Indonesia vs Philippines
Two sovereigns, nine shared metrics, one spread gap.
Head to head
| Indonesia | Philippines | |
|---|---|---|
| BT-SFS score | 61.0 | 51.2 |
| Composite rating | BBB | BBB |
| Fiscal pillar | 55.9 | 48.1 |
| External pillar | 59.5 | 52.8 |
| Macro pillar | 76.6 | 68.4 |
| Institutions pillar | 56.3 | 39.6 |
| Benchmark bond | INDON 3.55 32 | PHILIP 1.648 31 |
| Spread over Treasuries | 84 bps | 45 bps |
| Yield to worst | 4.99% | 4.60% |
| Duration | 5.1y | 4.7y |
Metric by metric
| Metric | Indonesia | Philippines |
|---|---|---|
| Current account / GDP | -1.1% (50.0) | -4.4% (16.7) |
| International reserves, months of imports | 5.7 mo (66.7) | 7.3 mo (80.0) |
| General government debt / GDP | 41.5% (77.1) | 60.2% (54.2) |
| Interest expense / revenue | 16.4% (41.7) | 13.9% (45.8) |
| Primary balance / GDP | -0.7% (47.9) | -0.8% (43.8) |
| WGI institutional composite | -0.19 (56.3) | -0.34 (39.6) |
| Real GDP growth | 5.0% (94.8) | 4.1% (74.0) |
| GDP per capita, USD | $5,362 (27.1) | $4,443 (20.8) |
| Inflation stress | 3.0% (100.0) | 4.3% (100.0) |
Frequently asked questions
Who has stronger fundamentals, Indonesia or Philippines?
Indonesia scores higher on the BT Sovereign Fundamentals Score: 61.0 (Indonesia) vs 51.2 (Philippines), a gap of 9.8 points.
Whose USD bonds trade wider, Indonesia or Philippines?
Indonesia trades wider: 84 bps (Indonesia) vs 45 bps (Philippines) over US Treasuries — a 39 bps gap on near-5-year USD benchmarks.
Related
- Indonesia — full Indonesia profile: pillars, metrics, history.
- Philippines — full Philippines profile: pillars, metrics, history.
- All sovereigns ranked on the Sovereign Signal hub.
- BT-SFS methodology paper — how the scores are built.