The Philippines’ international investment position (IIP) improved in the third quarter of 2020 on the back of financial asset growth, according to the Bangko Sentral ng Pilipinas (BSP). In a report, the central bank said the country’s IIP posted a net external liability position of $4.77 billion at end-September, down 64.9 percent from $13.58 billion at end-June. Residents’ direct investments and other investments abroad gained 3.2 percent and 3.1 percent, respectively, in July to September. Year-on-year, the country’s net external liability position eased by 86.2 percent from $34.70 billion after external financial assets grew by 15.3 percent and liabilities dipped by 0.2 percent. The difference between the assets and liabilities is the net position in the IIP and represents either a net claim on or net liability to the rest of the world.

Source: Manila Times December 30, 2020 18:00 UTC