Based on a Bangko Sentral ng Pilipinas report, the increase in the external debt year-on-year came from a $9.8-billion net availments, mainly by the National Government and prior periods’ adjustments of $3.8 billion.“These were partially offset by the $3.7 billion increase in residents’ investments in debt papers issued offshore and the $2 billion negative FX revaluation as the US dollar strengthened against other currencies such as the Japanese yen and the Euro,” said the BSP.
Last year, of the $106.43 billion external debt, the public sector accounted for $63.9 billion, 60 percent of the total. The end-December public sector external debt was 9.99 percent higher from 2020’s $58.12 billion. The external debt continue to be at prudent levels in terms of GDP ratio of 27 percent both in 2021 and 2020. As a solvency indicator, the BSP said the low GDP ratio still “indicates the country’s sustained strong position to service foreign borrowings in the medium to long-term .”
The maturity profile of the external debt is still “predominantly MLT in nature or those with original maturities longer than one year, with share to total at 85.8 percent.”
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