The national government’s borrowings to augment its financing requirements for pandemic response and infrastructure programs, among others, increased the country’s external debt as of March 2023.
THE national government’s borrowings to augment its financing requirements for pandemic response and infrastructure programs, among others, increased the country’s external debt as of March 2023, according to the Bangko Sentral ng Pilipinas .
“Borrowings by the public sector for the National Government’s [NG] general financing requirements, funding of pandemic recovery measures, and other infrastructure programs, among others, also contributed to the growth in the debt stock,” BSP said. The BSP said external debt expressed as a percentage of GDP was recorded at 29 percent for the first quarter of 2023. This is higher than the EDT to GDP ratio of 27.5 percent in end-December 2022.
Given this, the country’s debt stock rose by $9.1 billion. The increase was due to net availments of $7.6 billion, of which $7.4 billion pertain to national government borrowings; inclusion of non-residents holdings of Peso-denominated debt securities at $3.8 billion; and prior periods’ adjustments of $646 million.
The country’s major creditor countries were: Japan which owns $14.3 billion of the country’s external debts; United States of America, $3.6 billion; and United Kingdom, $3.2 billion.
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