Philippine external debt up in Q3

December 14, 2019

Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said Friday the Philippines' outstanding external debt stood at US$82.7 billion as of end-September, up by US$1.4 billion or 1.7 percent from the US$81.3 billion level as of end-June.

The rise in the debt stock during the third quarter was due to net availments of US$2.2 billion attributed to bond issuances of the National Government and private local banks.

Increase in residents' investments in Philippine debt papers issued offshore amounting to US$426 million, negative foreign exchange revaluation of US$211 million, and prior periods' adjustments of US$114 million partially offset the uptick in the debt stock.

Year-on-year, the debt stock increased by US$6.3 billion or by 8.2 percent brought about by net availments; foreign exchange revaluation adjustments; and prior periods' adjustments.

This upward impact on the debt stock was partially offset by the transfer of Philippine debt papers from non-residents to residents, Diokno said.

External debt refers to all types of borrowings by Philippine residents from non-residents, following the residency criterion for international statistics. DMS