Philippines — Sovereign Signal
BT-SFS 52.2/100 · BBB · 72bps over Treasuries
Score and market snapshot
Philippines trades 72bps tight of its fundamentals fit (fitted spread 144bps).
| Field | Value |
|---|---|
| BT-SFS | 52.2 / 100 |
| Rank | 21 of 51 |
| Composite rating | BBB |
| Agency ratings | Moody's Baa2 · S&P BBB+ · Fitch BBB |
| Benchmark USD bond | PHILIP 6.375 32 |
| Spread over Treasuries | 72bps |
| Yield to worst (S.A.) | 5.73% |
| Duration | 4.4y |
Pillar scores
| Pillar | Score (0-100) |
|---|---|
| Fiscal | 50.5 |
| External | 42.6 |
| Macro | 40.0 |
| Institutions | 73.3 |
The ten metrics behind the score
| Metric | Pillar | Raw value | Score | Source | Year |
|---|---|---|---|---|---|
| Reserves, months of imports | External | 7.3 mo | 42.6 | World Bank | 2025 |
| General government debt / GDP | Fiscal | 60.2% | 32.4 | IMF | 2026 |
| FX public debt / GDP | Fiscal | 20.3% | 67.3 | IMF staff report / Eurostat | 2024–2026 |
| Net interest / revenue | Fiscal | 13.9% | 59.1 | IMF | 2026 |
| Primary balance / GDP | Fiscal | -0.8% | 49.1 | IMF | 2026 |
| Governance (WGI GE + RQ) | Institutions | 57.4 | 58.9 | WGI | 2025 |
| Inflation track record | Institutions | 3.8% | 94.9 | IMF | 1997–2026 (h=10) |
| Real GDP growth, centred 3-year | Macro | 4.8% | 66.5 | IMF | 2025–2027 |
| GDP per capita, USD | Macro | $4,443 | 41.0 | IMF | 2026 |
| Growth volatility, 10-year | Macro | 4.8pp | 21.0 | IMF | 2016–2025 |
Score history
Applying the current methodology to historical sources, Philippines moves from 65.7 in 2016 to 52.2 in 2026 (-13.5 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 52.2/100 on the BT Sovereign Fundamentals Score, ranking 21 of 51 sovereigns covered. The score is built from ten public IMF and World Bank metrics across fiscal, external, macro, and institutions pillars.
Which Philippines USD bond does BondTerminal track?
PHILIP 6.375 32 (ISIN US718286BD89), the near-5-year USD benchmark, currently 72bps over Treasuries with a 5.73% yield to worst (S.A.).
Is Philippines trading wide or tight of its fundamentals?
Philippines trades 72bps tight of its fundamentals fit (fitted spread 144bps).