Philippines: Claims on central government (annual growth as % of broad money)

Key figures

What the numbers say

In 2023, Philippines' claims on central government (annual growth as % of broad money) fell 0.93 percentage points on 2022 (from 4.34% to 3.41%).

Across the 30 yearly changes before that (1993 to 2022), the average change was +0.26 percentage points and a typical year strayed about 14.69 percentage points from that (the standard deviation). This year's change was 0.1 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 58.55 percentage points in 1993 and the biggest yearly fall was 49.86 percentage points in 1994. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2014 to 2023 the straight-line trend is upward, about 0.3 percentage points a year. A straight line explains 42% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2023, Philippines had the 8th highest value of the 15 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Philippines in the 2023 ranking

• São Tomé and Principe — 5th of 15: 4.29%
• Congo, Dem. Rep. — 6th of 15: 3.7%
• Bahamas, The — 7th of 15: 3.53%
• Nigeria — 9th of 15: 1.6%
• Tajikistan — 10th of 15: 0.19%
• Barbados — 11th of 15: 0.03%

What this measures

Claims on central government include loans to central government institutions net of deposits. Broad money is the sum of all liquid financial instruments held by money-holding sectors that are widely accepted in an economy as a medium of exchange, plus those that can be converted into a medium of exchange at short notice at, or close to, their full nominal value. This indicator represents the annual percentage growth in the ratio of claims to broad money.

Limitations: Monetary accounts are derived from the balance sheets of financial institutions - the central bank, commercial banks, and nonbank financial intermediaries. Although these balance sheets are usually reliable, they are subject to errors of classification, valuation, and timing and to differences in accounting practices. For example, whether interest income is recorded on an accrual or a cash basis can make a substantial difference, as can the treatment of nonperforming assets. Valuation errors typically arise for foreign exchange transactions, particularly in countries with flexible exchange rates or in countries that have undergone currency devaluation during the reporting period.

All 63 values

Claims on central government (annual growth as % of broad money) in nearby economies

• Australia — -0.29% (2025)
• Brunei Darussalam — -0.12% (2025)
• Cambodia — -0.1% (2025)
• China — 3.38% (2024)
• Fiji — -3.31% (2024)
• Hong Kong SAR, China — 0.39% (2025)
• Indonesia — 3.06% (2025)
• Japan — -3.42% (2025)
• Korea, Rep.

More financial sector data for Philippines

• Domestic credit to private sector by banks (% of GDP) — 52.13% (2025)
• Net domestic credit (current LCU) — 22.69 trillion (2025)
• Net foreign assets (current LCU) — 7.36 trillion (2025)
• Monetary sector credit to private sector (% of GDP) — 52.13% (2025)
• Consumer price index (2010 = 100) — 162.31 (2025)
• Inflation, consumer prices (annual % growth) — 1.66% (2025)
• Claims on central government, etc. (% of GDP) — 32.58% (2025)
• Domestic credit to private sector (% of GDP) — 52.13% (2025)
• GDP deflator (base year varies by country) — 120.58 (2025)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
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• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Philippines's claims on central government (annual growth as % of broad money)?

3.41% in 2023, according to the World Bank (World Development Indicators).

How has it changed since 1961?

It is down 0.89 percentage points from 4.3% in 1961. The highest value was 55.17% in 1993 and the lowest -21.75% in 1987.

How does Philippines rank?

8th highest of 15 economies with data for 2023.

Is the latest change in claims on central government (annual growth as % of broad money) unusual for Philippines?

In 2023, Philippines' claims on central government (annual growth as % of broad money) fell 0.93 percentage points on 2022 (from 4.34% to 3.41%). Across the 30 yearly changes before that (1993 to 2022), the average change was +0.26 percentage points and a typical year strayed about 14.69 percentage points from that (the standard deviation). This year's change was 0.1 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator FM.AST.CGOV.ZG.M3, licensed CC BY 4.0. Original source: International Financial Statistics database, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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