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The Philippines concluded the first half of 2026 with a debt burden ballooning to its highest level in more than 30 years amid a record-high sovereign debt coupled with a weaker economic growth during the period.
As of end-June 2026, the country’s debt-to-gross domestic product (GDP) ratio —the amount of national government debt relative to the size of the economy— stood at 66%, up from 65.2% in the first quarter of the year and 63.2% in 2025.
This is the highest debt-to-GDP ratio since 1993, when it hit 66.9%, and is above the internationally considered manageable threshold of…