Obligation Filipinas 1.95% ( US718286CN52 ) en USD

Société émettrice Filipinas
Prix sur le marché refresh price now   100 %  ▲ 
Pays  Philippines
Code ISIN  US718286CN52 ( en USD )
Coupon 1.95% par an ( paiement semestriel )
Echéance 06/01/2032



Prospectus brochure de l'obligation Philippines US718286CN52 en USD 1.95%, échéance 06/01/2032


Montant Minimal 200 000 USD
Montant de l'émission 750 000 000 USD
Cusip 718286CN5
Prochain Coupon 06/07/2026 ( Dans 128 jours )
Description détaillée Les Philippines sont un archipel de plus de 7 000 îles situées en Asie du Sud-Est, connues pour leur biodiversité, leur culture riche et leur histoire coloniale complexe.

L'Obligation émise par Filipinas ( Philippines ) , en USD, avec le code ISIN US718286CN52, paye un coupon de 1.95% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 06/01/2032







PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED November 20, 2020
Republic of the Philippines
US$750,000,000 1.950% Global Bonds due 2032
US$2,250,000,000 3.200% Global Bonds due 2046
The Republic of the Philippines (the "Republic") is offering US$750,000,000 in aggregate principal amount of its 1.950% bonds due
2032 (the "2032 global bonds") and US$2,250,000,000 in aggregate principal amount of its 3.200% bonds due 2046 (the "2046 global
bonds"). We refer to the 2032 global bonds and the 2046 global bonds collectively as the "global bonds". The Republic will pay interest (i) on
the 2032 global bonds on January 6 and July 6 of each year, commencing on January 6, 2022, and (ii) on the 2046 global bonds on January 6
and July 6 of each year, commencing on January 6, 2022. The Republic may not redeem the global bonds prior to their maturity. The 2032
global bonds will mature at par on January 6, 2032. The 2046 global bonds will mature at par on July 6, 2046. The offering of the global
bonds of each series, each pursuant to this prospectus supplement, are not conditioned upon one another.
The global bonds will be the direct, unconditional, unsecured and general obligations of the Republic and will rank without any
preference among themselves and equally with all other present and future unsecured and unsubordinated external indebtedness of the
Republic. It is understood that this provision shall not be construed so as to require the Republic to make payments under the global bonds
ratably with payments being made under any other external indebtedness of the Republic.
The global bonds will be designated Collective Action Securities issued under a fiscal agency agreement, as supplemented, and constitute
a separate series of debt securities under the fiscal agency agreement. The fiscal agency agreement contains provisions regarding future
modifications to the terms of the global bonds that differ from those applicable to the Republic's outstanding external public indebtedness
issued prior to February 1, 2018. Under these provisions, which are described in the section entitled "Collective Action Securities," on page
19 of the accompanying prospectus, the Republic may, among other things, amend the payment provisions of any series of debt securities
(including the global bonds) and other reserve matters listed in the fiscal agency agreement with the consent of the holders of: (i) with respect
to a single series of debt securities, more than 75% of the aggregate principal amount of the outstanding debt securities of such series; (ii) with
respect to two or more series of debt securities, if certain "uniformly applicable" requirements are met, more than 75% of the aggregate
principal amount of the outstanding debt securities of all series affected by the proposed modification, taken in the aggregate; or (iii) with
respect to two or more series of debt securities, more than 662/3% of the aggregate principal amount of the outstanding debt securities of all
series affected by the proposed modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the outstanding
debt securities of each series affected by the proposed modification, taken individually.
The offering of the global bonds is conditional on the receipt of certain approvals of the Monetary Board of the Bangko Sentral ng
Pilipinas, the central bank of the Republic.
The global bonds are being offered globally for sale in the jurisdictions where it is lawful to make such offers and sales. Application has
been made to admit the global bonds to listing on the Official List of the Luxembourg Stock Exchange and to trading on the Euro MTF
Market ("Euro MTF"). We cannot guarantee that the application to the Luxembourg Stock Exchange will be approved, and settlement of the
global bonds is not conditional on obtaining the listing. This prospectus supplement together with the prospectus dated November 20, 2020
constitute a prospectus for the purpose of Part IV of the Luxembourg law on prospectuses for securities dated July 16, 2019.
We expect to deliver the global bonds to investors in registered book-entry form only through the facilities of The Depository Trust
Company ("DTC"), Clearstream Banking, S.A. ("Clearstream, Luxembourg"), and Euroclear Bank, SA/NV ("Euroclear" or the "Euroclear
System" ), on or about July 6, 2021.
2032 Global Bonds
2046 Global Bonds
Per Bond
Total
Per Bond
Total
Price to investors(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
98.779% US$740,842,500
99.149% US$2,230,852,500
Underwriting discounts and commissions . . . . . . . . . . . . . . . .
0.050% US$
375,000
0.050% US$
1,125,000
Proceeds, before expenses, to the Republic . . . . . . . . . . . . . . .
98.729% US$740,467,500
99.099% US$2,229,727,500
(1) Plus accrued interest, if any, from July 6, 2021, if settlement occurs after that date.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities
or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the
contrary is a criminal offense.
Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners
Bank
Deutsche
Goldman
Morgan
MUFG
Standard
UBS
of China
Bank
Sachs
Stanley
Chartered Bank
The date of this prospectus supplement is June 28, 2021


[THIS PAGE INTENTIONALLY LEFT BLANK]


TABLE OF CONTENTS
Prospectus Supplement
Pages
INTRODUCTORY STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-1
SUMMARY OF THE OFFERING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-2
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-5
RECENT DEVELOPMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-6
DESCRIPTION OF THE GLOBAL BONDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-44
GLOBAL CLEARANCE AND SETTLEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-48
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-51
UNDERWRITING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-54
LEGAL MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-60
GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-60
WHERE YOU CAN FIND MORE INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-61
AUTHORIZED REPRESENTATIVE IN THE UNITED STATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-61
Prospectus
Page
ABOUT THIS PROSPECTUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
FORWARD-LOOKING STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
DATA DISSEMINATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
RATINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
DESCRIPTION OF THE SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
Description of the Debt Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
Description of the Warrants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
Limitations on Issuance of Bearer Debt Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
Ranking Provisions of the Debt Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
COLLECTIVE ACTION SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
PLAN OF DISTRIBUTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
VALIDITY OF THE SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
AUTHORIZED REPRESENTATIVE IN THE UNITED STATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38
EXPERTS; OFFICIAL STATEMENTS AND DOCUMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39
FURTHER INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40
S-i


You should read this prospectus supplement along with the prospectus that accompanies it. You
should rely only on the information contained or incorporated by reference in this document and the
accompanying prospectus or to which we have referred you. We have not authorized anyone to provide
you with information that is different. This document may only be used where it is legal to sell these
securities. This document and the accompanying prospectus may only be used for the purposes for which
they have been published. The information in this prospectus supplement and the accompanying
prospectus may only be accurate as of the date of this prospectus supplement or the accompanying
prospectus, as applicable. Terms used herein but not otherwise defined shall have the meaning given to
them in the prospectus that accompanies this prospectus supplement.
INTRODUCTORY STATEMENTS
The Republic accepts responsibility for the information that is contained in this prospectus supplement and
the prospectus that accompanies it. To the best of the knowledge and belief of the Republic (which has taken all
reasonable care to ensure that such is the case), the information contained in this prospectus supplement and the
accompanying prospectus is in accordance with the facts and does not omit anything likely to affect the import of
such information.
The Republic is a foreign sovereign state. Consequently, it may be difficult for you to obtain or realize upon
judgments of courts in the United States against the Republic. See "Description of the Securities--Description of
the Debt Securities--Jurisdiction and Enforceability" in the accompanying prospectus.
The distribution of this prospectus supplement and the accompanying prospectus and the offering of the
global bonds may be legally restricted in some countries. If you wish to distribute this prospectus supplement or
the accompanying prospectus, you should observe any applicable restrictions. This prospectus supplement and
the accompanying prospectus should not be considered an offer, and it is prohibited to use them to make an offer,
in any state or country in which the making of the offering of the global bonds is prohibited. For a description of
some restrictions on the offering and sale of the global bonds and the distribution of this prospectus supplement
and the accompanying prospectus, see "Underwriting" on page S-54.
This document is only being distributed to and is only directed at (A) persons who are outside the United
Kingdom and (B) persons in the United Kingdom that are qualified investors within the meaning of Article 2(e)
of the Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal)
Act 2018 ("EUWA") (the "UK Prospectus Regulation") that are also (i) investment professionals falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or
(ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within
Article 49(2)(a) to (e) of the Order (all such persons together being referred to as "relevant persons"). The global
bonds are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire
such global bonds will be engaged in only with, relevant persons. Any person who is not a relevant person should
not act or rely on this document or any of its contents.
Notification under Section 309B(1) of the Securities and Futures Act, Chapter 289 of Singapore --The
global bonds are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets
Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notices SFA 04-N12:
Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on
Investment Products).
All references in this prospectus supplement (a) to the "Republic" or the "Philippines" are to the Republic of
the Philippines, (b) to the "Government" are to the national government of the Philippines and (c) to "Bangko
Sentral" or "BSP" are to Bangko Sentral ng Pilipinas, the central bank of the Philippines.
Unless otherwise indicated, all references in this prospectus supplement to "P" are to the lawful national
currency of the Philippines, those to "dollars," "U.S. dollars," "US$" or "$" are to the lawful currency of the
United States of America.
S-1


SUMMARY OF THE OFFERING
This summary highlights information contained elsewhere in this prospectus supplement and the
accompanying prospectus. You should read the entire prospectus supplement and the accompanying prospectus
carefully.
Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . Republic of the Philippines.
Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . The US$750,000,000 1.950% global bonds due (the "2032 global
bonds"), and the US$2,250,000,000 3.200% global bonds due (the
"2046 global bonds").
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . The 2032 global bonds will bear interest at 1.950% from July 6, 2021,
payable semi-annually in arrears.
The 2046 global bonds will bear interest at 3.200% from July 6, 2021,
payable semi-annually in arrears.
Issue Date . . . . . . . . . . . . . . . . . . . . . . . . The 2032 global bonds: July 6, 2021
The 2046 global bonds: July 6, 2021
Interest Payment Dates . . . . . . . . . . . . . With respect to both the 2032 global bonds and the 2046 global
bonds: January 6 and July 6 of each year, payable to the persons who
are registered holders thereof at the close of business on the preceding
January 1 or July 1, as applicable, whether or not a business day. The
first interest payment will be made on January 6, 2022 in respect of
the period from (and including) July 6, 2021 to (but excluding)
January 6, 2022.
Maturity Date . . . . . . . . . . . . . . . . . . . . The 2032 global bonds: January 6, 2032
The 2046 global bonds: July 6, 2046
Issuer Redemption . . . . . . . . . . . . . . . . . The Republic may not redeem the global bonds prior to maturity.
Status of Bonds . . . . . . . . . . . . . . . . . . . The global bonds will be direct, unconditional, unsecured and general
obligations of the Republic and will rank without any preference
among themselves and equally with all other present and future
unsecured and unsubordinated External Indebtedness (as defined in
the accompanying prospectus) of the Republic. It is understood that
this provision shall not be construed so as to require the Republic to
make payments under the global bonds ratably with payments being
made under any other external indebtedness of the Republic. The full
faith and credit of the Republic will be pledged for the due and
punctual payment of all principal and interest on the global bonds.
See "Description of the Securities--Description of the Debt
Securities--Status of Bonds" in the accompanying prospectus.
Negative Pledge . . . . . . . . . . . . . . . . . . . With certain exceptions, the Republic has agreed that it will not create
or permit to subsist any Lien (as defined in the accompanying
prospectus) on its revenues or assets to secure External Public
S-2


Indebtedness (as defined in the accompanying prospectus) of the
Republic, unless at the same time or prior thereto, the global bonds
are secured at least equally and ratably with such External Public
Indebtedness. The international reserves of Bangko Sentral represent
substantially all of the official gross international reserves of the
Republic. Because Bangko Sentral is an independent entity, the
Republic and Bangko Sentral believe that the international reserves
owned by Bangko Sentral are not subject to the negative pledge
covenant in the global bonds and that Bangko Sentral could in the
future incur External Public Indebtedness secured by such reserves
without securing amounts payable under the global bonds. See
"Description of the Securities--Description of the Debt Securities--
Negative Pledge Covenant" in the accompanying prospectus.
Taxation . . . . . . . . . . . . . . . . . . . . . . . . . The Republic will make all payments of principal and interest in
respect of the global bonds free and clear of, and without withholding
or deducting, any present or future taxes of any nature imposed by or
within the Republic, unless required by law. In that event, the
Republic will pay additional amounts so that the holders of the global
bonds receive the amounts that would have been received by them
had no withholding or deduction been required, subject to certain
exceptions. See "Description of the Securities--Description of the
Debt
Securities--Additional
Amounts"
in
the
accompanying
prospectus.
Collective Action Clauses . . . . . . . . . . . The global bonds will be designated Collective Action Securities
issued under a fiscal agency agreement, as supplemented, and
constitute a separate series of debt securities under the fiscal agency
agreement. The fiscal agency agreement contains provisions
regarding future modifications to the terms of the global bonds that
differ from those applicable to the Republic's outstanding external
public indebtedness issued prior to February 1, 2018. Under these
provisions, which are described in the section entitled "Collective
Action Securities" on page 19 of the accompanying prospectus, the
Republic may, among other things, amend the payment provisions of
any series of debt securities (including the global bonds) and other
reserve matters listed in the fiscal agency agreement with the consent
of the holders of: (i) with respect to a single series of debt securities,
more than 75% of the aggregate principal amount of the outstanding
debt securities of such series; (ii) with respect to two or more series of
debt securities, if certain "uniformly applicable" requirements are
met, more than 75% of the aggregate principal amount of the
outstanding debt securities of all series affected by the proposed
modification, taken in the aggregate; or (iii) with respect to two or
more series of debt securities, more than 66 2/3% of the aggregate
principal amount of the outstanding debt securities of all series
affected by the proposed modification, taken in the aggregate, and
more than 50% of the aggregate principal amount of the outstanding
debt securities of each series affected by the proposed modification,
taken individually.
S-3


Cross-Defaults . . . . . . . . . . . . . . . . . . . . Events of default with respect to the global bonds include (i) if the
Republic fails to make a payment of principal, premium, prepayment
charge or interest when due on any External Public Indebtedness with
a principal amount equal to or greater than $25,000,000 or its
equivalent, and this failure continues beyond the applicable grace
period; or (ii) if any External Public Indebtedness of the Republic or
the central monetary authority in principal amount equal to or greater
than $25,000,000 is accelerated, other than by optional or mandatory
prepayment or redemption. See "Collective Action Securities--
Events of Default: Cross Default and Cross Acceleration" in the
accompanying prospectus.
Listing . . . . . . . . . . . . . . . . . . . . . . . . . . . The Republic is offering the global bonds for sale in the United States
and elsewhere where such offer and sale is permitted. Application has
been made to admit the global bonds to listing on the Official List of
the Luxembourg Stock Exchange and to trading on the Euro MTF.
The Republic cannot guarantee that the application to the
Luxembourg Stock Exchange will be approved, and settlement of the
global bonds is not conditional on obtaining the listing.
Form, Denomination and
Registration . . . . . . . . . . . . . . . . . . . . The global bonds will be issued in fully registered form in minimum
denominations of $200,000 and integral multiples of $1,000 in excess
thereof. The global bonds will be represented by one or more global
securities registered in the name of a depositary, its nominee or a
custodian. Beneficial interests in the global securities will be shown
on, and the transfer thereof will be effected only through, records
maintained by the depositary and its direct and indirect participants.
Settlement of all secondary market trading activity in the global
bonds will be made in immediately available funds. See "Description
of the Securities--Description of the Debt Securities--Global
Securities" in the accompanying prospectus.
Further Issues . . . . . . . . . . . . . . . . . . . . The Republic may from time to time, without notice to or the consent
of the registered holders of the global bonds, issue further bonds
which will form a single series with the global bonds. See "Collective
Action Securities--Further Issues of Debt Securities" in the
accompanying prospectus.
Use of Proceeds . . . . . . . . . . . . . . . . . . . The Republic intends to use the net cash proceeds from the sale of the
global bonds for general purposes of the Republic, including
budgetary support.
Fiscal Agent . . . . . . . . . . . . . . . . . . . . . . The Bank of New York Mellon (as successor in interest to JPMorgan
Chase Bank, N.A.).
Governing Law . . . . . . . . . . . . . . . . . . . The fiscal agency agreement (as defined below) and the global bonds
will be governed by and interpreted in accordance with the laws of
the State of New York. The laws of the Republic will govern all
matters governing authorization and execution of the fiscal agency
agreement and the global bonds by the Republic.
S-4


USE OF PROCEEDS
The Republic intends to use the net cash proceeds from the sale of the global bonds for general purposes of
the Republic, including budgetary support. None of the underwriters shall have any responsibility for the
application of the net cash proceeds from the sale of the global bonds.
S-5


RECENT DEVELOPMENTS
The information contained in this section supplements the information about the Republic corresponding to
the headings below that is contained in Exhibit 99.D to the Republic's annual report on Form 18-K for the fiscal
year ended December 31, 2019. To the extent the information in this section differs from the information
contained in such annual report, you should rely on the information in this section. Capitalized terms not defined
in this section have the meanings ascribed to them in the annual report.
Selected Economic Information of the Republic of the Philippines
2016
2017
2018
2019
2020
2021
(q in billions, except as indicated)
GDP (at then-current market prices) . . . . . . . . . . . . .
15,132.4
16,556.7
18,625.2
19,517.9
17,938.6 4,345,736(1)
GDP (at constant 2018 prices) . . . . . . . . . . . . . . . . . .
16,062.7
17,176.0
18,625.2
19,382.8
17,527.2 4,244,695(1)
GDP per capita, PPP concept (in $ at then-current
market prices)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,806
8,348
8,943
9,961
8,437
7,969(3)
GDP growth rate (%) . . . . . . . . . . . . . . . . . . . . . . . . .
7.1%
6.9%
6.3%
6.1%
(9.6)%
(4.2)%(1)
Consumer price inflation rate (2012 CPI basket) . . . .
1.3%
2.9%
5.2%
2.5%
2.6%
4.4%(4)
Government surplus/(deficit) as % of GDP (at then-
current market prices) . . . . . . . . . . . . . . . . . . . . . . .
(2.3)%
(2.1)%
(3.1)%
(3.4)%
(7.6)%
(7.4)%(1)
Government debt at end of period as % of GDP (at
then-current market prices) . . . . . . . . . . . . . . . . . .
40.2%
40.2%
39.9%
39.6%
54.6%
60.4%(1)
Public sector borrowing requirement(5) . . . . . . . . . . .
(320.4)
(319.1)
(547.3)
(640.4)
(1,349.4)(6)
N/A
Consolidated public sector financial position(7) . . . . .
(21.8)
(4.6)
(171.0)
(257.5)
(981.5)(6)
N/A
Current account surplus/(deficit) as % of GDP (at
then-current market prices) . . . . . . . . . . . . . . . . . .
(0.4)%
(0.7)%
(2.6)%
(0.8)%
3.6%(6)
(0.7)%(1)
Overall balance of payments position at end of
period as % of GDP (at then-current market
prices)(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(0.3)%
(0.3)%
(0.7)%
2.1%
4.4%
(3.2)%(1)
Direct domestic debt of the Government (in million
P)(9)(10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,934,097 4,441,260 4,776,859 5,127,600 6,694,687 7,812,384(11)
Direct external debt of the Government (in million
$)(10)(12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43,324
44,261
47,860
51,252
64,562
66,013(11)
Public sector domestic debt(13) . . . . . . . . . . . . . . . . . .
5,006.2
5,830.7
6,065.3
6,307.7
5,816.4(14)
N/A
Public sector external debt(12)(13) . . . . . . . . . . . . . . . . .
2,507.4
2,562.4
2,891.8
2,966.9
3,252.8(14)
N/A
Unemployment rate (%) . . . . . . . . . . . . . . . . . . . . . . .
5.5
5.7
5.3
5.4
8.7(15)
8.7(16)
Gross international reserves (in billion $)(10)(17) . . . . .
80.7
81.6
79.2
87.8
110.1
107.3(4)
Sources: Philippine Statistics Authority; Bureau of the Treasury; Department of Finance, Bangko Sentral.
Notes:
(1) Preliminary data as of March 31, 2021.
(2) Amounts in pesos have been translated into U.S. dollars using the average Bangko Sentral reference
exchange rates for the applicable period.
(3) Figure represents annualized per capita GDP, PPP concept.
(4) Preliminary data as of May 31, 2021.
(5) Represents the aggregate deficit or surplus of the Government, the Central Bank-Board of Liquidation (the
"CB-BOL"), the Oil Price Stabilization Fund and the major GOCCs (as defined below), the debt of which
comprises virtually all the debt incurred by GOCCs.
(6) Preliminary data.
(7) Comprises the aggregate deficit or surplus of the Government, the CB-BOL's accounts, the major GOCCs,
the Social Security System, the Government Service Insurance System, Bangko Sentral, the GFIs and local
government units.
S-6


(8) Overall balance of payments has been revised to reflect late reports, post-audit adjustments and final data
from companies. See "Republic of the Philippines--Balance of Payments--Revisions" for a more detailed
discussion of recent and pending revisions to previously reported data.
(9) Represents debt of the Government only, and does not include other public sector debt. Includes direct debt
obligations of the Government, the proceeds of which are on-lent to GOCCs and other public sector entities,
but excludes debt guaranteed by the Government and debt originally guaranteed by other public sector
entities for which the guarantee has been assumed by the Government.
(10) Amounts in original currencies were translated into U.S. dollars or pesos, as applicable, using the Bangko
Sentral reference exchange rates at the end of each applicable period.
(11) Data as of April 30, 2021.
(12) Represents debt of the Government, the major GOCCs, the CB-BOL, Bangko Sentral and the GFIs.
(13) Includes public sector debt, whether or not guaranteed by the Government.
(14) Preliminary data as of September 30, 2020.
(15) Preliminary data as of October 2020 based on the 2020 Annual Estimates of Labor Force Survey October
rounds.
(16) Preliminary results as of April 2021 based on the 2021 Annual Estimates of Labor Force Survey April
rounds.
(17) Comprises the holdings by Bangko Sentral of gold reserves, foreign investments, foreign exchange and
SDRs, including Bangko Sentral's reserve position in the IMF.
Devolution of Certain Executive Branch Functions
On June 1, 2021, President Duterte signed Executive Order 138, which directs the full devolution of certain
national government functions to local government units by no later than 2024. National government functions
expected to be devolved to local governments include, among others, those related to local infrastructure, health
care, livelihood, agriculture and social welfare. Under Executive Order 138, national government agencies would
instead assume more strategic and steering functions going forward to address persistent development issues. The
Republic is currently in various stages of implementing Executive Order 138.
Credit Ratings
In April 2021, the Republic's Euro-denominated bonds received a BBB rating from Fitch and a Baa2 rating
from Moody's. In May 2021, Standard & Poor maintained the Republic's BBB+ rating with a stable outlook and
expressed that the rating reflects the Government's long track record of fiscal prudence and its expectation that
the Republic's economy should achieve a strong recovery from 2021.
International Relations
Territorial Dispute over the West Philippine Sea
On May 21, 2021, the Philippines and China convened the sixth meeting of the Bilateral Consultation
Mechanism on the South China Sea, which was hosted by the Philippines and attended virtually. On May 28,
2021, the Philippines lodged a new diplomatic protest against China objecting to the deployment of Chinese
vessels within the disputed areas in the West Philippine Sea.
Visiting Forces Agreement
On June 14, 2021, the Government stated that the suspension of its termination of the VFA would be
extended by a further six months. The Philippines continues to value its decades-old partnership with the United
States as its lone mutual defense treaty ally and continues to maintain robust relations with the United States.
S-7


Document Outline