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Philippine External Debt Rises In Q1

(RTTNews) – Philippine outstanding external debt approved/registered by the central bank stood at US$55.4 billion at the end of March, up around 4.1% from the US$53.3 billion level as of end-2009, data from the Bangko Sentral ng Pilipinas showed Tuesday.

The growth was led by net borrowings of both the private and public sectors. External debt refers to all types of borrowings by Philippine residents from non-residents that were approved or registered by the BSP.

On a yearly basis, the debt stock climbed US$2.9 billion or 5.6% from US$52.5 billion in March 2009. “Major external debt indicators remained at prudent levels by the end of the first quarter,” BSP Officer-In-Charge Diwa Guinigundo said.

The external debt ratio, or outstanding external debt as a percentage of Gross National Product remained at 28.8%. Using Gross Domestic Product, the external debt ratio was estimated at 33.2%, slightly higher than in the previous year due to the increase in debt stock.

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