The Philippines’ external debt service burden rose by 240.7 percent to $4.313 billion as of end-March from $1.266 billion same period in 2022, based on Bangko Sentral ng Pilipinas (BSP) data. ManilaBulletin READ:
The Philippines’ external debt service burden rose by 240.7 percent to $4.313 billion as of end-March from $1.266 billion same period in 2022, based on Bangko Sentral ng Pilipinas data.
Principal external debt service are mostly fixed medium to long term credits. Interest payments are on fixed and revolving short-term credits of banks and non-banks. The BSP said borrowings by the public sector for the National Government’s general financing requirements, funding of pandemic recovery measures, and other infrastructure programs, among others, contributed to the growth in the debt stock.
As of end-March, public sector external debt stood at $75.2 billion, up from end-2022’s $67.4 billion. About $68.1 billion or 90.5 percent were NG borrowings, while $7.1 billion were loans by government-owned and controlled corporations, government financial institutions and the BSP.Meanwhile, the debt service ratio increased to 12.9 percent from four percent same period last year because of repayments in the first quarter.
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