Government

As of December 31, 2021

In Million Pesos

ISIN	ISSUE/ RE-ISSUE* DATE			MATURITY DATE		COUPON RATE			FACE AMOUNT
PIBD1022H562		02-Aug-12			02-Aug-22		4.8750	%		22,553.90
PIBD1022I570		13-Sep-12			13-Sep-22		4.7500	%		22,944.62
PIBD1022L585		06-Dec-12			06-Dec-22		4.0000	%		56,940.72
PIBD1027E617		04-May-17			04-May-27		4.7500	%		9,723.00
PIBD1027E617		15-Jun-17	*		04-May-27		4.7500	%		15,000.00
PIBD1027E617		24-Aug-17	*		04-May-27		4.7500	%		15,000.00
PIBD1027E617		21-Sep-17	*		04-May-27		4.7500	%		15,000.00
PIBD1027E617		09-Nov-17	*		04-May-27		4.7500	%		10,213.00
PIBD1027E617		17-Dec-20	*		04-May-27		4.7500	%		40,000.00
PIBD1027E617		27-Jan-21	*		04-May-27		4.7500	%		40,000.00
PIBD1027E617		11-Mar-21	*		04-May-27		4.7500	%		49,000.00
PIBD1027E617		24-Jun-21	*		04-May-27		4.7500	%		55,000.00
PIBD1028C635		22-Mar-18			22-Mar-28		6.2500	%		7,990.00
PIBD1028C635		19-Apr-18	*		22-Mar-28		6.2500	%		10,000.00
PIBD1028C635		24-May-18	*		22-Mar-28		6.2500	%		4,080.00
PIBD1028C635		08-Nov-18	*		22-Mar-28		6.2500	%		15,000.00
PIBD1028C635		06-Dec-18	*		22-Mar-28		6.2500	%		38,136.00
PIBD1029A644		10-Jan-19			10-Jan-29		6.8750	%		40,000.00
PIBD1029A644		14-Mar-19	*		10-Jan-29		6.8750	%		20,000.00
PIBD1029A644		11-Apr-19	*		10-Jan-29		6.8750	%		20,000.00
PIBD1029A644		30-May-19	*		10-Jan-29		6.8750	%		20,000.00
PIBD1029A644		15-Aug-19	*		10-Jan-29		6.8750	%		20,000.00
PIBD1029A644		14-Nov-19	*		10-Jan-29		6.8750	%		20,000.00
PIBD1029A644		20-Feb-20	*		10-Jan-29		6.8750	%		45,000.00
PIBD1030G655		09-Jul-20			09-Jul-30		2.8750	%		30,000.00
PIBD1030G655		13-Aug-20	*		09-Jul-30		2.8750	%		30,000.00
PIBD1030G655		04-Feb-21	*		09-Jul-30		2.8750	%		30,000.00
PIBD1030G655		25-Mar-21	*		09-Jul-30		2.8750	%		30,000.00
PIBD1030G655		17-Jun-21	*		09-Jul-30		2.8750	%		45,000.00
PIBD1031G662		22-Jul-21			22-Jul-31		4.0000	%		40,000.00
PIBD1031G662		05-Aug-21	*		22-Jul-31		4.0000	%		42,000.00
PIBD1031G662		16-Sep-21	*		22-Jul-31		4.0000	%		35,000.00
PIBD1031G662		30-Sep-21	*		22-Jul-31		4.0000	%		37,950.00
PIBD1031G662		11-Nov-21	*		22-Jul-31		4.0000	%		35,000.00
										7,217.81
10 Yr. AR Bonds		various			various		floating rate			7,217.81
20 Years										475,215.77
PISD2022A098		05-Jan-02			05-Jan-22		12.8400	%		2.67
PIBD2022C021		14-Mar-02			14-Mar-22		15.0000	%		3,884.87
TEBD2022C021		14-Mar-02			14-Mar-22		13.5000	%		35.00
PIBD2022J033		17-Oct-02			17-Oct-22		12.7500	%		760.00
PISD2023A102		05-Jan-03			05-Jan-23		12.8400	%		2.94
PIBD2023B048		20-Feb-03			20-Feb-23		13.0000	%		4,301.51
TEBD2023B048		20-Feb-03			20-Feb-23		11.7000	%		287.00
PIBD2023E054		29-May-03			29-May-23		11.8750	%		2,649.22
PIBD2023J068		23-Oct-03			23-Oct-23		11.3750	%		1,728.09
PIBD2024F075		03-Jun-04			03-Jun-24		12.3750	%		2,228.68
TEBD2024F075		03-Jun-04			03-Jun-24		11.1375	%		258.30
PIBD2024H086		05-Aug-04			05-Aug-24		12.8750	%		2,380.82
TEBD2024H086		05-Aug-04			05-Aug-24		11.5875	%		60.00
PIBD2024K091		11-Nov-04			11-Nov-24		13.7500	%		3,080.85
TEBD2024K091		11-Nov-04			11-Nov-24		12.3750	%		15.90
PIBD2025D103		14-Apr-05			14-Apr-25		12.1250	%		3,128.46
TEBD2025D103		14-Apr-05			14-Apr-25		10.9125	%		90.00
PIBD2025J116		20-Oct-05			20-Oct-25		12.1250	%		2,343.96
TEBD2025J116		20-Oct-05			20-Oct-25		10.9125	%		29.00
PIBD2026A122		19-Jan-06			19-Jan-26		10.2500	%		7,977.73
PIBD2026L139		07-Dec-06			07-Dec-26		8.0000	%		12,072.25
PIBD2027I140		06-Sep-07			06-Sep-27		8.6250	%		7,521.93
PIBD2028L151		04-Dec-08			04-Dec-28		9.5000	%		17,032.29
PIBD2030E166		27-May-10			27-May-30		8.7500	%		72,412.57
PIBD2032B183		02-Feb-12			02-Feb-32		5.8750	%		35,530.27
PIBD2032I195		27-Sep-12			27-Sep-32		5.7500	%		20,254.12
PIBD2033C206		21-Mar-13			21-Mar-33		3.6250	%		89,250.35
PIBD2033C206		01-Jul-21	*		21-Mar-33		3.6250	%		38,090.00
PIBD2037E214		18-May-17			18-May-37		5.2500	%		15,000.00
PIBD2037E214		29-Jun-17	*		18-May-37		5.2500	%		15,000.00
PIBD2038B224		22-Feb-18			22-Feb-38		6.5000	%		8,853.00
PIBD2038B224		26-Apr-18	*		22-Feb-38		6.5000	%		4,260.00

D-180

Outstanding Treasury Bonds Issued by the Nat’l. Government

As of December 31, 2021

In Million Pesos

ISIN	ISSUE/ RE-ISSUE* DATE			MATURITY DATE		COUPON RATE			FACE AMOUNT
PIBD2038B224		21-Jun-18	*		22-Feb-38		6.5000	%		4,120.00
PIBD2039A232		24-Jan-19			24-Jan-39		6.7500	%		31,504.00
PIBD2039A232		13-Jun-19	*		24-Jan-39		6.7500	%		20,000.00
PIBD2039A232		01-Aug-19	*		24-Jan-39		6.7500	%		20,000.00
PIBD2039A232		28-Nov-19	*		24-Jan-39		6.7500	%		12,271.00
PIBD2041G241		15-Jul-21			15-Jul-41		5.1250	%		16,799.00
25 Years										235,982.41
PIBD2525K015		29-Nov-00			29-Nov-25		18.2500	%		6,112.75
PIBD2530G029		28-Jul-05			28-Jul-30		12.5000	%		5,665.24
TEBD2530G029		28-Jul-05			28-Jul-30		11.2500	%		100.20
PIBD2531A032		26-Jan-06			26-Jan-31		11.2500	%		11,044.89
TEBD2531A032		26-Jan-06			26-Jan-31		10.1250	%		255.00
PIBD2531J042		05-Oct-06			05-Oct-31		9.3750	%		6,175.06
PIBD2532K057		29-Nov-07			29-Nov-32		8.5000	%		46,008.30
PIBD2534K062		05-Nov-09			05-Nov-34		9.2500	%		28,054.60
PIBD2535I071		30-Sep-10			30-Sep-35		8.0000	%		62,220.40
PIBD2536I097		29-Sep-11			29-Sep-36		7.6250	%		32,186.37
PIBD2537H103		16-Aug-12			16-Aug-37		5.7500	%		38,159.60
$6.582M Phil. Par Bond Redenominated into 28.5 years										97.05
PISD3025G011		15-Jul-96			06-Jan-25		12.8400	%		97.05
Retail Treasury Bonds										2,790,958.69
PIID0323B101		11-Feb-20			11-Feb-23		4.3750	%		310,827.96
PIID0324C115		09-Mar-21			09-Mar-24		2.3750	%		463,321.67
PIID0522L114		04-Dec-17			04-Dec-22		4.6250	%		255,359.34
PIID0524C129		12-Mar-19			12-Mar-24		6.2500	%		235,916.44
PIID0525H130		12-Aug-20			12-Aug-25		2.6250	%		516,340.79
PIID0527L140		02-Dec-21			02-Jun-27		4.6250	%		360,025.37
PIID1023H046		15-Aug-13			15-Aug-23		3.2500	%		141,422.52
PIID1026I057		20-Sep-16			20-Sep-26		3.5000	%		100,125.71
PIID1526J019		20-Oct-11			20-Oct-26		6.2500	%		53,270.55
PIID1527C023		01-Mar-12			01-Mar-27		5.3750	%		42,534.69
PIID2032C014		01-Mar-12			01-Mar-32		5.8750	%		132,682.04
PIID2537J015		24-Oct-12			24-Oct-37		6.1250	%		179,131.62
Benchmark Bonds										1,102,133.84
PIBD1024H595		20-Aug-14			20-Aug-24		4.1250	%		119,476.33
PIBD1025I608		09-Sep-15			09-Sep-25		3.6250	%		121,479.52
PIBD1025I608		14-Jan-16	*		09-Sep-25		3.6250	%		22,180.00
PIBD1025I608		25-Jun-20	*		09-Sep-25		3.6250	%		30,000.00
PIBD1025I608		22-Oct-20	*		09-Sep-25		3.6250	%		30,000.00
PIBD1025I608		19-Nov-20	*		09-Sep-25		3.6250	%		35,000.00
PIBD1025I608		07-Jan-21	*		09-Sep-25		3.6250	%		50,000.00
PIBD1022G545		19-Jul-11			19-Jan-22		6.3750	%		57,386.29
PIBD2031G171		19-Jul-11			19-Jul-31		8.0000	%		255,837.15
PIBD2535L086		16-Dec-10			16-Dec-35		8.1250	%		163,216.53
PIBD2540I116		09-Sep-15			09-Sep-40		4.6250	%		142,558.01
PIBD2540I116		03-Jun-21	*		09-Sep-40		4.6250	%		40,000.00
PIBD2540I116		19-Aug-21	*		09-Sep-40		4.6250	%		35,000.00
25 Years P50 B CB-BoL T/Bonds										50,000.00
PISD2543L027		20-Dec-18			20-Dec-43		Floating rate			50,000.00
Onshore Dollar T-Bond a/										25,487.00
ODTB1023L018		04-Dec-12			04-Jun-23		2.7500	%		25,487.00
Retail Dollar Bonds a/										81,224.07
RODB0526J014		08-Oct-21			08-Oct-26		1.3750	%		56,770.20
RODB1031J014		08-Oct-21			08-Oct-31		2.2500	%		24,453.86

a/ conversion rate used based on BSP reference rate

as of January 03, 2022 : 1US$/P =P50.974

* reissue date

D-181

Outstanding Treasury Bills Issued by the Nat’l. Government

As of December 31, 2021

In Million Pesos

ISIN	ISSUE DATE		MATURITY DATE		AVERAGE RATE			FACE AMOUNT
Total									796,143.30
91-day									111,000.00
PIBL1221A015		06-Oct-21		05-Jan-22		1.0850	%		5,000.00
PISB0321J402		06-Oct-21		05-Jan-22		1.0850	%		5,000.00
PIBL1221A024		13-Oct-21		12-Jan-22		1.0950	%		5,000.00
PISB0321J411		13-Oct-21		12-Jan-22		1.0950	%		5,000.00
PIBL1221A033		20-Oct-21		19-Jan-22		1.1130	%		5,000.00
PISB0321J420		20-Oct-21		19-Jan-22		1.1130	%		5,000.00
PIBL1221A042		27-Oct-21		26-Jan-22		1.1190	%		5,000.00
PISB0321J439		27-Oct-21		26-Jan-22		1.1190	%		5,000.00
PIBL1221B050		03-Nov-21		02-Feb-22		1.1300	%		5,000.00
PISB0321K446		03-Nov-21		02-Feb-22		1.1300	%		5,000.00
PIBL1221B069		10-Nov-21		09-Feb-22		1.1430	%		5,000.00
PISB0321K455		10-Nov-21		09-Feb-22		1.1430	%		5,000.00
PIBL1221B078		17-Nov-21		16-Feb-22		1.1500	%		5,000.00
PISB0321K464		17-Nov-21		16-Feb-22		1.1500	%		5,000.00
PIBL1221B087		24-Nov-21		23-Feb-22		1.1780	%		5,000.00
PISB0321K473		24-Nov-21		23-Feb-22		1.1780	%		5,000.00
PIBL1221C095		01-Dec-21		02-Mar-22		1.1640	%		2,000.00
PISB0321L481		01-Dec-21		02-Mar-22		1.1640	%		5,000.00
PIBL1221C102		07-Dec-21		09-Mar-22		1.1550	%		2,000.00
PISB0321L490		07-Dec-21		09-Mar-22		1.1550	%		5,000.00
PIBL1221C111		15-Dec-21		16-Mar-22		1.1250	%		2,000.00
PISB0321L506		15-Dec-21		16-Mar-22		1.1250	%		5,000.00
PISB0321L515		22-Dec-21		23-Mar-22		1.1250	%		5,000.00
PISB0321L524		29-Dec-21		30-Mar-22		1.1250	%		5,000.00
182-day									174,000.00
PIBL1221A015		07-Jul-21		05-Jan-22		1.3510	%		5,000.00
PIBL1221A024		14-Jul-21		12-Jan-22		1.3840	%		5,000.00
PIBL1221A033		21-Jul-21		19-Jan-22		1.4010	%		5,000.00
PIBL1221A042		28-Jul-21		26-Jan-22		1.4070	%		5,000.00
PIBL1221B050		04-Aug-21		02-Feb-22		1.4010	%		5,000.00
PIBL1221B069		11-Aug-21		09-Feb-22		1.4070	%		5,000.00
PIBL1221B078		18-Aug-21		16-Feb-22		1.4070	%		5,000.00
PIBL1221B087		25-Aug-21		23-Feb-22		1.4080	%		5,000.00
PIBL1221C095		01-Sep-21		02-Mar-22		1.4050	%		5,000.00
PIBL1221C102		08-Sep-21		09-Mar-22		1.4050	%		5,000.00
PISB0621I031		08-Sep-21		09-Mar-22		1.4050	%		30,000.00
PIBL1221C111		15-Sep-21		16-Mar-22		1.4020	%		5,000.00
PIBL1221C120		22-Sep-21		23-Mar-22		1.3890	%		5,000.00
PIBL1221C139		29-Sep-21		30-Mar-22		1.3850	%		5,000.00
PIBL1221D147		06-Oct-21		06-Apr-22		1.3910	%		5,000.00
PIBL1221D156		13-Oct-21		13-Apr-22		1.3910	%		5,000.00
PIBL1221D165		20-Oct-21		20-Apr-22		1.3900	%		5,000.00
PIBL1221D174		27-Oct-21		27-Apr-22		1.3870	%		5,000.00
PIBL1221E182		03-Nov-21		04-May-22		1.3950	%		5,000.00
PIBL1221E191		10-Nov-21		11-May-22		1.4010	%		5,000.00
PIBL1221E208		17-Nov-21		18-May-22		1.4130	%		5,000.00
PIBL1221E217		24-Nov-21		25-May-22		1.4430	%		5,000.00
PIBL1221F225		01-Dec-21		01-Jun-22		1.4490	%		3,000.00
PIBL1221F234		07-Dec-21		08-Jun-22		1.4430	%		3,000.00
PISB0621L046		07-Dec-21		08-Jun-22		1.4430	%		30,000.00
PIBL1221F243		15-Dec-21		15-Jun-22		1.4280	%		3,000.00

D-182

Outstanding Treasury Bills Issued by the Nat’l. Government

As of December 31, 2021

In Million Pesos

ISIN	ISSUE DATE		MATURITY DATE		AVERAGE RATE			FACE AMOUNT
364-day									511,143.30
PIBL1221A015		06-Jan-21		05-Jan-22		1.6140	%		16,575.00
PIBL1221A024		13-Jan-21		12-Jan-22		1.6050	%		15,000.00
PIBL1221A033		20-Jan-21		19-Jan-22		1.5820	%		20,000.00
PIBL1221A042		27-Jan-21		26-Jan-22		1.5420	%		20,000.00
PIBL1221B050		03-Feb-21		02-Feb-22		1.4920	%		10,000.00
PIBL1221B069		10-Feb-21		09-Feb-22		1.4460	%		10,000.00
PISB1221B018		10-Feb-21		09-Feb-22		1.4460	%		24,568.30
PIBL1221B078		17-Feb-21		16-Feb-22		1.4160	%		15,000.00
PIBL1221B087		24-Feb-21		23-Feb-22		1.5270	%		10,000.00
PIBL1221C095		03-Mar-21		02-Mar-22		1.6800	%		10,000.00
PIBL1221C102		10-Mar-21		09-Mar-22		1.8520	%		10,000.00
PIBL1221C111		17-Mar-21		16-Mar-22		1.9900	%		10,000.00
PIBL1221C120		24-Mar-21		23-Mar-22		1.9970	%		15,000.00
PIBL1221C139		31-Mar-21		30-Mar-22		1.9260	%		15,000.00
PIBL1221D147		07-Apr-21		06-Apr-22		1.9120	%		12,000.00
PIBL1221D156		14-Apr-21		13-Apr-22		1.9030	%		12,000.00
PIBL1221D165		21-Apr-21		20-Apr-22		1.8840	%		17,000.00
PIBL1221D174		28-Apr-21		27-Apr-22		1.8800	%		17,000.00
PIBL1221E182		05-May-21		04-May-22		1.8630	%		19,000.00
PIBL1221E191		12-May-21		11-May-22		1.8290	%		19,000.00
PIBL1221E208		19-May-21		18-May-22		1.8100	%		17,000.00
PIBL1221E217		26-May-21		25-May-22		1.7960	%		17,000.00
PIBL1221F225		02-Jun-21		01-Jun-22		1.7230	%		7,000.00
PIBL1221F234		09-Jun-21		08-Jun-22		1.6490	%		7,000.00
PIBL1221F243		16-Jun-21		15-Jun-22		1.5770	%		7,000.00
PIBL1221F252		23-Jun-21		22-Jun-22		1.5630	%		7,000.00
PIBL1221F261		30-Jun-21		29-Jun-22		1.5620	%		5,000.00
PIBL1221G279		07-Jul-21		06-Jul-22		1.5680	%		5,000.00
PIBL1221G288		14-Jul-21		13-Jul-22		1.5930	%		5,000.00
PIBL1221G297		21-Jul-21		20-Jul-22		1.6290	%		5,000.00
PIBL1221G304		28-Jul-21		27-Jul-22		1.6380	%		5,000.00
PIBL1221H312		04-Aug-21		03-Aug-22		1.6320	%		5,000.00
PIBL1221H321		11-Aug-21		10-Aug-22		1.6250	%		5,000.00
PISB1221H021		11-Aug-21		10-Aug-22		1.6250	%		25,000.00
PIBL1221H330		18-Aug-21		17-Aug-22		1.6170	%		5,000.00
PIBL1221H349		25-Aug-21		24-Aug-22		1.6120	%		5,000.00
PIBL1221I357		01-Sep-21		31-Aug-22		1.6160	%		5,000.00
PIBL1221I366		08-Sep-21		07-Sep-22		1.6090	%		5,000.00
PIBL1221I375		15-Sep-21		14-Sep-22		1.6040	%		5,000.00
PIBL1221I384		22-Sep-21		21-Sep-22		1.5970	%		5,000.00
PIBL1221I393		29-Sep-21		28-Sep-22		1.5820	%		7,000.00
PIBL1221J409		06-Oct-21		05-Oct-22		1.5840	%		5,000.00
PIBL1221J418		13-Oct-21		12-Oct-22		1.5870	%		5,000.00
PIBL1221J427		20-Oct-21		19-Oct-22		1.6040	%		5,000.00
PIBL1221J436		27-Oct-21		26-Oct-22		1.6060	%		5,000.00
PIBL1221K443		03-Nov-21		02-Nov-22		1.6130	%		5,000.00
PIBL1221K452		10-Nov-21		09-Nov-22		1.6160	%		5,000.00
PIBL1221K461		17-Nov-21		16-Nov-22		1.6210	%		5,000.00
PIBL1221K470		24-Nov-21		23-Nov-22		1.6280	%		5,000.00
PIBL1221L488		01-Dec-21		29-Nov-22		1.6360	%		5,000.00
PIBL1221L497		07-Dec-21		07-Dec-22		1.6430	%		5,000.00
PIBL1221L503		15-Dec-21		14-Dec-22		1.6490	%		5,000.00

D-183

DOMESTIC DEBT OF THE REPUBLIC OF THE PHILIPPINES (OTHER THAN SECURITIES) ^1/

AS OF 31 DECEMBER 2021

INTEREST RATE +

SPREAD/

ORIGINAL

OUTSTANDING BALANCE

INTEREST RATE

INTEREST

SERVICE CHARGE

YEAR

YEAR OF

AMOUNT CONTRACTED

AS OF 31 DECEMBER 2021

BASIS

SPREAD

RATE

(per annum)

CONTRACTED

MATURITY

(IN ORIG. CURR)

(IN US DOLLAR) 2/

(IN ORIG. CURR)

(IN US DOLLAR) 2/

TOTAL

156,295,719.74

3,066,185.11

I. NATIONAL GOVERNMENT DIRECT DOMESTIC DEBT

156,295,719.74

3,066,185.11

PHILIPPINE PESO

156,295,719.74

3,066,185.11

INTEREST FREE

1953

Upon Demand

79,145,577.96

1,552,665.63

INTEREST FREE

1953

Upon Demand

48,146,311.86

944,526.85

INTEREST FREE

1953

Upon Demand

29,003,829.92

568,992.62

1/ Excludes government securities and debt guaranteed by the Republic

2/ Original currencies converted using BSP reference rate prevailing on 3 January 2022

D-184

GUARANTEED DOMESTIC DEBT OF THE REPUBLIC OF THE PHILIPPINES (OTHER THAN SECURITIES) ^1/

AS OF 31 DECEMBER 2021

				INTEREST RATE +
				SPREAD/					ORIGINAL				OUTSTANDING BALANCE
		INTEREST		SERVICE		YEAR CONTRACTED	YEAR OF MATURITY	ORIG CURR	AMOUNT CONTRACTED				AS OF 31 DECEMBER 2021
	INTEREST RATE BASIS	SPREAD	RATE	CHARGE (per annum)					(IN PESO)		(IN US DOLLAR) 2/		(IN PESO)		(IN US DOLLAR) 2/
TOTAL										231,101,820,000.00		4,533,719,543.30		195,074,668,619.62		3,826,701,048.59
	I. NG-GUARANTEED DOMESTIC DEBT									230,882,000,000.00		4,529,407,148.74		194,938,599,244.84		3,824,275,105.84
	PHILIPPINE PESO									230,882,000,000.00		4,529,407,148.74		194,938,599,244.84		3,824,275,105.84
	FLOATING				0.500	2017	2025	PHP		30,000,000,000.00		588,535,331.74		22,100,000,000.00		433,554,361.05
	FLOATING				0.400	2018	2026	PHP		30,000,000,000.00		588,535,331.74		24,050,000,000.00		471,809,157.61
	FIXED				2.747	2020	2025	PHP		43,000,000,000.00		843,567,308.82		40,850,000,000.00		801,388,943.38
	FIXED				2.000	2021	2026	PHP		48,000,000,000.00		941,656,530.78		40,000,000,000.00		784,713,775.65
	FLOATING				3 Months PDST-F + 1.00%	2009	2024	PHP		75,000,000,000.00		1,471,338,329.34		57,017,126,613.86		1,118,553,117.55
	FIXED				4.000			PHP						10,677,358,730.98		209,466,762.09
	FIXED				4.000	2012	2022	PHP		4,882,000,000.00		95,774,316.32		244,113,900.00		4,788,988.50
	II. NG-GUARANTEED DOMESTIC LIABILITIES ASSUMED PER PROC. 50									219,820,000.00		4,312,394.55		136,069,374.78		2,425,942.75
	PHILIPPINE PESO									219,820,000.00		4,312,394.55		136,069,374.78		2,425,942.75
	INTEREST FREE					1986	Upon Demand	PHP		6,830,000.00		133,989.88		6,826,408.78		133,919.43
	INTEREST FREE					1986	Upon Demand	PHP		30,000,000.00		588,535.33		30,000,000.00		588,535.33
	INTEREST FREE					1986	Upon Demand	PHP		12,340,000.00		242,084.20		12,344,259.00		242,167.75
	INTEREST FREE					1986	Upon Demand	PHP		17,410,000.00		341,546.67		17,411,986.00		57,996.40
	INTEREST FREE					1986	Upon Demand	PHP		35,440,000.00		695,256.41		14,523,999.00		284,929.55
	INTEREST FREE					1986	Upon Demand	PHP		6,620,000.00		129,870.13		6,622,014.00		129,909.64
	INTEREST FREE					1986	Upon Demand	PHP		6,260,000.00		122,807.71		6,264,525.00		122,896.48
	INTEREST FREE					1986	Upon Demand	PHP		5,200,000.00		102,012.79		5,200,323.00		102,019.13
	INTEREST FREE					1986	Upon Demand	PHP		3,440,000.00		67,485.38		3,442,320.00		67,530.90
	INTEREST FREE					1986	Upon Demand	PHP		1,120,000.00		21,971.99		1,121,733.00		22,005.98
	INTEREST FREE					1986	Upon Demand	PHP		19,190,000.00		376,466.43		19,186,222.00		376,392.32
	INTEREST FREE					1986	Upon Demand	PHP		31,970,000.00		627,182.49		910,000.00		57,996.40
	INTEREST FREE					1986	Upon Demand	PHP		32,300,000.00		633,656.37		4,710,883.00		92,417.37
	INTEREST FREE					1986	Upon Demand	PHP		7,690,000.00		150,861.22		3,490,677.00		68,479.56
	INTEREST FREE					1986	Upon Demand	PHP		4,010,000.00		78,667.56		4,014,025.00		78,746.52

^1/  Excludes securities issued by GOCCs

^2/  Original currencies converted using BSP reference rate prevailing on 3 January 2022

D-185