Drops 3.8% to $74.76B at end-DecThe Philippines’ foreign debt stock dropped 3.8 percent year-on-year in 2016 to $74.76 billion as debt repayments increased, resulting in a lower external debt ratio measured against the country’s aggregate output, the central bank said. The decline in external debt becomes more substantial in absolute terms, especially when compared with the drop in the year earlier. The outstanding Philippine external debt as of end-December 2016 fell by $2.71 billion to $74.76 billion from $77.47 billion in full-year 2015. The BSP attributed the decline in foreign debt mainly to net repayments, audit adjustments and foreign exchange revaluation. About 80.6 percent of the external debt is in medium- to long-term debts with maturities of more than one year.

Source: Manila Times March 19, 2017 17:15 UTC