The external debtto-GDP ratio to only 23.3 percent as of end-2019 compared to about 60.0 percent in 2005. Philippine banks are well-capitalized, liquidity positions are strong, and non-performing loans are low – demonstrating 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 1/4  BIS central bankers' speeches  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.