NON-FINANCIAL CORPORATIONS
The NFCs’ net debtor position rose by 2.4 percent q-o-q from P11.8 trillion in Q2 2025 to P12.1 trillion in Q3 2025. This was mainly attributed to:
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lower deposits with ODCs; and
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higher loans owed to ODCs and the rest of the world (ROW) (Figure 3).
On an y-o-y basis, the net debtor position of the NFCs widened by 2.0 percent from P11.8 trillion in Q3 2024 to P12.1 trillion in Q3 2025. This was driven by the increase in loans owed to ODCs. However, this growth was partially tempered by:
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higher deposits with ODCs; and
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increased holdings of ROW-issued equity securities and IFS.5
By instrument, the NFCs sourced most of its financing through loans and equity and investment fund shares. By counterparty, the ROW and the ODCs remained the NFCs’ major sources of financing, together constituting nearly three-fourths of the sector’s total outstanding liabilities.
The GG’s net debtor position rose by 3.8 percent q-o-q from P10.4 trillion in Q2 2025 to P10.8 trillion in Q3 2025. This was mainly driven by:
- higher GS held by nonresidents and OFCs;6
- increase in loans owed to nonresidents; and
- decrease in deposits with the CB (Figure 4).
On a y-o-y basis, the GG’s net debtor position grew by 18.6 percent from P9. 1 trillion in Q3 2024 to P10.8 trillion in Q3 2025. This was attributed to:
- higher GS held by ODCs and nonresidents; and
- increase in loans owed to nonresidents.
Despite the sector’s increasing external obligations, the GG remained partly insulated from exchange rate volatility as 68.9 percent of its total liabilities were denominated in domestic currency.7
By instrument, the GG sourced most of its financing through GS. By counterparty, the ODCs and the ROW were the GG’s major sources of financing.
HHs remained net creditors, with an increase of 3.3 percent in their net financial asset position from P15.4 trillion in Q2 2025 to P15.9 trillion in Q3 2025. This was mainly attributed to:
- higher holdings of OFC-issued equity and IFS; and
- Increase in deposits with ODCs.8
However, the increase in HHs’ loan liabilities to ODCs tempered the improvement in the sector’s net financial position (Figure 5).
On an y-o-y basis, HHs’ net creditor position grew by 10.7 percent from P14.3 trillion in Q3 2024 to
P15.9 trillion in Q3 2025. This was mainly driven by higher holdings of OFC-issued equity and IFS and insurance, pension, and standardized guarantee schemes (IPSGS).9
The HHs continued to be highly solvent in Q3 2025, with gross financial assets remaining at nearly three times their gross financial obligations.
The CB’s net creditor position increased by 23.1 percent q-o-q from P1.5 trillion in Q2 2025 to
P1.8 trillion in Q3 2025. The improvement reflected the sector’s higher holdings of debt securities issued by nonresidents and lower deposit liabilities to the GG. However, this was partly offset by the CB’s reduced holdings of GS (Figure 6).
On a y-o-y basis, the CB’s net creditor position expanded by 40.9 percent from P1.3 trillion in Q3 2024 to P1.8 trillion in Q3 2025. This was driven by the decline in liabilities to ODCs in the form of deposits, debt securities, and reverse repurchase placements.10
OTHER DEPOSITORY CORPORATIONS
The net creditor position of ODCs grew by 0.7 percent q-o-q from P1.36 trillion in Q2 2025 to
P1.37 trillion in Q3 2025. The increase was due to:
- higher holdings of ROW-issued debt securities;
- decrease in deposit liabilities to the NFCs; and
- increase in loan receivables from NFCs.
However, this growth was moderated by the sector’s higher deposit liabilities to HHs and OFCs (Figure 7).
In contrast, the net creditor position of ODCs declined by 0.3 percent y-o-y. This was driven by the sector’s:
- lower deposits with the CB;
- reduced holdings of BSP-issued debt securities; and
- decrease in reverse repurchase placements with the CB.
This decline was tempered by the increase in the ODCs’ holdings of debt securities issued by the GG and ROW, and higher loan receivables from the NFCs.
5 Sectoral equity and investment fund share assets and liabilities are based on preliminary data and may be revised. Figures are based on the conceptual framework of the BSA, which may differ from similar statistics presented in analytical reports and official statistics released by the BSP or other government agencies.
6 Sectoral GS holdings are based on preliminary data and may be revised. All figures are presented according to the conceptual framework of the BSA, which may differ from similar statistics in analytical reports and official statistics released by the BSP or other government agencies.
7 By sector, 26.2 percent of the GG’s total liabilities were owed to nonresidents. By currency, 31.1 percent of the GGs total obligations were denominated in foreign currency.
8 Sectoral deposit assets are based on preliminary data and may be revised. These figures are presented according to the conceptual framework of the BSA, which may differ from similar statistics in analytical reports and official statistics released by the BSP or other government agencies.
9 Sectoral assets and liabilities related to insurance, pension, and standardized guarantee scheme are based on preliminary data and may be revised. These figures are likewise compiled based on the conceptual framework of the BSA, which may differ from similar statistics in analytical reports and official statistics released by the BSP or other government agencies.
10 In the BSA, reverse repurchase placements are classified as loans based on the 2008 System of National Accounts.
