Philippines’ outstanding external debt hits record high
The Philippines’ outstanding external debt stood at $139.64 billion as of end-September, up 17.5% against the same period last year, says its central bank Bangko Sentral ng Pilipinas (BSP).
The debt stock also rose by 7.3% from $130.18 billion as of the end of June.
The Philippine currency. Photo courtesy of Reuters.
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 at the end of September from $50.36 billion in the end of June. Meanwhile, public sector debt increased by 8.8% quarter-on-quarter to $86.88 billion.
However, the BSP said that the external debt as a percentage of GDP remains at a “prudent” level despite the rise in the debt stock.
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