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

Exhibit 99.E

Selected Economic Information of the Republic of the Philippines

	2019			2020			2021			2022			2023			2024(1)
	(₱ in billions, except as indicated)
GDP (at then-current market prices)		19,517.9			17,951.6			19,410.6			22,028.3			24,318.6			18,859.6
GDP (at constant 2018 prices)		19,382.8			17,537.8			18,540.1			19,945.6			21,051.8			16,046.5
GDP per capita, PPP concept (in $ at then-current market prices)(2)		9,217	(15)		8,456	(15)		9,101	(15)		10,407	(15)		11,281	(15)		12,153
GDP growth rate (%) (at constant 2018 prices)		6.1			(9.6	)		5.7			7.6			5.5			5.8
Consumer price inflation rate (2018 CPI basket)(3)		2.4			2.4			3.9			5.8			6.0			3.2	(4)
Government surplus/(deficit) as % of GDP (at then-current market prices)		(3.4	)		(7.6	)		(8.6	)		(7.3	)		(6.2	)		(5.1	)
Government debt at end of period as % of GDP (at then-current market prices)		39.6			54.6			60.4			60.9			60.1			61.3
Public sector borrowing requirement(5)		(640.4	)		(1,350.8	)		(1,619.3	)		(1,556.6	)		(1,420.2	)		(598.4	)(17)
Consolidated public sector financial position(7)		(245	)		(976.4	)		(1,094.4	)		(804.9	)		(777.3	)		(100.5	)(17)
Current account surplus/(deficit) as % of GDP (at then-current market prices)		(0.8	)		3.2			(1.5	)		(4.5	)		(2.7	)(15)		(3.9	)
Overall balance of payments position at end of period as % of GDP (at then-current market prices)(8)		(2.1	)		4.4			0.3			(1.8	)		0.8			1.5
Direct domestic debt of the Government (in million ₱)(9)(10)		5,127,600			6,694,687			8,170,414			9,208,387			10,017,930			10,921,663	(11)
Direct external debt of the Government (in million $)(10)(12)		51,252			64,562			69,803			75,436			82,976			88,210	(11)
Public sector domestic debt(13)		6,307.7			6,712.4			7,315.0			8,538.9			9,753.3	(6)		10,173.4	(17)
Public sector external debt (12)(13)		2,966.9			3,406.7			3,939.8			4,606.1			4,961.4	(6)		5,280.4	(17)
Unemployment rate (%)		5.1			10.3			7.8			5.4			4.4	(11)		3.2	(11)
Gross international reserves (in billion $)(10)(15)		87.8			110.1			108.8			96.1			103.8			106.3	(16)

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

Notes:

(1) Preliminary data as of and for the nine months ended September 30, 2024, 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) Data for the year ended December 31, 2024.

(5) 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.

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(6) Preliminary data as of December 31, 2023.

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

(8) 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.

(9) 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.

(10) 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.

(11) Preliminary data as of November 30, 2024.

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

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

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

(15) Revised data.

(16) Data as of December 31, 2024.

(17) Preliminary data as of June 30, 2024.

Government

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. For example, there have been three impeachment complaints filed against the current vice president, impeachment proceedings against two then presidents, as well as one then chief justice of the Supreme Court.

Credit Ratings

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

In November 2024, S&P Global Ratings (“S&P”) revised its outlook on the Republic from stable to positive and affirmed the Republic’s “BBB+” long-term and “A-2” short-term sovereign credit ratings, citing S&P’s improved institutional assessment on the Republic as they believed the strengthening of the country’s institutional settings, which had contributed to a significant enhancement in the Republic’s credit metrics over the past decade, will continue.

Internal Conflict with Rebel Groups and Peace Negotiations

Abu Sayyaf

In October 2024, the Taguig City Regional Trial Court convicted 17 Abu Sayyaf leaders and members for 21 counts of kidnapping and serious illegal detention with ransom of 19 foreigners and two Filipinos from a resort in Sidapan Island, Malaysia in May 2000 and sentenced each of them to life imprisonment for each count. In December 2024, the last four members of the Abu Sayyaf group in the Basilan region, along with four followers, voluntarily surrendered to the military.

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International Relations

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

	Membership in International Financial Organization
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	SDR	2,042.9		0.43	%	$	1,525.00		—
International Bank for Reconstruction and Development(2)		December 27, 1945	$	1,434		0.44	%	$	102.1	$	13,105
Asian Development Bank (“ADB”)(3)		December 22, 1966	$	3,393.2		2.38	%	$	169.7	$	15,028
Asian Infrastructure Investment Bank (“AIIB”)(4)		December 28, 2016	$	979.1		1.01	%	$	195.8	$	3,034	(5)

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

Notes:

(1) As of December 31, 2024.

(2) As of June 30, 2024.

(3) As of December 31, 2023.

(4) As of September 30, 2024.

(5) As of November 19, 2024.

Relationship with the IMF

On October 2, 2024, the IMF team concluded the 2024 Article IV Mission (the “Mission”) to the Philippines. The IMF team recognized that the Philippine economy has navigated well multiple external headwinds in recent years and remained among the best performing economies in the region. The Mission expects near-term growth to be supported by more accommodative financial conditions and investment growth, and current account deficit to continue to narrow, supported by lower commodity prices, a gradual rise in service exports and higher remittances. The IMF team noted that downside risks to the outlook stem from a slowdown in major economies that could disrupt trade and financial flows; commodity price volatility and supply shocks; and an escalation of geopolitical tensions or regional conflicts.

The IMF team observed that decisive monetary tightening and other have helped mitigate inflationary pressures and expects that recent tariff cuts on imported rice and other non-monetary measures to reduce food prices could further ease headline inflation. The Mission emphasized that medium-term fiscal consolidation plans remain appropriate and should be supported by a sustainable plan to raise tax revenues and implement expenditure reforms in order to protect social spending and ensure deficit targets are met.

The Mission further noted that while systemic risk within the financial system remains moderate, with a banking sector characterized by strong capitalization, liquidity, and profitability, continued vigilance is warranted against pockets of vulnerability in the real estate sector and a fast-growing consumer credit market. The IMF team also acknowledged that important progress has been made in addressing Anti-Money Laundering/Combating the Financing of Terrorism (“AML/CFT”) issues and that the current momentum should be maintained to close the outstanding gaps in the AML/CFT framework and achieve prompt removal from the Financial Action Task Force grey list.

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The IMF team supported comprehensive and well-sequenced structural reforms, coupled with strengthened social protection programs to boost job creation, enhance productivity, increase resilience to climate change and reduce poverty and inequality. The Missions identified upgrading infrastructure, making significant investments in healthcare and education, addressing land fragmentation and low productivity in the agricultural sector, and enhancing governance as priority areas and highlighted the role of digitalization in reforms in such priority areas.

On December 4, 2024, the executive board of the IMF further concluded the 2024 Article IV consultation with the Republic, whereby the IMF’s executive directors endorsed the IMF team’s appraisal on the Republic from the 2024 Article IV Mission.

World Bank Financing and Projects

In October 2024, the World Bank approved funding in the amount of $287.24 million for the Philippines Digital Infrastructure Project to improve climate resilient, secure and inclusive broadband connectivity. The project has five components: (i) backbone network, (ii) middle-mile network, (iii) access network (Last-Mile), (iv) network security and (v) project management support.

In November 2024, the World Bank further approved funding in the amount of $750.00 million for the Philippines Second Digital Transformation Development Policy Loans Project to support government reforms to foster an enabling environment for greater digital technology adoption by (i) improving digital transformation of government and digital infrastructure policies, (ii) expanding financial inclusion through digital finance and (iii) boosting business growth in digital services.

Asian Development Bank Financing and Projects

In September 2024, the ADB approved a technical assistance special fund of $225 million for the Natural Disasters and Child Development Project to investigate the adverse consequences of school-age exposure to tropical storms and typhoons on education and pursuits during early adulthood in the Philippines. In November 2024, the ADB approved financing (i) of up to almost $1.7 billion for the Laguna Lakeshore Road Network Project to help link people to jobs and business opportunities, reduce transport costs and traffic congestion and improve the efficiency of the overall transport network in Manila and nearby regions, (ii) in the amount of $50 million for the Asialink Promoting Small and Medium-Sized Enterprise Financing through Secured Vehicle Lending Project which aims to address remaining poverty and reduce inequalities and to accelerate progress in gender equality and (iii) in the amount of $500 million as a policy-based loan to further help strengthen the Republic’s efforts to tackle climate change under the Philippines’ Climate Change Action Program Subprogram 2. In December 2024, the ADB approved financing in the amounts of (i) $500 million as a policy-based loan to help the Republic pursue its public financial management reform agenda and ensure quality public services for its people under the Public Financial Management Reform Program (Subprogram 1) and (ii) $30 million as a loan to support public-private partnership projects in the Republic and help the country strengthen infrastructure development, advance climate action and enhance economic competitiveness.

Territorial Dispute over the West Philippine Sea

On September 27, 2024, two Chinese missile vessels chased Philippine civilian vessels near the First Thomas Shoal (also known as Bulig Shoal) in the West Philippine Sea, the first time that a missile vessel chased a civilian boat during maritime patrols. The Philippine civilian boats, which are under the Bureau of Fisheries and Aquatic Resources, were enroute to Hasa-Hasa Shoal (also known as Half Moon Shoal) to provide food and other aid to Filipino fisherman in the area.

On November 8, 2024, President signed into law Republic Act No. 12064 or the Philippine Maritime Zones Act and Republic Act No. 12065 or the Philippine Archipelagic Sea Lanes Act. The Philippine Maritime Zones Act sets the rights and entitlements of the Philippines over its maritime zones, or the extent of the Philippines’ maritime and exclusive economic zones where it has the exclusive right to exploit and the responsibility to care for natural resources, among others. The Philippine Archipelagic Sea Lanes Act, meanwhile, identifies the Philippines’ sea lanes and the air routes through which foreign ships and aircraft pass through, among others.

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Natural Disasters

Typhoons and Flooding

In October 2024 and November 2024, the Philippines was hit by six different typhoons with varying degrees of severity. On October 24, 2024, Typhoon “Kristine” (also known as Typhoon “Trami”) made landfall in northern Philippines, with sustained winds of 95 km/h and gustiness of up to 160 km/h. It brought widespread, torrential rains to other parts of the Philippines even before it hit land, inundating entire towns with severe flooding and triggering deadly landslides. On October 31, 2024, Typhoon “Leon” (also known as Typhoon “Kong-rey”) made landfall over southeastern Taiwan but affected northern Philippines with sustained winds of 155 km/h and gustiness of up to 255 km/h. On November 7, 2024, Typhoon “Marce” (also known as Typhoon “Yinxing”) made landfall in northern Philippines, with sustained winds of 175 km/h and gustiness of up to 240 km/h and brought torrential rain, storm surges and landslides. On November 11, 2024, Typhoon “Nika” (also known as Typhoon “Toraji”), made landfall in northern Philippines, with sustained winds of 130 km/h and ustiness of up to 180 km/h. On November 14, 2024, Typhoon “Ofel” (also known as Typhoon “Usagi”), made landfall in northern Philippines, with sustained winds of 175 km/h and gustiness of up to 240 km/h. On November 17, 2024, Typhoon Pepito (also known as Typhoon “Man-yi”) made two landfalls in northern Philippines, with sustained winds of 185km/h and gustiness of up to 305 km/h. According to preliminary data from the National Disaster Risk Reduction and Management Council, as of November 20, 2024, Typhoons Nika, Ofel and Pepito affected 820,831 families and resulted in damage to agriculture and infrastructure estimated at ₱8.64 million and ₱1.54 billion, respectively.

Philippine Economy

The New Government Procurement Act

On July 20, 2024, President Marcos signed into law Republic Act No. 12009, or the New Government Procurement Act. This law is aimed to enhance the existing procurement systems through (i) fit- for-purpose modalities to achieve value for money, (ii) strengthening procurement planning of procuring entities with mandatory market scoping and strategies to be used, (iii) modernizing procurement processes with the use of emerging technologies and innovative solutions, (iv) institutionalizing sustainable public procurement principles and practices with environmental, social and economic considerations, life cycle, gender parity, poverty alleviation, and fair opportunities to vulnerable and marginalized sectors, (v) enhancing transparency and ensuring greater accountability with open government, participatory procurement and use of beneficial ownership information in procurement, and (vi) professionalizing procurement practitioners to foster a skilled and competent workforce dedicated to excellence in government procurement.

Value-Added Tax on Digital Transactions

On October 2, 2024, President Marcos signed into law Republic Act No. 12023, which imposes a 12% Value-Added Tax (“VAT”) on digital services performed or rendered in the Philippines, which includes online search engine, online marketplace, cloud services, online media and advertising, online platform and digital goods.

The CREATE MORE Act

On November 11, 2024, President Marcos signed into law Republic Act No. 12066, or the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act (“CREATE MORE Act”). The CREATE MORE Act aims to provide ease of doing business by simplifying local taxation, clarifying the process for VAT and duty incentives, and expanding support to non-registered exporters and high-value domestic market enterprises. It is also believed to improve the tax regime by, among others, lowering the corporate income tax from 25% to 20%, doubling the power expenses deductions from 50% to 100%, adding a 50% deduction for tourism and trade fairs, and extending the maximum period of incentives to up to 27 years. Furthermore, the threshold for entities required to obtain approval from the Fiscal Incentives Review Board is increased from ₱ 1 billion to ₱15 billion in investment capital, which is hoped to create a more efficient approval process.

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Recent Economic Indicators

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

Years 2019 – 2024

	2019			2020			2021		2022			2023			2024(1)
GDP growth (constant 2018 prices) (%)		6.1			(9.5	)		5.7		7.6			5.5			5.8	(2)
GNI growth (constant 2018 prices) (%)		5.4			(11.5	)		1.7		9.9			10.5			8.2	(2)
Inflation rate (2018 CPI basket)(%)		2.4			2.4			3.9		5.8			6.0			3.2	(6)
Unemployment rate		5.1			10.3			7.8		5.4			4.4			3.2	(5)
91-day T-bill rate (%)		4.7			2.0			1.1		1.9			5.4			5.7
External position
Balance of payments ($ million)		7,843			16,022			1,345		(7,263	)		3,672			5,117	(2)
Export growth (%)		2.9			(9.8	)		12.5		6.4			(4.1	)		4.6	(2)
Import growth (%)		(0.2	)		(20.2	)		30.5		19.0			(5.0	)		5.9	(2)
External debt ($ billion)		83.6			98.5			106.4		111.3			125.4			139.6	(2)
International reserves
Gross ($ billion)		87.8			110.1			108.8		96.1			103.8			106.3
Net ($ billion)		87.8			110.1			108.8		96.1			103.7			106.2
Import cover(4)		7.6			12.3			9.7		7.2			7.6			7.5
Domestic credit growth (%)		10.7			4.7			8.2		12.9			9.3			10.5	(3)

Sources: Philippine Statistics Authority; Bangko Sentral.

Notes:

(1) Preliminary data as of December 31, 2024, unless otherwise stated.

(2) Preliminary data as of September 30, 2024.

(3) Preliminary data as of June 30, 2024.

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

(5) Preliminary data as of November 30, 2024.

(6) Data for the year ended December 31, 2024.

GDP and Major Financial Indicators

Gross Domestic Product

In the first nine months of 2024, GDP grew by 5.8%, compared with growth of 5.6% in the first nine months of 2023. The largest contributor was growth in the services sector, which recorded growth of 6.7% in the first nine months of 2024. This was partially offset by a contraction of 1.5% in the first nine months of 2024 in the agriculture, forestry and fishing sector, compared to growth of 1.1% in the first nine months of 2023 to. GNI grew by 8.2% in the first nine months of 2024 compared to growth of 10.2% in the first nine months of 2023. Net primary income grew by 31.7% in the first nine months of 2024 compared to growth of 96.4% during the same period in 2023. The Government will release official fourth-quarter and full-year 2024 national accounts data on January 30, 2025 and, based on its preliminary assessment, currently expects continued robust growth expansion in Q4 2024. See “Forward-Looking Statements”.

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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
	2019		2020		2021		2022		2023		2024(1)		2019		2024(1)
	(₱. in millions, except as indicated)												(%)
Agriculture, forestry and fishing sector		1,721,539		1,828,424		1,954,487		2,104,090		2,285,159		1,698,277		8.8		9.0
Industry sector
Mining and quarrying		161,656		137,060		185,371		280,249		232,080		179,451		0.8		1.0
Manufacturing		3,614,016		3,169,921		3,424,049		3,795,335		3,943,987		2,776,348		18.5		14.7
Electricity, steam, water, and waste management		607,881		611,051		650,961		746,104		844,360		705,892		3.1		3.7
Construction		1,535,727		1,180,199		1,347,309		1,615,247		1,832,725		1,496,414		7.9		7.9
Total		5,919,281		5,098,232		5,607,689		6,436,935		6,853,152		5,158,105		30.3		27.3
Service sector
Wholesale and retail trade; repair of motor vehicles and motorcycles		3,517,653		3,317,371		3,502,794		3,987,550		4,444,025		3,451,975		18.0		18.3
Transport and storage		757,661		551,045		605,204		807,323		977,399		779,540		3.9		4.1
Accommodation and food service activities		431,778		253,013		285,187		396,144		511,146		422,241		2.2		2.2
Information and communication		562,834		593,039		640,034		696,022		733,417		555,096		2.9		2.9
Financial and insurance activities		1,681,870		1,823,979		1,963,148		2,224,675		2,565,381		2,141,170		8.6		11.4
Real estate and ownership of dwellings		1,255,644		1,081,612		1,139,221		1,246,861		1,370,154		1,106,416		6.4		5.9
Professional and business services		1,219,757		1,137,558		1,222,489		1,350,881		1,487,291		1,190,653		6.2		6.3
Public administration and defense; compulsory social activities		890,688		950,590		1,027,079		1,119,710		1,188,487		848,233		4.6		4.5
Education		778,868		719,494		796,472		880,390		976,644		766,924		4.0		4.1
Human health and social work activities		329,862		325,260		385,750		411,577		460,645		368,172		1.7		2.0
Other services		450,429		271,957		281,061		366,118		465,712		372,818		2.3		2.0
Total		11,877,043		11,024,918		11,848,438		13,487,251		15,180,301		12,003,238		60.9		63.7
Total GDP		19,517,863		17,951,574		19,410,614		22,028,276		24,318,611		18,859,620		100.0		100.0

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	Gross Domestic Product by Major Sector (at current market prices)																	Percentage of GDP
	2019			2020			2021			2022			2023			2024(1)		2019	2024(1)
	(₱. in millions, except as indicated)																	(%)
Net primary income		1,954,197			1,360,427			690,388			1,294,379			2,670,713			2,444,082
Total GNI		21,472,060			19,312,001			20,101,002			23,322,655			26,989,325			21,303,702
Total GDP ($ billions)(2)		376.8			361.8			394.1			404.4			437.1			336.3
Per capita GDP, PPP concept ($)(3)		9,217	(4)		8,456	(4)		9,101	(4)		10,407	(4)		11,281	(4)		12,153

Source: Philippine Statistics Authority.

Notes:

(1) Preliminary data for the first nine months of 2024.

(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.

(4) Revised data.

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
	2019		2020		2021		2022		2023		2024(1)		2019		2024(1)
	(₱. in millions, except as indicated)												(%)
Agriculture, forestry and fishing sector		1,783,855		1,780,391		1,775,210		1,783,735		1,804,907		1,253,821		9.2		7.8
Industry sector
Mining and quarrying		168,857		137,493		144,498		152,183		155,155		119,609		0.9		0.7
Manufacturing		3,620,456		3,266,302		3,556,426		3,729,157		3,779,245		2,781,322		18.7		17.3
Electricity, steam, water, and waste management		591,312		589,213		615,591		647,222		684,918		558,315		3.1		3.5
Construction		1,507,244		1,122,308		1,235,106		1,385,186		1,506,784		1,180,933		7.8		7.4
Total		5,887,869		5,115,316		5,551,622		5,913,748		6,126,102		4,640,179		30.4		28.9
Service sector
Wholesale and retail trade; repair of motor vehicles and motorcycles		3,489,299		3,275,537		3,413,864		3,710,785		3,913,420		2,932,326		18.0		18.3
Transport and storage		742,347		515,149		547,807		679,371		767,603		598,267		3.8		3.7
Accommodation and food service activities		425,692		231,811		248,404		329,124		405,418		320,419		2.2		2.0
Information and communication		557,007		585,185		638,971		690,072		719,615		543,318		2.9		3.4
Financial and insurance activities		1,676,448		1,769,952		1,854,248		1,987,008		2,161,095		1,746,478		8.6		10.9

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	Gross Domestic Product by Major Sector (at constant 2018 market prices)												Percentage of GDP
	2019		2020		2021		2022		2023		2024(1)		2019		2024(1)
	(₱. in millions, except as indicated)												(%)
Real estate and ownership of dwellings		1,238,469		1,031,275		1,054,235		1,108,167		1,152,506		904,448		6.4		5.6
Professional and business services		1,182,159		1,068,769		1,136,507		1,240,353		1,323,643		1,049,417		6.1		6.5
Public administration and defense; compulsory social activities		871,564		911,188		959,685		1,003,397		1,024,588		755,167		4.5		4.7
Education		766,089		687,610		744,159		796,154		851,619		668,945		4.0		4.2
Human health and social work activities		323,261		306,903		351,472		364,223		391,151		316,071		1.7		2.0
Other services		438,691		258,758		263,899		339,470		410,089		317,630		2.3		2.0
Total		11,711,027		10,642,137		11,213,252		12,248,122		13,120,749		10,152,487		60.4		63.3
Total GDP		19,382,751		17,537,843		18,540,084		19,945,605		21,051,758		16,046,486		100.0		100.0

Source: Philippine Statistics Authority.

Note:

(1) Preliminary data for the first nine months of 2024.

Principal Sectors of the Economy

Agriculture, Forestry and Fishing Sector

The agriculture, forestry, and fishing sector’s share to GDP was approximately 7.8% in the first nine months of 2024 based on preliminary data, compared to approximately 9.2% in 2019.

Production in the agriculture, forestry, and fishing sector contracted by 1.5% in the first nine months of 2024 based on preliminary data, compared to growth of 1.1% during the same period in 2023. The contraction was primarily a result of a reversal in the production of palay from a growth of 2.5% in the first nine months of 2023 to a contraction of 7.3% in the first nine months of 2024. This was followed by a reversal in the production of livestock from a growth of 3.1% in the first nine months of 2023 to a contraction of 3.3% in the first nine months of 2024. This was partially offset by an increased growth in poultry and egg production from 2.5% in the first nine months of 2023 to 6.6% in the first nine months of 2024.

Industry Sector

The industry sector’s share to GDP in the first nine months of 2024 based on preliminary data was approximately 28.9%, compared to approximately 30.4% in 2019.

In the first nine months of 2024, the industry sector grew by 6.1% based on preliminary data, compared with growth of 3.8% during the same period in 2023. The higher rate of growth was primarily a result of higher growth across all subsectors. Construction grew by 11.3% in the first nine months of 2024 compared to 8.9% during the same period in 2023. Electricity, steam, water, and waste management recorded 7.8% growth during the first nine months of 2024, higher than the 5.9% growth it recorded during the same period in 2023. Manufacturing grew by 3.8% in the first nine months of 2024 compared to 1.7% during the same period in 2023. Mining and quarrying grew by 2.8% in the first nine months of 2024 compared to a contraction of 0.6% during the same period in 2023.

E-9

Manufacturing Subsector

In the first nine months of 2024, the manufacturing subsector grew by 3.8% compared to growth of 1.7% during the same period in 2023. The higher rate of growth was primarily a result of an increased growth in the This was partially offset by a reversal in the manufacture of basic metals from a growth of 3.1% in the first nine months of 2023 to a contraction of 7.7% in the first nine months of 2024.

Service Sector

In the first nine months of 2024, the service sector grew by 6.7% compared to growth of 7.0% in the same period of 2023. In the first nine months of 2024, growth was recorded across the service sector, with accommodation and food service activities at 12.0%, human health and social work activities at 10.0% and financial and insurance activities at 9.1%, compared to a growth of 25.4%, 7.8%, and 7.7%, respectively, in the same period in 2023, respectively.

Net Primary Income

According to the latest figures from the PSA for the first nine months of 2024, net primary income accounted for 10.8% of GNI.

In the first nine months of 2024, net primary income grew by 31.5% compared to 96.8% growth during the same period in 2023. This lower growth was primarily due to the decreased growth in inflows arising from compensation and property income of 84.3% and 81.6% for the first nine months of 2023 to 27.1% and 16.8% for the first nine months of 2024, respectively.

Prices, Employment and Wages

Inflation

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

	Changes in Consumer Price Index
	2019			2020			2021			2022			2023			2024
Consumer price index		102.4			104.8			108.9			115.3			122.2			126.1
Inflation rate		2.4	%		2.4	%		3.9	%		5.8	%		6.0	%		3.2	%

Consumer Price Index

The average inflation rate in 2024 was 3.2%, lower than the average inflation rate of 6.0% in 2023. The lower rate of inflation in 2024 was due mainly to decreases in the rates of inflation for food and non-alcoholic beverages from 7.9% in 2023 compared to 4.4% in 2024.

Employment and Wages

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

	Selected Employment Information
	2019(1)		2020(2)		2021(3)		2022(4)		2023(5)			2024(6)
	(all figures in percentages except as indicated)
Employed persons (in thousands)(7)		41,961		39,837		43,988		46,890		50,525			49,541
Unemployment rate		5.1		10.3		7.8		5.4		4.3	(8)		3.2
Employment share by sector:
Agriculture, forestry and fishing sector		22.2		24.8		25.6		24.0		24.4			20.0

E-10

	Selected Employment Information
	2019(1)		2020(2)		2021(3)		2022(4)		2023(5)		2024(6)
	(all figures in percentages except as indicated)
Industry sector
Mining and quarrying		0.4		0.5		0.4		0.3		0.4		0.5
Manufacturing		8.7		8.1		8.0		7.7		7.5		7.5
Construction		9.8		9.4		9.1		8.8		10.1		9.6
Water supply, sewerage, waste management and remediation activities		0.2		0.1		0.2		0.1		0.1		0.1
Electricity, gas, steam and air conditioning supply		0.2		0.2		0.1		0.2		0.2		0.1
Total industry sector		19.3		18.3		17.8		17.1		18.3		17.9
Service sector
Transportation and storage		8.2		7.4		6.5		6.7		6.9		7.8
Wholesale and retail trade; repair of motor vehicles and motorcycles		20.0		20.5		21.5		22.3		20.3		21.3
Finance and housing(9)		8.5		8.4		8.2		7.6		7.4		7.6
Other services(10)		21.9		20.6		20.4		22.2		22.7		25.4
Total service sector		58.4		56.9		56.6		58.9		57.3		62.1
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 2019 Labor Force Survey.

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

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

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

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

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

(7) Does not include OFWs.

(8) Preliminary data for 2023.

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

(10) 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.

As of November 2024, based on preliminary data, the total number of employed persons in the Republic, excluding OFWs, was estimated at 49.5 million. The unemployment rate was 3.2% as of November 2024 based on preliminary data, lower than the 3.6% unemployment rate recorded as of November 2023. The rate of labor force participation was 64.6% as of November 2024, lower than 65.9% as of November 2023. As of November 2024, workers in the Republic were primarily employed in the service sector, representing 62.1% of the total employed population in the Republic, of which workers in the wholesale and retail trade and repair of motor vehicles and motorcycles comprised 21.3% of the total employed. Workers in the agriculture, forestry and fishing sector and the industry sector comprised 20.0% and 17.9%, respectively, of the total employed as of November 2024, compared to 24.6% and 15.9%, respectively, as of November 2023.

E-11

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	November 2023		November 2024
	(Unemployed)
	(all figures in percentages)
Both sexes 15 — 24		34.0		36.7
25 — 34		34.0		33.4
35 — 44		16.2		14.8
45 — 54		10.8		7.0
55 — 64		3.9		7.0
65 and over		1.1		1.2
Not reported		0.0		0.0
Total for all ages		100.0		100.0

Sources: Philippine Statistics Authority; November 2024 Labor Force Survey.

	Percentage Distribution of Labor Force by Sex
Sex	November 2023		November 2024
	(all figures in percentages)
Labor Force
Male		58.2		58.5
Female		41.8		41.5
Total		100.0		100.0
Employed
Male		58.4		58.4
Female		41.6		41.6
Total		100.0		100.0
Unemployed
Male		52.4		60.2
Female		47.6		39.8
Total		100.0		100.0

Sources: Philippine Statistics Authority; November 2024 Labor Force Survey.

As of November 2024, 36.7% of the total unemployed population consisted of young people aged 15 to 24 years old, higher than the 34.0% recorded as of October 2023. In terms of gender, the female population represented 41.6% and 39.8% of the employed and unemployed workforce, respectively, as of November 2024, whereas the male population represented 58.4% and 60.2% of the employed and unemployed workforce, respectively, as of November 2024.

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 10.1% in the first semester of 2023, a decrease from the 13.7% and 15.5% recorded in 2021 and 2018, respectively. The first semester poverty incidence among the population in 2023 was 15.5%, a decrease from the first semester poverty incidence of 16.9% recorded in 2021 and the first semester poverty incidence of 21.5% recorded in 2018.

E-12

Overseas Employment

Cash inflows from OFWs increased by 3.0% to $31.1 billion in the first eleven months of 2024 as compared to $30.2 billion in the first eleven months of 2023. According to the PSA’s 2023 Survey on Overseas Filipinos, there were approximately 2.16 million OFWs, approximately 44.4% of which were males and 55.6% of which were females.

The following table presents the geographical distribution of OFWs.

	Geographical Distribution of OFWs
	By Place of Work as of 2023(1)		Total Cash Remittances for the nine months ended September 30, 2023(2)		Average Cash Remittance per OFW for the nine months ended September 30, 2023(2)
	(in percentages)		(₱ in millions)		(₱ in thousands)
Africa		1.3		2,683		135
Asia		77.4		129,203		87
East Asia(3)		19.6		—		—
Southeast and South-Central Asia(4)		7.4		—		—
Western Asia(5)		50.5		—		—
Australia		3.0		6,789		135
Europe		8.4		24,400		156
North and South America		9.8		24,036		132
Total		100.0		187,112		99

Source: Philippine Statistics Authority-2023 Survey on Overseas Filipinos.

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, 2023 to September 30, 2023.

(2) Estimates cover remittances during six months prior to survey of overseas Filipinos whose departure occurred within the last five years ended September 30, 2023 and who are working or had worked abroad during the six months from April 1, 2023 to September 30, 2023.

(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.

The following table presents the occupational distribution of OFWs.

	Occupational Distribution of OFWs
	By Occupation as of 2023(1)
	(in percentages)
Managers		2.3
Professionals		9.9
Technicians and associate professionals		9.1
Clerical support workers		3.7
Service and sales workers		14.7
Skilled agricultural forestry and fishery workers		0.7

E-13

	Occupational Distribution of OFWs
	By Occupation as of 2023(1)
	(in percentages)
Craft and related trades workers		6.2
Plant and machine operators and assemblers		12.1
Elementary occupations		41.1
Total		100.0

Source: Philippine Statistics Authority-2023 Survey on Overseas Filipinos.

Note:

(1) Estimates cover overseas Filipinos whose departure occurred within the last five years ended September 30, 2023 and who are working or had worked abroad during the six months from April 1, 2023 to September 30, 2023.

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

	Age Distribution of OFWs as of 2023(1)
Age Group	Both sexes		Male		Female
	(%)
15 — 24		2.4		2.4		2.4
25 — 29		15.4		14.3		16.3
30 — 34		23.5		21.8		24.8
35 — 39		18.6		18.0		19.1
40 — 44		16.0		14.2		17.5
45 and over		24.1		29.2		20.0
Total for all ages		100.0		100.0		100.0

Source: Philippine Statistics Authority-2023 Survey on Overseas Filipinos.

Note:

(1) Estimates cover overseas Filipinos whose departure occurred within the last five years ended September 30, 2023 and who are working or had worked abroad during the six months from April 1, 2023 to September 30, 2023.

Balance of Payments

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

	Balance of Payments
	2019			2020			2021			2022			2023(1)			2024(2)
	($ in millions)
Current account(3)		(3,047	)		11,578			(5,943	)		(18,261	)		(11,817	)		(12,930	)
Exports		136,889			119,867			130,082			143,234			152,120			116,779
Imports		139,936			108,289			136,024			161,495			163,937			129,709
Goods, Services, and Primary Income		(30,996	)		(15,807	)		(35,444	)		(48,857	)		(42,768	)		(36,159	)
Total exports		108,143			91,627			99,630			111,856			120,077			92,716
Total imports		139,139			107,435			135,074			160,714			162,845			128,875
Goods and Services		(36,272	)		(19,909	)		(38,767	)		(53,806	)		(47,200	)		(39,563	)
Exports		94,741			80,034			87,798			98,832			103,714			79,802
Imports		131,013			99,943			126,565			152,638			150,914			119,364

E-14

	Balance of Payments
	2019			2020			2021			2022			2023(1)			2024(2)
	($ in millions)
Goods		(49,312	)		(33,775	)		(52,806	)		(69,701	)		(65,899	)		(49,991	)
Exports		53,477			48,212			54,228			57,710			55,394			42,375
Imports		102,788			81,987			107,034			127,412			121,293			92,367
Services		13,039			13,866			14,039			15,895			18,699			10,429
Exports		41,264			31,822			33,570			41,122			48,320			37,426
Imports		28,225			17,956			19,531			25,226			29,621			26,997
Primary Income		5,276			4,101			3,323			4,949			4,432			3,403
Receipts		13,402			11,594			11,832			13,024			16,363			12,914
Payments		8,125			7,492			8,509			8,076			11,931			9,511
Secondary Income		27,949			27,386			29,501			30,596			30,951			23,229
Receipts		28,746			28,240			30,452			31,378			32,043			24,063
Payments		797			854			950			781			1,092			834
Capital account(3)		127			63			80			23			67			54
Receipts		147			88			99			86			81			61
Payments		20			25			19			62			14			8
Financial account(4)		(8,034	)		(6,906	)		(6,433	)		(13,885	)		(14,068	)		(20,813	)
Net acquisition of financial assets(5)		7,297			13,286			10,261			2,533			4,700			1,572
Net incurrence of liabilities(5)		15,331			20,192			16,694			16,419			18,769			22,385
Direct investment		(5,320	)		(3,260	)		(9,732	)		(5,631	)		(5,211	)		(4,043	)
Net acquisition of financial assets(5)		3,351			3,562			2,251			3,861			3,905			2,614
Net incurrence of liabilities(5)		8,671			6,822			11,983			9,492			9,116			6,657
Portfolio investment		(2,474	)		(1,680	)		10,237			(1,684	)		3,005			(6,458	)
Net acquisition of financial assets(5)		2,402			6,567			7,809			(281	)		3,636			1,033
Net incurrence of liabilities(5)		4,876			8,246			(2,428	)		1,402			632			7,491
Financial derivatives		(173	)		(199	)		49			(48	)		(115	)		(107	)
Net acquisition of financial assets(5)		(874	)		(796	)		(449	)		(632	)		(779	)		(647	)
Net incurrence of liabilities(5)		(701	)		(596	)		(498	)		(584	)		(664	)		(540	)
Other investment		(67	)		(1,767	)		(6,987	)		(6,523	)		(11,747	)		(10,206	)
Net acquisition of financial assets(5)		2,417			3,953			649			(415	)		(2,062	)		(1,427	)
Net incurrence of liabilities(5)		2,484			5,720			7,636			6,108			9,684			8,778
Net unclassified items(6)		2729			(2,526	)		774			(2,911	)		1,354			(2,819	)
Overall balance of payments position(7)		7,843			16,022			1,345			(7,263	)		3,672			5,117

Sources: Department of Economic Statistics; Bangko Sentral.

Notes:

(1) Revised data.

(2) Preliminary data for the nine months ended September 30, 2024.

(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.

E-15

Overall Balance of Payments Performance

In the first nine months of 2024, based on preliminary data, the overall balance of payments position of the Republic recorded a surplus of $5.1 billion, compared to a surplus of $1.7 billion for the same period of 2023. The increase in surplus was primarily a result of a decrease in financial account from a deficit of $8.2 billion in the first nine months of 2023 to a deficit of $20.8 billion in the first nine months of 2024. This was partially offset by a decrease in net unclassified items from a surplus of $4.3 billion in the first nine months of 2023 to a deficit of $2.8 billion in the first nine months of 2024.

Current Account

In the first nine months of 2024, according to preliminary data, the current account recorded a deficit of $12.9 billion, compared to a deficit of $10.8 billion in the first nine months of 2023. The higher deficit was primarily the result of a 23.9% decrease in trade-in-services surplus from $13.7 billion in the first nine months of 2023 to $10.4 billion in the first nine months of 2024. This was partially offset by a 18.9% increase in primary income surplus from $2.9 billion in the first nine months of 2023 to $3.4 billion in the first nine months of 2024.

Goods Trade

In the first nine months of 2024, according to preliminary data, the trade-in-goods deficit decreased by 0.2% to $50.0 billion, compared to $50.1 billion in the first nine months of 2023. The lower deficit was primarily a result of a 3.0% increase in exports, which increased to $42.4 billion in the first nine months of 2024 compared to $41.1 billion in the first nine months of 2023. This was partially offset by a 1.3% increase in imports, which increased to $92.4 billion in the first nine months of 2024 compared to $91.2 billion in the first nine months of 2023.

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-November				Growth Rates			Percentage of Total Exports
Commodities	2019		2020		2021		2022		2023(1)		2024(2)		2022			2023			2023(1)		2024(2)		2024(2)			2019		2024(2)
													(%)										(%)			(%)
	($ in millions, except percentages)
Agricultural products
Coconut products		1,294		1,230		1,947		2,563		1,538		1,758		31.6			(40.0	)		1,416		2,300		62.4			1.8		2.8
Sugar and products		67		66		76		6		5		18		(92.1	)		(24.1	)		4		19		353.3			0.1		0.0
Fruits and vegetables		2,854		2,624		2,248		2,199		2,273		1,744		(2.2	)		(3.4	)		2,090		2,157		3.2			4.0		3.2
Other agro-based products		952		864		1,000		1,123		958		701		12.3			(14.7	)		880		875		(0.6	)		1.3		1.3
Total agricultural based products		5,167		4,784		5,271		5,891		4,773		4,221		11.8			(19.0	)		4,391		5,351		21.9			7.3		7.9
Forest products		358		297		377		357		270		140		(5.3	)		(24.4	)		250		176		(29.4	)		0.5		0.3
Mineral products		4,664		5,080		6,721		7,268		7,074		5,204		8.1			(2.7	)		6,649		6,450		(3.0	)		6.6		9.5
Petroleum products		226		193		6		7		7		113		16.7			(4.6	)		6		160		x			0.3		0.2
Manufacturing
Electronic products		40,022		37,965		42,496		46,155		41,906		30,598		8.6			(9.2	)		38,528		36,278		(5.8	)		56.4		53.7
Other electronics		3,469		2,724		3,432		3,504		3,744		2,688		2.1			6.8			3,478		3,365		(3.3	)		4.9		5.0
Garments		928		652		742		854		706		520		15.1			(17.4	)		645		608		(5.7	)		1.3		0.9
Textile yarns/fabrics		217		313		294		291		248		195		(1.0	)		(14.8	)		232		239		3.0			0.3		0.4
Footwear		132		114		111		108		82		70		(2.7	)		(24.6	)		76		84.0		9.9			0.2		0.1
Travel goods and handbags		745		420		647		706		567		410		9.1			(19.8	)		506		499		(1.3	)		1.0		0.7
Wood manufacturing		251		187		205		167		70		55		(18.5	)		(58.3	)		65		70		6.6			0.4		0.1

E-16

	Exports by Major Commodity Groups
	Annual												Growth Rates						January-November				Growth Rates			Percentage of Total Exports
Commodities	2019		2020		2021		2022		2023(1)		2024(2)		2022			2023			2023(1)		2024(2)		2024(2)			2019		2024(2)
													(%)										(%)			(%)
	($ in millions, except percentages)
Furniture and fixtures		299		344		381		309		289		207		(18.9	)		(6.4	)		265		258		(2.8	)		0.4		0.4
Chemicals		1,508		1,339		1,939		1,880		1,771		1,483		(3.0	)		(5.8	)		1,617		1,850		14.4			2.1		2.7
Non-metallic mineral manufacturing		267		226		296		309		287		261		4.4			(7.0	)		263		333		26.4			0.4		0.5
Machinery and transport equipment		4,128		2,249		2,371		2,215		2,415		1,959		(6.6	)		9.0			2,259		2,415		6.9			5.8		3.6
Processed food and beverages		1,330		1,245		1,465		1,404		1,306		1,129		(4.2	)		(7.0	)		1,197		1,382		15.5			1.9		2.0
Iron and steel		93		37		67		133		143		98		98.5			7.7			135		139		3.0			9.1		0.2
Baby carriages, toys, games and sporting goods		269		237		294		325		283		199		10.5			(13.0	)		267		241		(9.5	)		0.4		0.4
Basketwork, wickerwork, and other articles of plaiting materials		31		43		63		45		38		26		(28.6	)		(15.6	)		36		32		(10.0	)		0.0		0.0
Miscellaneous		963		819		1,018		885		690		570		(13.1	)		(22.1			637		697		9.4			1.4		1.0
Others		4,227		4,880		5,232		5,361		5,341		4,361		2.5			(0.4	)		4,917		5,526		12.4			6.0		8.2
Total Manufacturing		58,876		53,793		61,053		64,651		59,884		44,830		5.9			(7.4	)		55,123		54,015		(2.0	)		83.0		80.0
Special transactions		1,637		1,067		1,265		1,400		1,520		1,159		10.7			8.6			1,414		1,399		(1.1	)		2.3		2.1
Total exports		70,927		65,215		74,693		79,574		73,527		55,669		6.5			(7.6	)		67,933		67,551		(0.4	)		100.0		100.0

Sources: Philippine Statistics Authority; Bangko Sentral.

Notes:

(1) Preliminary data.

(2) Preliminary data as of November 30, 2024.

x Growth rate is more than 1,000%.

	Export of Goods by Destination
	2019		2020		2021		2022		2023(1)
	($ millions)
Country/Region
North America(2)		12,860		10,971		13,053		14,562		13,037
United States		11,567		10,018		11,852		13,072		11,548
Europe(3)		8,890		7,584		9,315		10,006		9,609
European Union(4)		7,779		6,536		8,062		8,709		8,377
Asia(5)		47,101		45,629		50,972		53,560		49,556
Japan		10,675		10,034		10,739		11,123		10,456
People’s Republic of China		9,814		9,830		11,562		10,980		10,925
Hong Kong		9,625		9,226		9,932		10,364		8,844
South Korea		3,241		2,855		2,576		3,125		3,534
Singapore		3,832		3,775		4,196		4,915		3,528
Taiwan		2,253		2,121		2,526		2,983		2,638
Southeast Asia(6)		6,958		6,469		7,962		8,563		7,692
Oceania(7)		527		463		632		690		684
Middle East(8)		831		629		570		642		715
Others(9)		717		569		721		757		731
Total		70,927		65,215		74,693		79,574		73,617

Sources: Philippine Statistics Authority; Bangko Sentral.

E-17

Notes:

(1) Preliminary data.

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

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

(4) 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.

(5) 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.

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

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

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

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

	Export of Goods by Destination(1)		Percentage of Total Exports
	2024(2)		2024(2)
	($ millions)		(%)
Country
United States of America		11,169		16.5
Japan		9,566		14.2
People’s Republic of China		8,712		12.9
Hong Kong		8,991		13.3
Singapore		2,657		3.9
Republic of Korea		3,358		5.0
Thailand		2,701		4.0
Germany		2,305		3.4
Netherlands		2,618		3.9
Republic of China (Taiwan)		2,500		3.7
Malaysia		2,052		3.0
Vietnam		1,539		2.3
Indonesia		962		1.4
India		976		1.4
Mexico		814		1.2
Canada		512		0.8
Australia		507		0.8
Switzerland		511		0.8
UK Great Britain and N. Ireland		518		0.8
Czech Republic (Czechoslovakia)		332		0.5
Others		4,251		6.3
Total		67,551		100.0

Sources: Philippine Statistics Authority.

Notes:

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

(2) Preliminary data as of November 30, 2024.

E-18

In the first eleven months of 2024, according to preliminary PSA data, total exports of goods decreased by 0.4% to $67.5 billion, from the $67.8 billion recorded in the first eleven months of 2023. This was primarily a result of a decrease in exports of manufactured goods, which comprised a 2.0% decrease in the export of manufactured goods from $55.1 billion in the first eleven months of 2023 to $54.0 billion in the first eleven months of 2024.

Imports of Goods

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

	Imports by Major Commodity Groups
	Annual												Growth Rates						January-November				Growth Rates			Percentage of Total Imports
	2019		2020		2021		2022		2023(1)		2024(2)		2022			2023			2023(1)		2024(2)		2024(2)			2019		2024(2)
													(%)										(%)			(%)
	($ in millions, except percentages)
Commodities
Capital goods		37,434		29,752		35,461		37,917		35,684		26,367		6.6			(5.9	)		32,775		32,742		(0.1	)		33.5		27.9
Raw materials and Intermediate goods
Unprocessed raw materials		3,576		3,576		4,400		6,078		6,849		4,897		38.1			(12.7	)		6,260		6,062		(3.2	)		3.2		5.2
Semi-processed raw materials		37,041		32,893		43,583		46,250		38,584		29,952		6.3			(16.6	)		35,711		36,827		3.1			33.2		31.3
Raw materials and intermediate goods		40,617		36,158		47,984		52,328		45,432		34,849		9.2			(13.2	)		41,972		42,889		2.2			36.4		36.5
Mineral fuels and lubricants		13,362		7,635		13,625		23,795		19,922		14,691		74.6			(16.3	)		18,693		17,688		(5.4	)		12.0		15.1
Consumer goods
Durable		10,176		7,196		9,027		10,617		12,426		9,146		17.6			(17.0	)		11,403		11,500		0.9			9.1		9.8
Non-durable		9,081		8,251		9,842		11,758		4		9,619		19.4			2.1			10,957		12,222		11.5			8.1		10.4
Total consumer goods		19,260		15,447		18,868		22,375		24,430		18,765		18.6			9.2			22,360		23,722		6.1			17.3		20.2
Special transactions(1)		920		820		947		805		478		397		(15.2	)		(40.6	)		447		473		5.9			0.8		0.4
Total imports		111,593		89,812		116,885		137,221		125,946		95,070		17.3			(8.1	)		116,247		117,514		1.1			100.0		100.0

Sources: Philippine Statistics Authority; Bangko Sentral.

Notes:

(1) Preliminary data.

(2) Preliminary data as of November 30, 2024.

	Imports of Goods by Source/Origin
	2019		2020		2021		2022		2023(1)
	($ millions)
Country/Region
North America(2)		8,781		7,555		8,749		9,809		9,678
United States		8,072		6,922		7,751		8,917		8,418
Europe(3)		11,117		8,052		9,638		10,100		9,409
European Union(4)		8,531		6,036		7,673		7,796		7,794
Asia(5)		84,186		69,460		91,244		110,782		100,550
Japan		10,580		8,616		11,108		12,353		10,288
People’s Republic of China		25,496		20,868		26,799		28,217		29,392
Hong Kong		3,598		2,784		3,268		3,102		2,011
South Korea		8,477		6,895		9,351		12,321		8,488
Singapore		6,658		5,622		6,948		8,118		7,095
Taiwan		4,753		4,683		5,763		6,800		4,686

E-19

	Imports of Goods by Source/Origin
	2019		2020		2021		2022		2023(1)
	($ millions)
Southeast Asia(6)		22,465		18,153		25,483		32,109		30,581
Oceania(7)		2,213		1,443		2,310		3,599		4,225
Middle East(8)		3,704		1,867		3,965		5,344		5,545
Others(9)		717		1,592		1,974		3,391		2,348
Total		111,593		89,812		116,885		137,221		126,209

Sources: Philippine Statistics Authority; Bangko Sentral.

Notes:

(1) Preliminary data.

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

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

(4) 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.

(5) 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.

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

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

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

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

	Import of Goods by Source/ Origin(1)		Percentage of Total Imports
	2024(2)		2024(2)
	($ millions)		(%)
Country
People’s Republic of China		30,194		25.7
Indonesia		9,825		8.4
Japan		9,189		7.8
Republic of Korea		8,853		7.5
United States of America		7,519		6.4
Thailand		6,958		5.9
Vietnam		5,051		4.3
Malaysia		5,512		4.7
Singapore		5,368		4.6
Republic of China (Taiwan)		3,663		3.1
Australia		2,606		2.2
Saudi Arabia		1,799		1.5
Brazil		1,852		1.6
India		2,090		1.8
Hong Kong		1,905		1.6
Germany		2,018		1.7
Peru		188		0.2
United Arab Emirates		1,298		1.1
Italy		916		0.8
Iraq		463		0.4
Others		10,248		8.7
Total		117,514		100.0

Sources: Philippine Statistics Authority.

E-20

Notes:

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

(2) Preliminary data as of November 30, 2024.

In the first eleven months of 2024, according to preliminary PSA data, total imports of goods increased by 1.1% to $117.5 billion, from the $116.3 billion recorded in the first eleven months of 2023. This increase was primarily attributable to an increase in imports of raw materials and intermediate goods as well as consumer goods. Imports of raw materials and intermediate goods increased by 2.2% to $42.9 billion in the first eleven months of 2024, compared to the $42.0 billion in the first eleven months of 2023. Imports of consumer goods increased by 6.1% to $23.7 billion in the first eleven months of 2024, compared to the $22.3 billion in the first eleven months of 2023. These increases were offset by a 5.4% decrease in mineral fuels and lubricant to $17.7 billion in the first eleven months of 2024, compared to $18.7 billion in the first eleven months of 2023.

Services

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

	Service Trade
	2019			2020			2021			2022			2023(1)			2024(2)
	($ in millions)
Total services		13,039			13,866			14,039			15,895			18,699			10,429
Exports		41,264			31,822			33,570			41,122			48,320			37,426
Imports		28,225			17,956			19,531			25,226			29,621			26,997
Manufacturing services on physical inputs owned by others		4,339			4,152			5,033			5,443			4,920			3,631
Exports		4,339			4,152			5,033			5,443			4,920			3,631
Imports		0			0			0			0			0			0
Maintenance and repair services		(61	)		(11	)		(8	)		(70	)		(153	)		(113	)
Exports		110			59			42			112			100			81
Imports		171			70			50			181			253			194
Transport		(2,280	)		(2,525	)		(3,493	)		(3,967	)		(4,379	)		(2,726	)
Exports		2,883			1,669			1,568			2,688			3,064			2,822
Imports		5,164			4,194			5,060			6,655			7,443			5,548
of which: Passenger		787			460			163			520			314			212
Exports		1,674			708			353			1,065			1,501			1,112
Imports		887			248			190			544			1,187			900
of which: Freight		(3,046	)		(3,132	)		(3,989	)		(4,986	)		(4,980	)		(3,589	)
Exports		763			564			672			760			631			469
Imports		3,809			3,696			4,661			5,746			5,611			4,058
of which: Other		(282	)		147			333			498			287			651
Exports		446			396			542			863			932			1,241
Imports		468			249			209			364			645			590
Travel		(2,257	)		(2,298	)		(2,661	)		(744	)		2,467			(2,165	)
Exports		9,781			1,791			600			4,174			9,118			7,174
Imports		12,038			4,088			3,262			4,918			6,651			9,339
Construction services		(5	)		(11	)		41			16			(94	)		(121	)
Exports		66			85			88			74			121			67
Imports		71			97			47			57			214			188
Insurance and pension services		(1,554	)		(1,314	)		(1,749	)		(1,893	)		(1,914	)		(1,421	)
Exports		90			75			101			100			86			94
Imports		1,644			1,389			1,850			1,993			2,000			1,515

E-21

	Service Trade
	2019			2020			2021			2022			2023(1)			2024(2)
	($ in millions)
Financial services		(539	)		(453	)		(211	)		(752	)		(1,170	)		(1,296	)
Exports		232			90			194			244			310			294
Imports		772			543			405			996			1,480			1,590
Charges for the use of intellectual property		(805	)		(504	)		(590	)		(539	)		(421	)		(319	)
Exports		28			15			33			12			30			25
Imports		833			519			623			551			452			344
Telecommunications, computer, and information services		4,766			4,414			4,179			4,591			5,162			4,021
Exports		6,098			5,930			6,300			6,673			7,098			5,563
Imports		1,332			1,515			2,121			2,082			1,936			1,542
Other business services		11,981			12,815			13,986			14,188			14,586			11,139
Exports		17,456			17,798			19,478			21,456			23,293			17,488
Imports		5,475			4,983			5,492			7,268			8,707			6,349
Personal, cultural and recreational services		(26	)		(18	)		(103	)		(28	)		27			64
Exports		161			136			112			127			153			167
Imports		187			154			214			155			126			104
Government services		(520	)		(381	)		(385	)		(351	)		(332	)		(264	)
Exports		19			22			22			21			26			19
Imports		539			403			407			372			358			284

Source: Bangko Sentral.

Note:

(1) Revised data.

(2) Preliminary data for the nine months ended September 30, 2024.

In 2023, according to revised data, the trade-in-services account showed a 17.6% growth from a $15.9 billion surplus in 2022 to a $18.7 billion surplus. The higher surplus was mainly attributable to a 430.0% change in travel, from a deficit of $0.7 billion in 2022 to a surplus of $2.5 billion in 2023 and a 12.4% increase in surplus for telecommunications, computer, and information services from $4.6 billion in 2022 to $5.2 billion in 2023.

In the first nine months of 2024, according to preliminary data, the trade-in-services account showed a 23.9% decline from a $13.7 billion surplus in the first nine months of 2023 to a $10.4 billion surplus. This was primarily a result of a 222.8% decline in the surplus from travel, from a surplus of $1.8 billion in the first nine months of 2023 to a deficit of $2.2 billion in the first nine months of 2024. This was also the result of a 111.4% increase in deficit for financial services from a deficit of $0.6 billion in the first nine months of 2023 to $1.3 billion in the first nine months of 2024.

Primary Income

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

	Primary Income
	2019		2020		2021		2022		2023(1)		2024(2)
	($ in millions)
Total Primary Income		5,276		4,101		3,323		4,949		4,432		3,403
Receipts		13,402		11,594		11,832		13,024		16,363		12,914
Payments		8,125		7,492		8,509		8,076		11,931		9,511
Compensation of employees		8,685		8,413		8,662		8,878		9,070		6,828
Receipts		8,827		8,549		8,825		9,067		9,289		6,936

E-22

	Primary Income
	2019			2020			2021			2022			2023(1)			2024(2)
	($ in millions)
Payments		142			136			163			189			219			108
Investment income		(3,409	)		(4,311	)		(5,339	)		(3,930	)		(4,638	)		(3,425	)
Receipts		4,575			3,045			3,007			3,957			7,073			5,978
Payments		7,894			7,356			8,346			7,887			11,712			9,403
Direct investment		(2,740	)		(3,076	)		(4,123	)		(3,136	)		(4,017	)		(2,467	)
Receipts		2,033			1,218			872			1,280			2,941			2,321
Payments		4,773			4,293			4,995			4,416			6,958			4,788
Income on equity and investment fund		(3,410	)		(3,476	)		(4,647	)		(2,904	)		(3,765	)		(2,165	)
Receipts		565			362			234			57			257			121
Payments		3,975			3,838			4,881			2,961			4,022			2,287
Dividends and withdrawals from income of quasi-corporations		(2,379	)		(2,682	)		(3,530	)		(1,494	)		(2,414	)		(1,133	)
Receipts		464			212			253			181			368			205
Payments		2,843			2,894			3,784			1,675			2,783			1,338
Reinvested earnings		(1,031	)		(794	)		(1,117	)		(1,410	)		(1,351	)		(1,032	)
Receipts		101			150			(20	)		(125	)		(112	)		(84	)
Payments		1,132			944			1,097			1,286			1,239			949
Interest		670			400			524			(232	)		(252	)		(302	)
Receipts		1,468			855			639			1,223			2,684			2,199
Payments		798			455			115			1,455			2,936			2,501
Portfolio investment		(2,004	)		(1,962	)		(2,264	)		(2,393	)		(2,096	)		(2,554	)
Receipts		377			456			693			389			425			280
Payments		2,380			2,417			2,957			2,782			2,521			2,834
Income on equity and investment fund shares		(985	)		(825	)		(846	)		(901	)		(805	)		(1,289	)
Receipts		1			10			6			1			12			4
Payments		986			835			852			902			817			1,293
Dividends on equity excluding investment fund shares		(985	)		(825	)		(846	)		(901	)		(805	)		(1,289	)
Receipts		1			10			6			1			12			4
Payments		986			835			852			902			817			1,293
Interest		(1,019	)		(1,136	)		(1,418	)		(1,492	)		(1,291	)		(1,265	)
Receipts		375			446			687			388			413			277
Payments		1,394			1,582			2,105			1,880			1,704			1,541
Short term		(5	)		(84	)		(385	)		(276	)		(63	)		(8	)
Receipts		8			118			133			12			10			0
Payments		12			202			518			288			73			8
Long term		(1,014	)		(1,052	)		(1,033	)		(1,216	)		(1,228	)		(1,256	)
Receipts		367			328			555			376			403			277
Payments		1,381			1,380			1,587			1,592			1,631			1,533
Central Banks		(13	)		(12	)		(12	)		(10	)		(8	)		(4	)
Deposit-taking corporation, except the central bank		(143	)		(143	)		(145	)		(161	)		(129	)		(126	)
General government		(1,100	)		(1,073	)		(1,261	)		(1,196	)		(1,333	)		(1,309	)
Other sectors		242			176			384			151			242			183
Receipts		367			328			555			376			403			277
Payments		125			152			171			226			160			94
Other investment income		(192	)		(381	)		(258	)		(151	)		(969	)		(725	)
Receipts		639			264			135			538			1,264			1,056
Payments		831			645			393			689			2,233			1,781

E-23

	Primary Income
	2019			2020			2021			2022			2023(1)			2024(2)
	($ in millions)
Central banks		(12	)		(4	)		(1	)		(28	)		(134	)		(114	)
Receipts		0			0			0			0			0			0
Payments		12			4			1			28			134			114
Deposit-taking corporation, except the central bank		275			105			60			367			621			460
Receipts		420			196			115			447			808			655
Payments		145			91			55			80			187			195
General government		(467	)		(374	)		(210	)		(439	)		(1,545	)		(1,137	)
Other sectors		12			(108	)		(107	)		(51	)		89			66
Receipts		219			69			21			91			456			401
Payments		207			176			127			142			367			335

Source: Bangko Sentral.

Note:

(1) Revised data.

(2) Preliminary data for the nine months ended September 30, 2024.

In 2023, according to revised data, the primary income account recorded a surplus of $4.4 billion, representing a 10.8% decrease from the surplus of $4.9 billion recorded in 2022. The decreased surplus was primarily the result of a 18.4% increase in net payment of investment income from $3.9 billion in 2022 to $4.6 billion in 2023.

In the first nine months of 2024, according to preliminary data, the primary income account recorded a surplus of $3.4 billion, representing a 18.9% increase from the surplus of $2.9 billion recorded in the first nine months of 2023. The increased surplus was primarily the result of a 15.9% increase in net receipts from investment income from $5.1 billion in the first nine months of 2023 to $6.0 billion in the first nine months of 2024 and a 3.0% increase in compensation of employees account surplus from $6.6 billion in the first nine months of 2023 to $6.8 billion in the first nine months of 2024.

Secondary Income

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

	Secondary Income
	2019		2020		2021		2022		2023(1)		2024(2)
	($ in millions)
Total Secondary Income		27,949		27,386		29,501		30,596		30,951		23,229
Receipts		28,746		28,240		30,452		31,378		32,043		24,063
Payments		797		854		950		781		1,092		834
General Government		846		631		720		550		511		334
Receipts		883		671		760		590		548		371
Payments		37		39		39		41		37		37
Financial corporations, nonfinancial corporations, households and non-profit institutions serving households		27,103		26,754		28,781		30,047		30,440		22,895
Receipts		27,863		27,569		29,692		30,788		31,495		23,692
Payments		760		815		911		741		1,055		797
Personal transfers		26,256		26,259		27,767		28,873		29,716		22,467
Receipts		26,341		26,334		27,860		28,982		29,807		22,555

E-24

	Secondary Income
	2019		2020		2021		2022		2023(1)		2024(2)
	($ in millions)
Payments		84		75		93		109		91		88
Other current transfers		846		496		1,014		1,174		724		428
Receipts		1,523		1,236		1,832		1,806		1,688		1,137
Payments		676		740		818		632		964		709

Source: Bangko Sentral.

Note:

(1) Revised data.

(2) Preliminary data for the nine months ended September 30, 2024.

In 2023, according to revised data, the secondary income account recorded a surplus of $31.0 billion, 1.5% higher than the $30.6 billion recorded in 2022. This increased surplus was due mainly to a % increase in personal transfers, consisting mainly of remittance inflows from non-resident OFWs, from $28.9 billion in 2022 to $29.7 billion in 2023.

In the first nine months of 2024, according to preliminary data, the secondary income account recorded a surplus of $23.2 billion, 2.4% higher than the $22.7 billion recorded in the first nine months of 2023. This increased surplus was due mainly to a 2.6% increase in financial corporations, nonfinancial corporations, households, and non-profit institutions serving households account surplus, from $22.3 billion in the first nine months of 2023 to $22.9 billion in the first nine months of 2024.

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
	2019			2020			2021			2022			2023(1)			2024(2)
	($ in millions)
Total direct investment		(5,320	)		(3,260	)		(9,732	)		(5,631	)		(5,211	)		(4,043	)
Net acquisition of financial assets		3,351			3,562			2,251			3,861			3,905			2,614
Direct investor in direct investment enterprises		926			125			285			563			866			2,096
Placements		1,103			248			501			748			986			2,240
Withdrawals		178			123			216			185			120			145
Reinvestment of earnings		101			150			(20	)		(125	)		(112	)		(84	)
Debt instruments		2,325			3,287			1,986			3,423			3,151			602
Direct investor in direct investment enterprises		418			22			401			101			375			417
Direct investment enterprises in direct investor		1,907			3,265			1,584			3,322			2,776			185
Net incurrence of liabilities		8,671			6,822			11,983			9,492			9,116			6,657
Equity and investment fund shares		3,427			2,651			4,476			3,243			2,530			2,305
Direct investor in direct investment enterprises		2,295			1,706			3,379			1,957			1,291			1,357
Placements		3,002			2,099			3,934			2,206			1,838			1,791
Withdrawals		706			392			555			249			547			434
Reinvestment of earnings		1,132			944			1,097			1,286			1,239			949

E-25

	Direct Investments
	2019		2020		2021		2022		2023(1)			2024(2)
	($ in millions)
Debt instruments		5,244		4,172		7,507		6,250		6,586			4,351
Direct investor in direct investment enterprises		4,500		3,868		7,333		6,019		6,708			4,097
Direct investment enterprises in direct investor		744		304		174		231		(122	)		255

Source: Bangko Sentral.

Note:

(1) Revised data.

(2) Preliminary data for the nine months ended September 30, 2024.

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

	Portfolio Investments
	2019			2020			2021			2022			2023(1)			2024(2)
	($ in millions)
Portfolio investment		(2,474	)		(1,680	)		10,237			(1,684	)		3,005			(6,458	)
Net acquisition of financial assets		2,402			6,567			7,809			(281	)		3,636			1,033
Equity and investment fund shares		702			1,014			1,786			(529	)		1,714			609
Central banks		0			0			0			0			0			0
Deposit-taking corporations, except the central bank		81			2			(35	)		(3	)		(40	)		(2	)
Other sectors		622			1,012			1,821			(525	)		1,754			611
Debt securities		1,700			5,553			6,023			247			1,922			424
Central bank		95			1,378			3,414			97			91			68
Deposit-taking corporations, except the central bank		1,983			1,985			(1,414	)		(656	)		(819	)		3,533
Other sectors		(379	)		2,190			4,024			806			2,649			(3,177	)
Net incurrence of liabilities		4,876			8,246			(2,428	)		1,402			632			7,491
Equity and investment fund shares		1,764			(2,541	)		(975	)		(488	)		396			387
Deposit-taking corporations, except the central bank		(99	)		(739	)		803			645			1,144			365
Other sectors		1,863			(1,802	)		(1,778	)		(1,133	)		(748	)		22
Debt securities		3,112			10,787			(1,452	)		1,890			235			7,104
Central bank		(6	)		(24	)		(7	)		(8	)		(14	)		0
Deposit-taking corporations, except the central bank		1,304			424			(1,069	)		156			(1,645	)		485
General government		600			6,094			225			2,945			1,932			5,821
Other sectors		1,214			4,294			(601	)		(1,202	)		(38	)		798

Source: Bangko Sentral.

Note:

(1) Revised data.

(2) Preliminary data for the nine months ended September 30, 2024.

From 2019 to September 30, 2024, 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.

E-26

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

	Other Investments
	2019			2020			2021			2022			2023(1)			2024(2)
	($ in millions)
Total other investment		(67	)		(1,767	)		(6,987	)		(6,523	)		(11,747	)		(10,206	)
Net acquisition of financial assets		2,417			3,953			649			(415	)		(2,062	)		(1,427	)
Currency and deposits		1,019			2,673			(631	)		21			(1,489	)		(1,291	)
Deposit-taking corporations, except the central bank		787			1,240			184			(629	)		(753	)		(1,330	)
Other sectors		232			1,433			(815	)		650			(736	)		39
Loans		1,210			1,174			1,165			(520	)		(744	)		(373	)
Deposit-taking corporations, except the central bank		1,210			1,174			1,165			(520	)		(744	)		(373	)
Trade credits and advances(3)		188			118			141			94			92			65
Other accounts receivable		0			(12	)		(26	)		(11	)		79			172
Net incurrence of liabilities		2,484			5,720			7,636			6,108			9,684			8,778
Currency and deposits		169			(333	)		380			479			(141	)		(112	)
Loans		2,111			6,462			4,421			5,242			9,731			8,214
Deposit-taking corporations, except the central bank		267			(3,260	)		(1,166	)		28			2,087			4,531
Long-term		—			—			—			—			—			—
Short-term		267			(3,260	)		(1,166	)		28			2,087			4,531
General government		1,463			7,334			4,450			3,757			4,788			3,333
Long-term drawings		2,627			8,517			5,642			4,795			6,085			4,362
Long-term repayments		1,164			1,182			1,192			1,038			1,297			1,029
Other sectors		382			2,387			1,137			1,457			2,856			349
Long-term		263			1,932			704			1,518			3,045			374
Drawings		2,219			3,507			2,602			3,354			6,718			3,259
Repayments		1,956			1,576			1,898			1,837			3,673			2,885
Short-term		118			456			432			(61	)		(189	)		(25	)
Trade credits and advances		117			(787	)		265			510			(61	)		336
Other accounts payable—other		87			378			(202	)		(123	)		155			341

Source: Bangko Sentral.

Notes:

(1) Revised data.

(2) Preliminary data for the nine months ended September 30, 2024.

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

According to revised data, the financial account recorded a net outflow of $14.1 billion in 2023, higher than the net outflow of $13.9 billion in 2022. This increase was primarily a result of an 80.1% increase in the net outflow of other investment, from $6.5 billion in 2022 to $11.7 billion in 2023. This was partially offset by a 278.4% increase in portfolio investment from a net outflow of $1.7 billion in 2022 to a net inflow of $3 billion in 2023.

According to preliminary data, the financial account recorded a net outflow of $20.8 billion in the first nine months of 2024, higher than the net outflow of $8.2 billion in the first nine months of 2023. This increase in net outflow was primarily a result of a 242.2% decrease in portfolio investment from a net inflow of $4.5 billion in the first nine months of 2023 to a net outflow of $6.5 billion in the first nine months of 2024.

E-27

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

	Net Foreign Direct Investment by Industry(1)
	2019			2020			2021			2022		2023(2)			2024(3)
	($ in millions)
Industry
Total equity other than reinvestment of earnings, net		2,295.2			1,706.3			3,379.4			1,957.1		1,291.1			1,456.2
Agriculture, forestry and fishing		0.4			0.0			0.4			3.7		5.2			3.2
Mining and quarrying		1.4			0.6			6.0			5.0		7.1			(0.9	)
Manufacturing		303.2			754.0			550.6			737.5		931.8			1,394.7
Electricity, gas, steam and air conditioning supply		307.2			(38.3	)		2,042.3			51.5		(11.4	)		(6.5	)
Water supply, sewerage, waste management and remediation activities		5.8			4.7			(8.5	)		0.0		0.0			0.0
Construction		66.0			99.8			51.5			160.9		69.7			28.2
Wholesale and retail trade and repair of motor vehicles and motorcycles		(180.7	)		93.4			16.2			107.1		101.4			(17.2	)
Transportation and storage		104.8			102.9			72.6			30.5		30.7			8.1
Accommodation and food service activities		20.6			7.8			10.2			16.6		21.1			13.6
Information and communication		357.1			130,0			56.5			177.4		82.7			27.7
Financial and insurance activities		949.7			230.5			362.2			255.9		(65.5	)		(108.5	)
Real estate activities		250.4			187.9			137.1			353.8		89.8			86.6
Professional, scientific and technical activities		8.1			24.4			48.1			33.6		14.0			(5.5	)
Administrative and support service activities		59.5			90.7			15.3			11.5		9.6			18.0
Public administration and defense; compulsory social security		0.0			0.0			0.0			0.0		0.1			0.2
Education		1.5			0.8			7.3			0.9		1.8			1.9
Human health and social work activities		32.2			14.3			8.0			3.4		2.5			2.1
Arts, entertainment and recreation		9.1			2,8			3.3			0.9		0.1			10.2
Other service activities		(1.0	)		0.1			0.3			6.9		0.5			0.4
Others, not elsewhere classified(4)		0.0			0.0			0.0			0.0		0.0			0.0
Reinvestment of earnings		1,132.0			944.2			1,097.1			1,285.5		1,239.3			1,032.2
Debt instruments		5,244.2			4,171.6			7,506.9			6,249.6		6,856.0			5,190.2
Total		8,671.4			6,822.1			11,983.4			9,492.2		9,116.3			7,678.5

Source: Bangko Sentral.

Notes:

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

(2) Preliminary data.

(3) Preliminary data as of October 31, 2024.

(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.

E-28

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

	Net Foreign Direct Investment by Country(1)(2)
	2019		2020			2021			2022		2023(3)			2024(4)
	($ in millions)
Country
Total equity other than reinvestment of earnings, net		2,295.2		1,706.3			3,379.4			1,957.1		1,291.1			1,456.2
Asia		1,540.5		1,185.9			3,326.2			1,585.9		1,089.6			718.5
ASEAN(5)		662.2		295.8			2,582.0			673.1		224.6			107.1
Middle East(6)		6.0		8.9			6.3			45.8		(2.9	)		4.6
Other Asia		872.3		881.2			737.9			867		867.9			606.8
Americas		321.1		191.6			157.1			260.0		127.3			78.0
Oceania		0.1		(2.6	)		(8.2	)		6.4		6.3			(1.4	)
Europe		383.5		329.3			(96.8	)		104.3		66.9			653.8
European Union(7)(8)		351.7		278.7			(121.3	)		29.2		64.0			(112.8	)
Other Europe		31.9		50.6			24.5			75.1		2.9			766.6
Africa		49.2		1.1			1.0			0.5		0.7			1.1
Others(9)		0.7		0.9			0.0			0.1		0.2			6.2
International organization		0.0		0.0			0.0			0.0		0.0			0.0
Reinvestment of earnings(10)		1,132.0		944.2			1,097.1			1,285.5		1,239.3			1,032.2
Debt instruments(10)		5,244.2		4,171.6			7,506.9			6,249.6		6,586.0	(11)		5,190.2
Total		8,671.4		6,822.1			11,983.4			9,492.2		9,116.3	(11)		7,678.5

Source: Bangko Sentral.

Notes:

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

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

(3) Preliminary data.

(4) Preliminary data as of October 31, 2024.

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

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

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

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

(9) Other countries not specified.

(10) Country breakdowns statistics are not available.

(11) Revised data.

E-29

In the first ten months of 2024, according to preliminary data, net inflows of foreign direct investment were $7.7 billion, 8.2% higher than the $7.1 billion recorded in the first ten months of 2023. The higher inflows were mainly due to an increase in inflows for net equity other than reinvestment of earnings from $997.7 million in the first ten months of 2023 to $1.5 billion in the first ten months of 2024. Net investments in manufacturing increased from a net inflow of $699.1 million in the first ten months of 2023 to a net inflow of $1.4 billion in the first ten months of 2024. However, this was partially offset by a reversal in net inflows for wholesale and retail trade, repair of motor vehicles and motorcycle activities, from an inflow of $85.7 million in the first ten months of 2023 to an outflow of $17.2 million in the first ten months of 2024.

In the first ten months of 2024, according to preliminary data, the contribution of new equity investments to net inflows of foreign direct investment increased to an inflow of $1.5 billion in the first ten months of 2024 from an inflow of $998 million in the first eight months of 2023. Foreign direct investment increased primarily as a result of an increase in new equity investments of foreign direct investment from Europe from a net inflow of $63.0 million in the first ten months of 2023 to $653.8 million in the first ten months of 2024. This was partially offset by decreases in new equity investments of foreign direct investment from ASEAN countries and the Americas from a net inflow of $806.4 million and $122.6 million, respectively, in the first ten months of 2023 to $718.5 million and $78.0 million, respectively, in the first ten months of 2024.

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,
	2019		2020		2021		2022		2023			2024(1)
	($ in millions, except months and percentages)
Sector
Reserve position in the IMF(2)		590.4		813.1		801.6		789.8		760.9			675.6
Gold		8,015.9		11,650.3		9,332.8		9,282.3		10,557.2			11,005.7
Special Drawing Rights (“SDR”)		1,181.9		1,232.9		3,938.9		3,764.8		3,809.6			3,732.7
Foreign investments		75,303.8		93,644.5		91,624.5		81,369.5		87,854.8			89,476.0
Foreign exchange(3)		2,747.5		2,821.6		3,096.6		942.8		770.7			1,366.5
Total		87,839.5		110,117.4		108,794.4		96,149.2		103,753.2			106,256.5
Total as number of months of imports of goods and services Total as a % of short-term debt(4)		7.6		12.3		9.7		7.2		7.6			7.5
Original maturity		510.5		775.0		721.0		578.5		606.9			498.1
Residual maturity		396.5		520.2		545.8		384.3		394.5	(5)		374.5

Source: Bangko Sentral.

Notes:

(1) Preliminary data as of December 31, 2024.

(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.

(5) Revised data.

E-30

Preliminary data indicates that gross international reserves were $106.3 billion as of December 31, 2024, an increase from the $103.8 billion recorded as of December 31, 2023. This increase was mainly due to an increase of $1.6 billion in foreign investments to $89.5 billion as of December 31, 2024 from $87.9 billion as of December 31, 2023. The level of gross international reserves as of December 31, 2024 was sufficient to cover approximately 7.5 months of imports of goods and payments of services and income, and was equivalent to 5.0 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 December 2024 were $106.2 billion.

Monetary System

Monetary Policy

As of September 30, 2024, according to preliminary data, Bangko Sentral, had total assets of ₱8,081.6 billion, of which international reserves accounted for ₱6,272.5 billion. Bangko Sentral’s remaining assets consisted mainly of domestic securities, loans and advances, bank premises and other fixed assets and other assets, and its liabilities consisted mainly of currency in circulation and deposits from banks and quasi-banks.

Money Supply

The following table presents certain information regarding the Philippines’ money supply.

	Money Supply (SRF-based)
	As of December 31,
	2019			2020			2021			2022			2023			2024(1)
	(₱ in billions, except percentages)
M1(3)
Currency in circulation		1,395.8			1,731.8			1,876.8			2,020.0			2,115.9			2,174.7
Current account deposits		3,104.5			3,724.1			4,323.3			4,603.3			4,750.0			4,879.5
Total		4,500.3			5,455.9			6,200.1			6,623.3			6,865.9			7,054.1
percentage increase(3)		15.7	%		21.2	%		13.6	%		6.8	%		3.7	%(6)		7.1	(6)
M2(4)		12,293.2			13,564.2			14,769.5			15,918.1			16,948.8			17,623.6
percentage increase(3)		10.9	%		10.3	%		8.9	%		7.8	%		6.5	%(6)		8.2	(6)
M3(5)		12,976.3			14,222.0			15,343.4			16,405.9			17,441.3			18,066.9
percentage increase(3)		11.5	%		9.6	%		7.9	%		6.9	%		6.3	%(6)		7.7	(6)

Sources: Department of Economic Statistics; Bangko Sentral.

Notes:

(1) Preliminary data as of November 30, 2024.

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

(3) Period-on-period.

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

(5) Consists of M2 and deposit substitutes.

(6) Year-on-year changes.

As of November 30, 2024, according to preliminary data, the Republic’s money supply (M3) was ₱18.1 trillion, an increase of 7.7% from the ₱16.8 trillion as of November 30, 2023. This growth in money supply was mainly driven by the increase in domestic claims, which increased by 10.8% compared to the level as of November 30, 2023. This increase was primarily driven by an increase in net claims on other sectors, which increased by 11.3% compared to the level as of November 30, 2023. The Bangko Sentral’s net foreign asset position increased by 12.8% to ₱6.4 trillion as of November 30, 2024 and the net foreign asset position of other depository corporations decreased by 10.7% to ₱725.4 billion as of November 30, 2024.

E-31

As of December 31, 2024, the average 91-day T-bill rate was 5.7.

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

Domestic Interest and Deposit Rates

	Domestic Interest and Deposit Rates
	2019		2020			2021			2022			2023			2024
	(weighted averages per period) (%)
91-day Treasury bill rates		4.7		2.0			1.1			1.9			5.4			5.7	(1)
Bank average lending rates		7.1		7.0	(2)		6.1	(2)		6.0	(2)		7.6	(2)		7.5	(3)

Sources: Department of Economic Statistics; Bangko Sentral.

Notes:

(1) Preliminary data as of December 31, 2024.

(2) Preliminary data.

(3) Preliminary data as of November 30, 2024.

Monetary Regulation

On October 16, 2024, the Monetary Board decided to further reduce the interest rate on the Bangko Sentral’s overnight reverse repurchase facility by 25 basis points to 6.0%. Accordingly, the interest rates on the overnight deposit and lending facilities were adjusted to 5.5% and 6.5%, respectively. On December 19, 2024, the Monetary Board decided to reduce the interest rate on the Bangko Sentral’s overnight reverse repurchase facility by 25 basis points to 5.75%. Accordingly, the interest rates on the overnight deposit and lending facilities were adjusted to 5.25% and 6.25%, respectively.

Foreign Exchange System

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

	Exchange Rates of Peso per U.S. Dollar
	Period End		Period Average(1)
Year
2019		50.744		51.796
2020		48.036		49.624
2021		50.774		49.255
2022		56.120		54.478
2023		55.567		55.630
2024		58.014		57.291

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

Notes:

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

In the year ended December 31, 2024, the average exchange rate was ₱57.291 per U.S. dollar, compared to ₱ 55.630 per U.S. dollar in the year ended December 31, 2023. The depreciation of the peso against the U.S. dollar in the year ended December 31, 2024 was primarily attributable to the broad strengthening of the U.S. dollar amid expected delays in the policy easing cycle of the U.S. Federal Reserve and geopolitical risks.

E-32

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,
	2019		2020		2021		2022		2023(2)		2024(3)
	(₱ in billions)
Banks
Universal/Commercial banks		17,216		18,527		19,761		22,376		24,316		25,786
Thrift banks		1,204		1,192		1,338		1,028		1,104		1,148
Digital banks		—		—		—		—		91		120
Rural banks		291		308		341		403		446		498
Total banks		18,712		20,028		21,440		23,807		25,957		27,552
Non-bank financial institutions(4)		4,446		4,674		4,917		5,057		5,381		5,525
Total assets		23,158		24,702		26,357		28,864		31,339		33,076	(5)

Sources: Department of Economic Statistics; Bangko Sentral.

Notes:

(1) Exclude the Bangko Sentral ng Pilipinas (BSP).

(2) Revised preliminary data.

(3) Preliminary data as of November 30, 2024.

(4) Include BSP-supervised investment houses, financing companies, investment companies, securities dealers/brokers, pawnshops, lending investors, non-stock savings and loan associations (NSSLAs), credit card companies, government non-bank financial institutions (i.e., Philippine Guarantee Corporation and Small Business Corporation), and authorized agent banks (AAB) forex corporations, wherein assets are reported gross of allowance for probable losses and net of depreciation. Data on NBFIs are based on Consolidated Statement of Condition (CSOC), except for NSSLAs which is based on FRP. Non-bank financial institutions also include Social Security System (SSS), Government Service Insurance System (GSIS), and private insurance companies (i.e., life insurance companies, non-life insurance companies, and professional reinsurers), wherein assets are reported net of allowance for probable losses and depreciation.

(5) Data as of June 30, 2024

Structure of the Financial System

As of December 31, 2024, according to preliminary data, the Republic had 44 operating universal and commercial banks.

E-33

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

	Universal and Commercial Banks’ Outstanding; Loans by Sector (1)
	As of December 31,
	2019				2020				2021				2022				2023				2024(2)
	(₱ in billions, except percentages)
Total		9,508.8	100	%		9,442.2	100	%		9,892.2	100	%		11,206.2	100	%		12,283.6	100	%		12,676.0	100.0	%
Agriculture, Forestry and Fishing		221.9	2.3	%		211.4	2.2	%		200.6	2.0	%		207.1	1.9	%		214.8	1.7	%		229.3	1.8	%
Mining and Quarrying		48.0	0.5	%		43.5	0.5	%		37.3	0.4	%		39.3	0.4	%		44.9	0.4	%		55.1	0.4	%
Manufacturing		1,048.7	11.0	%		933.2	9.9	%		1,088.8	11.0	%		1,260.4	11.5	%		1,271.6	10.4	%		1,296.1	10.2	%
Electricity, Gas, Steam and Air conditioning Supply		1,006.4	10.6	%		1,044.0	11.1	%		1,046.4	10.6	%		1,197.7	11.0	%		1,273.4	10.4	%		1,394.7	11.0	%
Water Supply, Sewerage, Waste Management and Remediation Activities		106.0	1.1	%		103.7	1.1	%		109.7	1.1	%		135.8	1.2	%		177.1	1.4	%		184.0	1.5	%
Construction		368.7	3.9	%		375.6	4.0	%		383.5	3.9	%		448.0	4.1	%		492.4	4.0	%		508.7	4.0	%
Wholesale and Retail Trade and Repair of Motor Vehicles and Motorcycles		1,193.9	12.6	%		1,112.6	11.8	%		1,125.8	11.4	%		1,269.7	11.6	%		1,371.4	11.2	%		1,444.1	11.4	%
Accommodation and Food Service Activities		153.7	1.6	%		162.4	1.7	%		150.7	1.5	%		149.8	1.4	%		151.7	1.2	%		168.3	1.3	%
Transportation and Storage		287.9	3.0	%		302.2	3.2	%		330.0	3.3	%		347.4	3.2	%		381.9	3.1	%		484.2	3.8	%
Information and Communication		357.3	3.8	%		376.1	4.0	%		482.0	4.9	%		589.0	5.4	%		630.9	5.1	%		674.4	5.3	%
Financial and Insurance Activities		923.8	9.7	%		881.0	9.3	%		970.6	9.8	%		1,039.0	9.5	%		987.2	8.0	%		1,042.7	8.2	%
Real Estate Activities		1,677.8	17.6	%		1,768.1	18.7	%		1,930.9	19.5	%		2,187.9	20.0	%		2,428.3	19.8	%		2,568.7	20.3	%
Professional, Scientific and Technical Activities		68.1	0.7	%		54.6	0.6	%		57.8	0.6	%		42.4	0.4	%		37.7	0.3	%		54.4	0.4	%
Administrative and Support Service Activities		41.6	0.4	%		37.6	0.4	%		31.1	0.3	%		39.9	0.4	%		43.9	0.4	%		47.0	0.4	%
Public Administration and Defense; Compulsory Social Security		142.4	1.5	%		144.6	1.5	%		152.6	1.5	%		170.3	1.6	%		192.7	1.6	%		206.8	1.6	%
Education		42.9	0.5	%		39.9	0.4	%		34.8	0.4	%		33.9	0.3	%		31.0	0.3	%		31.2	0.2	%
Human Health and Social Work Activities		59.9	0.6	%		89.3	0.9	%		93.2	0.9	%		96.7	0.9	%		101.8	0.8	%		99.3	0.8	%
Arts, Entertainment and Recreation		146.8	1.5	%		150.1	1.6	%		162.4	1.6	%		174.2	1.6	%		173.3	1.4	%		222.1	1.8	%
Other Service Activities		100.2	1.1	%		65.0	0.7	%		67.8	0.7	%		84.3	0.8	%		95.1	0.8	%		87.7	0.7	%
Activities of Households as Employers, Undifferentiated Goods & Services Producing Activities of Households for Own Use		79.8	0.8	%		86.3	0.9	%		67.3	0.7	%		69.2	0.6	%		18.4	0.1	%		15.9	0.1	%
Others(3)		1,433.0	15.1	%		1,400.8	14.8	%		1,368.8	13.8	%		1,624.4	12.2	%		2,164.4	17.6	%		2,088.2	14.6	%

Source: Bangko Sentral.

Notes:

(1) Net of amortization.

(2) Preliminary data as of November 30, 2024.

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

E-34

Non-Performing Loans

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)
	2019			2020			2021			2022			2023			2024(2)
	(₱ in billions, except percentages)
Private Domestic Universal banks
Total loans		7,682.5			7,711.6			8,061.1			9,260.2			9,983.6			10,929.9
Non-performing loans		111.9			244.6			290.8			233.5			251.3			278.4
Ratio of non-performing loans to total loans		1.5	%		3.2	%		3.6	%		2.5	%		2.5	%		2.6	%
Other Private Commercial banks
Total loans		360.2			361.0			387.0			238.7			265.3			153.0
Non-performing loans		11.0			17.6			19.7			13.2			14.9			11.5
Ratio of non-performing loans to total loans		3.1	%		4.9	%		5.1	%		5.5	%		5.6	%		7.5	%
Government banks(3)
Total loans		1,305.9			1,321.3			1,434.5			1,748.8			2,033.6			1,906.5
Non-performing loans		28.6			36.3			55.1			86.7			106.9			145.1
Ratio of non-performing loans to total loans		2.2	%		2.8	%		3.9	%		5.0	%		5.3	%		7.6	%
Foreign banks(3)
Total loans		605.4			525.5			574.5			554.9			568.9			617.5
Non-performing loans		5.0			10.2			6.1			3.1			6.6			6.1
Ratio of non-performing loans to total loans		0.8	%		2.0	%		1.1	%		0.6	%		1.2	%		1.0	%
Total loans		9,954.0			9,919.5			10,457.1			11,802.5			12,851.5			13,606.9
Total non-performing loans		156.5			308.8			371.6			336.5			379.8			441.1
Ratio of non-performing loans to total loans		1.6	%		3.1	%		3.6	%		2.9	%		3.0	%		3.2	%

Source: Bangko Sentral.

Notes:

(1) Include transactions of local banks’ foreign offices but exclude banks under liquidation.

(2) Preliminary data as of November 30, 2024.

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

As of November 30, 2024, according to preliminary data, the gross non-performing loan ratio was 3.2%, which was higher than the ratio of 3.1% recorded as of November 30, 2023. Non-performing loans increased by 15.4% to ₱441.1 billion as of November 30, 2024 from the ₱382.2 billion recorded as of November 30, 2023, primarily due to inflation and rising interest rates which weighed down borrowers’ capacity to pay. The U/KB industry’s total loan portfolio increased by 9.9% to ₱13,606.9 billion as of November 30, 2024 from the ₱12,379.6 billion recorded as of November 30, 2023.

The Philippine Securities Markets

History and Development

The PSEi closed at 6,348.34 points on January 22, 2025.

Government Securities Market

As of November 30, 2024, outstanding Government securities amounted to ₱10.9 trillion, 59.2% 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.

E-35

Public Finance

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,
	2019			2020			2021			2022			2023			2024(1)
	(₱ in billions, except percentages)
Public sector borrowing requirement:
National Government		(660.2	)		(1,371.4	)		(1,670.1	)		(1,614.1	)		(1,512.1	)		(613.9	)
CB Restructuring		(0.0	)		(0.0	)		0.0			0.0			0.0			0.0
Monitored Government-owned corporations		(0.7	)		(1.5	)		28.7			31.9			64.1			13.8
Adjustment of net lending and equity to GOCCs		20.5			22.1			22.1			25.6			27.8			1.7
Other adjustments		0.0			0.0			0.0			0.0			0.0			0.0
Total public sector borrowing requirement		(640.4	)		(1,350.8	)		(1,619.3	)		(1,556.6	)		(1,420.2	)		(598.4	)
As a percentage of GDP		(3.3	)%		(7.5	)%		(8.3	)%		(7.1	)%		(5.8	)%		(4.7	)%
Other public sector:
Social Security System and Government Service Insurance System		53.9			84.1			190.6			226.0			273.1			101.1
Bangko Sentral(2)		44.0			(7.9	)		19.7			47.2			(5.4	)		76.7
Government financial institutions		26.1			25.9			30.0			45.1			49.9			25.6
Local government units		259.0			272.3			284.6			433.3			325.0			294.4
Timing adjustment of interest payments to the Bangko Sentral		0.0			0.0			0.0			0.0			0.0			0.0
Other adjustments		0.0			0.0			0.0			0.0			0.0			0.0
Total other public sector		383.0			374.4			524.8			751.7			642.7			497.9
Consolidated public sector financial position		(245	)		(976.4	)		(1,094.4	)		(804.9	)		(777.5	)		(100.5	)
As a percentage of GDP		(1.3	)%		(5.4	)%		(5.6	)%		(3.7	)%		(3.2	)%		0.8	%

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

Notes:

(1) Preliminary data as of June 30, 2024.

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

As of June 30, 2024, the consolidated public sector financial position of the republic recorded a deficit of (100.5 billion, an increase in deficit from the (63.6 billion deficit recorded as of June 30, 2023. The increase in the public sector financial position deficit was largely due to an increase in deficit of the national government. The deficit as of June 30, 2024 was equivalent to 0.8% of the Republic’s GDP as of June 30, 2024 at current prices.

E-36

Government Revenues and Expenditures

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

	Government Revenues and Expenditures(1)
	Actual																		Budget
	2019			2020			2021			2022			2023			2024(2)			2023			2024
	(₱ in billions, except percentages)
Cash Revenues
Tax revenues:
Bureau of Internal Revenue		2,175.5			1,951.0			2,078.1			2,335.7			2,517.0			2,667.8			2,639.2			2,848.9
Bureau of Customs		630.3			537.7			643.6			862.4			883.2			850.0			874.2			939.7
Others Government offices(3)		21.8			15.7			21.0			22.2			29.1			31.3			24.6			31.7
Total tax revenues		2,827.7			2,504.4			2,742.7			3,220.3			3,429.3			3,549.1			3,537.9			3,820.3
As a percentage of GDP (at current market prices)		14.5	%		14.0	%		14.1	%		14.6	%		14.1	%		14.9	%		20.6	%		14.42	%
Non-tax revenues:
Bureau of the Treasury income		146.5			219.7			125.3			154.8			227.6			232.7			58.3			187.0
Fees and charges		55.4			23.1			31.7			101.0			68.5			28.2			28.0			73.0
Privatizations		0.9			0.5			0.3			1.6			0.9			3.3			0.5			42.1
Others (including Foreign grants)		107.0			108.3			105.5			67.8			97.8			290.6			104.2			147.5
Total non-tax revenues		309.6			351.3			262.5			325.1			394.2			555.3			191.1			449.6
Total revenues		3,137.5			2,856.0			3,005.5			3,545.5			3,824.1			4,104.3			3,729.0			4,269.9
Expenditures
Allotment to local government units		618.0			804.5			892.7			1,103.3			926.1			941.3			610.7			1,012.1
Interest payments
Foreign		110.6			101.4			96.1			119.4			192.6			202.9			152.4			219.5
Domestic		250.3			279.1			333.3			383.5			435.7			502.4			458.2			544.0
Total interest payments		360.9			380.4			429.4			502.9			628.3			705.3			610.7			763.4
Tax expenditures		27.3			33.1			36.7			39.8			31.7			43.2			14.5			14.5
Subsidy		201.5			229.0			184.8			200.4			163.5			129.4			214.5			199.1
Equity and net lending		20.4			34.9			65.4			38.4			27.3			7.1			31.1			62.4
Others		2,569.6			2,745.4			3,066.6			3,275.0			3,559.3			3,454.8			3,412.9			3,702.7
Total expenditures		3,797.7			4,227.4			4,675.6			5,159.6			5,336.2			5,281.2			5,228.4			5,754.3
Surplus/(Deficit)		(660.2	)		(1,371.4	)		(1,670.1	)		(1,614.1	)		(1,512.1	)		(1,176.9	)		(1,499.4	)		1,484.3
Financing
Net domestic borrowings		691.4			1,894.3			1,920.7			1,576.8			1,632.9			894.3			1,651.5			903.4
Gross domestic borrowings		693.8			1,998.7			2,010.6			1,643.4			1,634.2			1,912.3			1,653.5			1,923.9
Less: Amortization		2.4			104.4			89.9			66.6			1.3			1,018.0			2.0			1,020.5
Net foreign borrowings		184.8			600.8			331.5			389.6			437.9			351.4			431.0			403.4
Total net financing requirement		876.3			2,495.1			2,252.2			1,966.4			2,070.9			1,245.7			2,082.5			1,306.8
Change in cash		(224.6	)		701.7			66.1			(119.1	)		(164.6	)		140.4

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

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Notes:

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

(2) Preliminary data as of November 30, 2024.

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

Sources

Total Government revenues in the first eleven months of 2024 were ₱4,104.3 billion, a 15.2% increase over the ₱3,564.0 billion recorded in the first eleven months of 2023. In the first eleven months of 2024, Bureau of Internal Revenue collections were ₱2,667.8 billion, a 13.9% increase from the ₱2,342.7 billion recorded in the first eleven months of 2023. The Bureau of Customs recorded collections of ₱850.0 billion in the first eleven months of 2024, a 4.7% increase from the ₱812.0 billion recorded in the first eleven months of 2023. Non-tax revenues were ₱555.3 billion in the first eleven months of 2024, a 45.8% increase from the ₱380.8 billion recorded in the first eleven months of 2023.

Expenditures

Total Government expenditures in the first eleven months of 2024 were ₱5,281.2 billion, a 13.0% increase over the ₱4,675.2 billion recorded in the first eleven months of 2023. This increase was primarily due to higher interest payments and other national Government expenditures.

The Government Budget

2025 Budget

On December 30, 2024, President Marcos signed into law Republic Act No. 12116, or the General Appropriations Act for 2025. The 2025 budget sets program expenditures at ₱ 6.326 trillion, 9.74% higher than the ₱ 5.768 trillion 2024 budget. This budget is anchored on the three pillars of the Philippines Development Plan 2023-2028, namely (i) to develop and protect the capabilities of individuals and families, (ii) transform production sectors to generate more quality jobs and competitive products, and (iii) create an enabling environment. The 2025 budget is the Republic’s main fiscal stimulus that will fund programs, activities, and/or projects to pursue strong capital formation accompanied by accelerated government spending and maintenance of infrastructure spending, while also scaling up sustainable and green investments that are aligned with the National Climate Change Action Plan 2011-2028 and the Sustainable Development Goals to ensure that the 2025 budget is not only growth-enhancing but also disaster-responsive and climate-resilient.

Debt

External Debt

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

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

	Bangko Sentral Approved External Debt As of December 31,
	2019			2020			2021			2022			2023(1)			2024(2)
	($ in millions, except percentages)
By Maturity:
Short-term(3)		17,208			14,209			15,090			16,619			17,096			21,116
Medium and long-term		66,410			84,279			91,339			94,649			108,298			118,527
Total		83,618			98,488			106,428			111,268			125,394			139,643
By Debtor(4)
Banking system		23,943			21,559			23,539			23,673			24,239			28,883
Public sector(5)		59,675			76,929			82,889			87,596			101,154			110,760
Total		83,618			98,488			106,428			111,268			125,394			139,643
By Creditor Type:
Banks and financial institutions		26,478			24,006			23,695			25,446			28,664			31,732
Suppliers		4,187			3,136			3,687			3,994			4,328			4,837
Multilateral		14,428			21,407			27,125			29,375			33,105			36,195
Bilateral		10,963			12,752			12,508			12,835			15,196			16,238
Bond holders/note holders		25,449			35,028			36,940			36,817			40,946			47,612
Others		2,112			2,160			2,474			2,802			3,154			3,028
Total		83,618			98.488			106,428			111,268			125,394			139,643
Ratios:
Debt service burden to exports of goods, and services & primary income		6.7	%		6.7	%		7.5	%		6.3	%		10.2	%		11.7	%(7)
Debt service burden to GNI(6)		2.1	%		1.9	%		2.2	%		2.0	%		3.0	%		3.4	%
External debt to GNI(6)		20.2	%		25.3	%		26.1	%		26.0	%		25.8	%		27.1	%

Source: Bangko Sentral.

Notes:

(1) Preliminary data as of December 31, 2023.

(2) Preliminary data as of September 30, 2024.

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

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

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

(6) 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 October 31, 2024.

Government Financing Initiatives

The following are the major program loans approved by creditor agencies or availed of by the Government from 2019 to August 2024.

Program Loan	Creditor		Amount		Date Signed
			($) unless otherwise specified
Improving Fiscal Management Development Policy Loan		WB		450 million		March 2019

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Program Loan	Creditor		Amount			Date Signed
			($) unless otherwise specified
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 Subprogram 1 DPL		WB		400 million			December 2019
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
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 Développement		EUR 150 million			June 2020
Inclusive Finance Development Program, Subprogram 2		Agence Française de Développement		EUR 100 million			June 2020
Emergency COVID-19 Response Development Policy Loan		WB		500 million			June 2020
COVID-19 Crisis Response Emergency Support Loan		JICA		YEN 50 billion			July 2020
Competitive and Inclusive Agriculture Development Program, Subprogram 1		ADB		400 million			August 2020
Inclusive Finance Development Program, Subprogram 2		ADB		300 million			August 2020
Disaster Resilience Improvement Program		ADB		500 million			September 2020
Post Disaster Standby Loan Phase 2 (PDSL 2)		JICA		YEN 50 billion			September 2020
Program Loan for COVID-19 Emergency Response Program		KEXIM-EDCF		100 million			October 2020
Philippines Beneficiary FIRST Social Protection Project - Component 1		WB		580 million	*		November 2020
Promoting Competitiveness and Enhancing
Resilience to Natural Disasters Subprogram 2 Development Policy Loan		WB		600 million			December 2020
Facilitating Youth School-to-Work Transition Program, Subprogram 3		ADB		400 million			December 2020
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
Local Governance Reform Program, Subprogram 2		ADB		400 million			November 2021

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Program Loan	Creditor		Amount		Date Signed
			($) unless otherwise specified
Philippines Fourth Disaster Risk Management Development Policy Loan with a Catastrophe- Deferred Drawdown Option		WB		500 million		November 2021
Disaster Risk Reduction Enhancement At Local Level Program		Agence Française de Développement		EUR 250 million		December 2021
Build Universal Health Care Program, Subprogram 1		ADB		600 million		December 2021
Promoting Competitiveness and Enhancing Resilience to Natural Disasters Subprogram 3 Development Policy Loan		WB		600 million		December 2021
Program Loan for COVID-19 Emergency Response Program II - Vaccination Program		KEXIM-EDCF		100 million		December 2021
COVID-19 Crisis Response Emergency Support Loan (Phase 2)		JICA		YEN 30 billion		April 2022
Climate Change Action Program, Subprogram 1		ADB		250 million		June 2022
Support to Capital Market Generated Infrastructure Financing, Subprogram 2		ADB		400 million		June 2022
Climate Change Action Program, Subprogram 1		Agence Française de Développement		EUR 150 million		December 2022
Competitive and Inclusive Agriculture Development Program, Subprogram 2		ADB		500 million		February 2023
Post-COVID-19 Business and Employment Recovery Program, Subprogram 1		ADB		500 million		February 2023
Philippines Second Financial Sector Reform Development Policy Loan		WB		600 million		February 2023
Post-COVID-19 Business and Employment Recovery Program, Subprogram 1		AIIB		500 million		May 2023
Philippines First Sustainable Recovery Development Policy Loan		WB-IBRD		750 million		June 2023
Post Disaster Stand-by Loan Phase 3 (PDSL 3)		\JICA		YEN 30 billion		August 2023
Inclusive Finance Development Program, Subprogram 3		ADB		300 million		November 2023
Philippines First Digital Transformation Development Policy Loan		WB-IBRD		600 million		November 2023
Domestic Resource Mobilization Program, Subprogram 1		ADB		400 million		December 2023
Build Universal Health Care Program, Subprogram 2		ADB		EUR equivalent of 450 million		December 2023
Inclusive Finance Development Program, Subprogram 3		AIIB		300 million		December 2023
Domestic Resource Mobilization, Subprogram 1		AIIB		400 million		December 2023
Philippines Disaster Risk Management and Climate Development Policy Loan with a Catastrophe Deferred Drawdown Option		WB-IBRD		500 million		December 2023
Philippines First Digital Transformation Development Policy Loan		AIIB		EUR equivalent of USD400 million		January 2024

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Program Loan	Creditor		Amount		Date Signed
			($) unless otherwise specified
Build Universal Health Care Program, Subprogram 2		AIIB		EUR equivalent of USD450 million		January 2024
Philippines Second Sustainable Recovery Development Policy Loan		WB-IBRD		EUR equivalent of USD750 million		August 2024
Philippines Second Digital Transformation Development Policy Loan		WB-IBRD		EUR equivalent of USD750 million		November 2024

Source: International Finance Group, Department of Finance. as of November 26, 2024

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)
	2019		2020		2021		2022		2023		2024(2)
	(₱ in billions, except percentages)
Outstanding Consolidated non-financial public sector debt:
Domestic		4,280.4		5,771.3		7,097.2		8,021.7		8,710.5		9,120.4
Foreign		2,728.9		3,201.7		3,592.9		4,226.6		4,609.2		4,917.4
Total		7,009.3		8,973.0		10,690.1		12,248.3		13,319.7		14,037.9
Financial public corporations
Bangko Sentral:(3)
Domestic		3,868.3		4,868.7		4,664.8		4,580.9		4,765.9		4,693.9
Foreign		193.2		183.5		330.2		340.4		345.7		358.7
Total		4,061.5		5,052.3		4,995.0		4,921.3		5,111.5		5,052.6
GFIs:(4)
Domestic		33.1		56.0		43.6		30.2		23.6		32.5
Foreign		130.7		113.9		104.2		117.7		85.2		78.4
Total		163.8		169.9		147.8		147.9		108.9		110.9
Domestic		3,901.4		4,924.7		4,708.4		4,611.1		4,789.5		4,726.3
Foreign		323.9		297.4		434.4		458.0		430.9		437.1
Total		4,225.3		5,222.1		5,142.8		5,069.2		5,220.4		5,163.5
Less: Intrasector-debt holdings
Domestic:
Government securities held by GFIs and Bangko Sentral		908.7		2,131.5		2,539.1		2,640.8		2,481.0		2,473.7
Government deposits at Bangko Sentral		159.9		798.6		907.6		431.8		379.8		401.4
GFIs deposits at Bangko Sentral		502.7		740.1		698.6		638.2		484.1		407.7
GOCC deposits at Bangko Sentral		0.2		0.0		0.0		0.0		1.42		3.2
GOCC loans/other debt held by GFIs		161.2		183.6		189.4		195.4		184.7		159.6
GFIs loans/other debt held by Bangko Sentral		53.6		36.0		36.0		27.6		27.3		27.3
Local governments debt held by GFIs		87.8		93.9		120.0		160.0		188.3		200.5
Total		1,874.1		3,983.7		4,490.6		4,093.9		3,746.7		3,673.3

E-42

	Outstanding Consolidated Public Sector Debt(1)
	2019		2020		2021		2022		2023		2024(2)
	(₱ in billions, except percentages)
Foreign:
Government’s securities held by Bangko Sentral		85.9		92.4		87.5		78.6		78.7		74.2
Total		1,960.0		4,076.1		4,578.1		4,172.5		3,825.4		3,747.6
Total public sector:
Domestic		6,307.7		6,712.4		7,315.0		8,538.9		9,753.3		10,173.4
Foreign		2,966.9		3,406.7		3,939.8		4,606.1		4,961.4		5,280.4
Total		9,274.6		10,119.1		11,254.8		13,145.0		14,714.8		15,453.8

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

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) Preliminary data as of June 30, 2024.

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

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

E-43

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,
	2019			2020			2021			2022			2023			2024(2)
	(₱ in billions, except percentages)
Total(3)		7,009.3			8,973.0			10,690.1			12,248.3			13,319.7			14,037.9
Domestic		4,280.4			5,771.3			7,097.2			8,021.7			8,710.5			9,120.4
Foreign		2,728.9			3,201.7			3,592.9			4,226.6			4,609.2			4,917.4
National Government		7,731.3			9,795.0			11,728.5			13,418.9			14,616.3			15,483.5
Domestic		5,127.6			6,694.7			8,170.4			9,208.4			10,017.9			10,573.1
Foreign		2,603.7			3,100.3			3,558.1			4,210.5			4,598.3			4,910.4
Non-financial public corporations (major GOCCs)(4)		430.2			399.7			367.3			347.4			300.4			293.5
Domestic(4)		236.7			234.2			246.7			236.7			191.7			180.8
Foreign(4)		193.6			165.5			120.6			110.7			108.8			112.7
Extrabudgetary: NIA and PNR		1.2			1.1			1.0			0.9			0.8			0.8
Domestic		0.1			0.0			0.0			0.0			0.0			0.0
Foreign		1.2			1.0			1.0			0.9			0.8			0.8
Local government units(5)		107.2			113.1			136.6			174.5			200.9			212.2
Domestic		107.2			113.1			136.6			174.5			200.9			212.2
Foreign		0.0			0.0			0.0			0.0			0.0			0.0
Less: Government debt held by Bond Sinking Funds)(6)		562.0			640.0			698.6			706.3			696.8			690.5
Domestic		497.4			579.5			616.7			616.3			603.6			589.8
Foreign		64.6			60.5			81.9			90.0			93.3			100.7
Intra-sector debt holdings (domestic)		623.4			638.2			801.2			952.5			1,084.6			1,244.9
Government debt held by SSIs		613.9			628.6			791.9			943.8			1,076.9			1,237.3
Government debt held by LGUs		0.01			0.01			0.00			0.00			0.0			0.0
LGU loans held by MDFO		9.5			9.6			9.3			8.7			7.7			7.6
Government debt held by GOCCs		25.1			11.2			9.7			8.8			2.4			2.2
Onlending from National Government to GOCCs		45.3			41.8			28.9			20.3			9.4			8.8
Infra-sector debt holdings (external)		4.9			4.7			4.9			5.4			5.4			5.7
GOCCs debt held by National Government		4.9			4.7			4.9			5.4			5.4			5.7
Total (as % of GDP)		47.5	%		56.4	%		58.0	%		59.7	%		60.5	%		60.8	%
Domestic (as % of GDP)		32.3	%		37.4	%		37.7	%		38.8	%		40.1	%		40.0	%
Foreign (as % of GDP)		15.2	%		19.0	%		20.3	%		20.9	%		20.4	%		20.8	%

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

Notes:

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

(2) Preliminary data as of June 30, 2024.

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

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

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

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

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As of June 30, 2024, the outstanding consolidated public sector debt was ₱15.5 trillion, equivalent to 60.8% of the Republic’s GDP, compared with a public sector-debt-to-GDP ratio of 56.7% as of June 30, 2023. As of June 30, 2024, total outstanding consolidated GG debt was ₱13.8 trillion, reflecting a 9.0% increase over the ₱12.6 trillion recorded as of June 30, 2023. Total domestic debt increased by 21.8% to ₱10.2 trillion as of June 30, 2024 from ₱8.4 trillion as of June 30, 2023. Foreign debt increased by 9.9% to ₱5.3 trillion as of June 30, 2024 from ₱4.8 trillion as of June 30, 2023.

Direct Debt of the Republic

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

	Outstanding Direct Debt of the Republic(1)(2) As of December 31,
	2019		2020		2021		2022		2023		2024(3)
	(₱ in millions, except as otherwise indicated)
Medium/long-term debt(4)		7,240,159		8,838,966		10,932,406		13,008,499		14,071,375		15,317,813
Domestic		4,636,469		5,738,647		7,374,271		8,798,026		9,473,038		10,163,509
External (U.S.$ million)		51,252		64,562		69,803		75,436		82,976		88,210
Short-term debt)(5)
Domestic		491,131		956,040		796,143		410,361		544,892		773,153
Total debt		7,731,290		9,795,006		11,728,549		13,418,860		14,616,267		16,090,966

Sources: Bureau of the Treasury; Department of Finance.

Notes:

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

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

(3) Preliminary data as of November 30, 2024.

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

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

E-45

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,
	2019		2020		2021		2022		2023		2024(3)
	(₱ in millions)
Loans
Direct		156		156		156		156		156		156
Assumed(4)		792		792		0		0		0		0
Total loans		948		948		156		156		156		156
Securities
Treasury bills		486,170		949,478		796,143		410,361		529,892		758,153
Treasury notes/bonds		4,640,482		5,744,261		7,374,115		8,797,870		9,502,882		10,178,353
Total securities		5,126,652		6,693,739		8,170,258		9,208,231		10,017,930		10,936,663
Total debt		7,731,290		9,795,006		11,728,549		13,418,860		14,616,267		16,090,966

Sources: Bureau of the Treasury; Department of Finance.

Notes:

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

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

(3) Preliminary data as of November 30, 2024. Amounts in original currencies were translated into U.S. dollars or pesos, as applicable, using Bangko Sentral’s reference exchange rates as of December 2, 2024, which was the next business day following the end of the period indicated.

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

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

	Direct Domestic Debt Service Requirements of the  Republic(1)
	Principal Repayments		Interest Payments		Total(2)
	(₱ in millions)				(₱ in millions)		($ in millions)
Year
2019		344,475		250,298		594,773		11,721
2020		440,401		279,056		719,457		14,977
2021		537,450		333,335		870,785		17,150
2022		659,834		383,452		1,043,286		18,590
2023		854,165		435,742		1,289,907		23,214
2024(3)		1,018,036		502,389		1,520,425		25,904
2025(3)		984,993		629,076		1,614,069		27,707

Sources: Bureau of the Treasury; Department of Finance.

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Notes:

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

(2) Amounts in pesos were translated into U.S. dollars using the applicable Bangko Sentral reference exchange rates at the end of each period. For the period from 2024 to 2025, amounts in pesos were translated into U.S. dollars using the Bangko Sentral’s reference exchange rates as of November 30, 2024.

(3) Projection based on outstanding balance as of November 30, 2024.

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,
	2019		2020		2021		2022		2023		2024(3)
	($ in millions)
Loans
Multilateral		12,793		19,275		22,574		25,155		28,890		32,559
Bilateral		6,484		8,042		8,308		8,581		9,254		9,179
Commercial		5		2		1		1		0		0
Total loans		19,282		27,319		30,883		33,737		38,144		41,738
Securities:
Euro Bonds		841		2,387		4,609		4,320		3,811		3,647
Yen Bonds		3,184		2,388		1,687		1,787		1,615		1,012
Philippine Peso Notes		2,553		2,700		1,679		981		988		935
Chinese Yuan Bonds		569		607		392		0		0		0
U.S. Dollar Bonds		24,823		29,161		30,553		34,611		37,418		39,878
Islamic Certificates		0		0		0		0		1,000		1,000
Total securities		31,970		37,243		38,920		41,699		44,832		46,472
Total		51,252		64,562		69,803		75,436		82,976		88,210

Sources: Bureau of the Treasury; Department of Finance.

Notes:

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

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

(3) Preliminary data as of November 30, 2024.

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

	Summary of Outstanding Direct External Debt of the Republic by Currency(1)
	As of November 30, 2024
	Amount in Original Currency		Equivalent Amount in $(2)		% of Total
	(in millions, unless otherwise indicated, except percentages)
U.S. dollar		71,407		71,407		81.0	%
Japanese yen		1,230,021		8,219		9.3	%
Euro		6,761		7,147		8.1	%
Peso		54,793		935		1.1	%
Other currencies		—		502		0.6	%
Total		—		88,210		100	%

Sources: Bureau of the Treasury; Department of Finance.

Notes:

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

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

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

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

	Direct External Debt Service Requirements of the Republic(1)
	Principal Repayments		Interest Payments		Total
	($ in millions)
Year
2019(2)		2,702		2,179		4,881
2020(2)		2,949		2,110		5,059
2021(2)		4,671		1,893		6,564
2022(2)		2,325		2,128		4,453
2023(2)		2,180		3,466		5,646
2024(3)(4)		3,935		3,458		7,393
2025(3)(4)		3,920		3,940		7,860

Sources: Bureau of the Treasury; Department of Finance.

Notes:

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

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

(3) Amounts in original currencies were translated into U.S. dollars using the applicable Bangko Sentral reference exchange rates prevailing on December 31, 2023.

(4) Projection based on outstanding balance as of November 30, 2024.

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 November 30,(1)(3)
	2019		2020		2021		2022		2023		2024
	(in billions)
Total (₱)		488.7		458.3		423.9		399.0		349.4		422.0
Domestic (₱)		260.8		254.4		195.1		205.8		181.8		259.8
External (₱)		228.0		203.9		228.8		193.3		167.7		162.2
External ($)(4)		4.5		4.2		4.5		3.5		3.0		2.8

Sources: Bureau of the Treasury; Department of Finance.

Notes:

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

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

(3) Based on preliminary data as of November 30, 2024.

(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.

Payment History of Foreign Debt

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, 2022(3)		Outstanding Balance as of December 31, 2023(4)		Outstanding Balance as of November 30, 2024(5)
	($ in millions)
U.S. dollar bonds		42,811.4		34,611		37,418		39,878
Chinese Yuan Bond		344.0		0		0		0
Euro Bonds		4,364.3		4,215		4,320		3,647
Japanese yen bonds		1,806.2		1,693		1,787		1,012
Islamic Certificates		1,000		0		1,000		1,000
Total foreign-currency bonds		49,325.9		40,519		44,525		45,537

Sources: Bureau of the Treasury; Department of Finance

Notes:

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

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(2) Represents the aggregate of the original balances as of the issue dates of foreign currency bonds outstanding as of December 6, 2023. Amounts in original currencies were translated into U.S. dollars using the applicable Bangko Sentral reference exchange rates prevailing on the date of issuance.

(3) Amounts in original currencies were translated into U.S. dollars using Bangko Sentral’s reference exchange rates as of January 3, 2023, which was the next business day following the end of the period indicated.

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

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

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