Philippines' outstanding external debt hits record high
The Philippines’ outstanding external debt stood at 139.64 billion USD as of the end of September, up 17.5% against the same period last year, its central bank Bangko Sentral ng Pilipinas (BSP) has said.
The Philippines’ outstanding external debt stood at 139.64 billion USD as of the end of September, up 17.5% against the same period last year, its central bank Bangko Sentral ng Pilipinas (BSP) has said.
The debt stock also rose by 7.3% from 130.18 billion USD as of the end of June.
According to the bank, the increase was primarily driven by total net availments by both public and private sector borrowers as well as the net acquisition of Philippine debt securities by nonresidents.
BSP data showed the private sector’s external debt went up by 4.8% to 52.76 billion USD at the end of September from 50.36 billion USD in end-June. Meanwhile, public sector debt increased by 8.8% quarter on quarter to 86.88 billion USD.
However, the BSP said that the external debt as a percentage of gross domestic product (GDP) remains at a “prudent” level despite the rise in the debt stock./.
