Philippines — Sovereign Signal
BT-SFS 51.2/100 · BBB · 45 bps over Treasuries
Score and market snapshot
Philippines trades 109 bps tight of its fundamentals fit (fitted spread 154 bps).
| Field | Value |
|---|---|
| BT-SFS score | 51.2 / 100 |
| Rank | 28 of 51 |
| Composite rating | BBB |
| Agency ratings | Moody's Baa2 · S&P BBB+ · Fitch BBB |
| Benchmark USD bond | PHILIP 1.648 31 |
| Spread over Treasuries | 45 bps |
| Yield to worst | 4.60% |
| Duration | 4.7y |
Pillar scores
| Pillar | Score (0-100) |
|---|---|
| Fiscal | 48.1 |
| External | 52.8 |
| Macro | 68.4 |
| Institutions | 39.6 |
The nine metrics behind the score
| Metric | Pillar | Raw value | Score | Source | Year |
|---|---|---|---|---|---|
| Current account / GDP | External | -4.4% | 16.7 | IMF | 2026 |
| International reserves, months of imports | External | 7.3 mo | 80.0 | World Bank | 2024 |
| General government debt / GDP | Fiscal | 60.2% | 54.2 | IMF | 2026 |
| Interest expense / revenue | Fiscal | 13.9% | 45.8 | IMF | 2026 |
| Primary balance / GDP | Fiscal | -0.8% | 43.8 | IMF | 2026 |
| WGI institutional composite | Institutions | -0.34 | 39.6 | WGI composite | 2024 |
| Real GDP growth | Macro | 4.1% | 74.0 | IMF | 2026 |
| GDP per capita, USD | Macro | $4,443 | 20.8 | IMF | 2026 |
| Inflation stress | Macro | 4.3% | 100.0 | IMF | 2026 |
Score history
Applying the current methodology to historical sources, Philippines moves from 64.9 in 2016 to 51.2 in 2026 (-13.7 points over ten years).
Default and restructuring registry
No bond default or restructuring events in the registry window.
Frequently asked questions
What is Philippines's sovereign credit score?
Philippines scores 51.2/100 on the BT Sovereign Fundamentals Score, ranking 28 of 51 sovereigns covered. The score is built from nine public IMF and World Bank metrics across fiscal, external, macro, and institutions pillars.
Which Philippines USD bond does BondTerminal track?
PHILIP 1.648 31 (ISIN US718286CK14), the near-5-year USD benchmark, currently 45 bps over Treasuries with a 4.60% yield to worst.
Is Philippines trading wide or tight of its fundamentals?
Philippines trades 109 bps tight of its fundamentals fit (fitted spread 154 bps).
Related
- All 51 sovereigns ranked on the Sovereign Signal hub.
- BT-SFS methodology paper — every metric, weight, and transformation, in public.
- Philippines vs Indonesia — fundamentals and spreads head to head.
- China — regional peer, BT-SFS 67.7 · -32 bps.