The Manila Times

PH external debt falls to $73.1B – BSP

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THE country’s outstandin­g external debt declined by 2 percent at the end of last year to $73.1 billion from the $ 74.8 billion registered in 2016, Bangko Sentral ng Pilipinas (BSP) data released on Friday showed.

A $ 730- million increase was recorded in the fourth quarter, which the central bank attributed to $1.3-billion rise in non-resident holdings of Philippine debt stock and $70 million in forex revaluatio­n adjustment­s that were offset by net principal repayments of $643 million.

types of borrowings by Philippine residents from non-residents.

Key external debt indicators, the BSP, also said, “remained at comfortabl­e levels” last year.

BSP B2

At $ 81.6 billion, gross internatio­nal reserves were enough to cover 5.7 times the country’s short-term debt.

- sure of the adequacy of foreign reserves to meet maturing obliga from 7 percent due to higher receipts and lower payments.

outstandin­g debt expressed as a percentage of gross national percent from 20.4 percent a year ago.

“The same improving trend was observed using GDP as denominato­r, with the Philippine economy growing by 6.6 percent in the last quarter of 2017 and by 6.7 percent for the entire year,” the central bank said.

External debt largely remained medium to long-term in nature, which accounted for 80.5 percent of the total.

“This means that FX (foreign exchange) requiremen­ts for debt payments are well spread out and thus more manageable,” the BSP said.

The country’s debt stock remained largely denominate­d in US dollars, comprising 62.4 percent, and Japanese yen (12.8 percent).

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