The country’s external debt-to-GDP ratio is only 21.4 percent as of end-March 2020 down from about 60.0 percent in 2005. Philippine banks are well-capitalized. Their liquidity positions are strong, and non-performing 1/4  BIS central bankers' speeches  loans are low – proof of the effectiveness of progressive banking regulatory reforms we have implemented over the years.
In a recent survey released just this May by The Economist, among 66 emerging economies, the Philippines is ranked the 6th most robust on the basis of four measures of financial strength, namely, public debt, foreign debt, cost of borrowing, and reserve cover.