The foreign debt of the Philippines declined by 0.8 percent or $894 million to $117.9 billion in the second quarter
This brought the external debt ratio, as a percentage of gross domestic product, to 28.5 percent, down from the previous quarter’s 29.0 percent.
“The decline in the debt level during the second quarter was due mainly to the impact of the US dollar appreciation against other currencies amid further monetary policy tightening by the Federal Reserve. This reduced the US dollar equivalent of borrowings denominated in other currencies [i.e., negative foreign exchange revaluation] by $963 million,” the BSP said.
It said the sale of Philippine debt papers by non-residents to residents also decreased the debt stock by $305 million. These offset prior periods’ adjustments of $264 million and net availments of $110 million. “Other key external debt indicators also remained at manageable levels. Gross international reserves stood at $99.4 billion as of end-June 2023 and represented 5.7 times cover for short-term debt based on the original maturity concept,” the BSP said.
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