Philippine external debt down to $73.2B in Q1 2018

MANILA, Philippines– The country’s outstanding external debt stood at $73.2 billion as of end-March, the Bangko Sentral ng Pilipinas (BSP) reported on Thursday, June 14.

The figure is around $609 million or 0.8% lower from the same period of last year. However, it is marginally higher by 0.1% compared to the end-2017 level.

BSP Governor Nestor Espenilla Jr said that net repayments which amounted to $3.4 billion mitigated upward pressures. 

He added the slight increase in the debt stock compared to the previous quarter was brought about by the positive foreign exchange revaluation adjustments which amounted to $621 million.

Espenilla said public sector debt reached $39.2 billion or 53.6% of the total debt stock in end March. Private sector debt accounted for the remaining 46.4% or $34 billion.

Loans from official sources had the largest share with 33.6%, followed by foreign holders of bonds and notes with 30.2%, obligations to foreign banks and other financial institutions with 28.7%, and other creditor types at 7.5%.

The debt stock remained largely denominated by the US dollar and Japanese yen which accounted to 61.5%, and 13.5% respectively. 

Meanwhile, The BSP chief said the country’s gross international reserves (GIR) stood at $80.5 billion in end March. 

The GIR is the sum of all foreign exchange flowing into the Philippines.

External debt refers to all types of borrowings by Philippine residents from non-residents. – Ralf Rivas/Rappler.com