Eight foreign creditors account for three-fourths of all Philippine external debt. Even Taiwan is a bigger creditor than China whose role in the external debt is about 5 percent of the total (see figure 2). Figure 2 Major foreign creditors ($ million, December 2021) * * Total Philippine external debt by creditor country. In 2017, Forbes magazine reported that President Duterte will force the Philippines into Chinese debt slavery and bankrupt the economy by 2022. Sources: Forbes/Corr; Philippine Bureau of Treasury (BoT)Figure 1 Philippine government debt, 2016-2022 (% of GDP)* Total Philippine external debt by creditor country.

Source: Manila Times April 17, 2022 16:25 UTC