BSP Governor Benjamin DioknoThe country's external debt is expected to remain manageable amid increased foreign borrowings to support the government's coronavirus disease 2019 (Covid-19) pandemic response, the Bangko Sentral ng Pilipinas (BSP) said. The country's external debt amounted to $98.5 billion as of end-December last year, up from the $83.6 billion recorded a year earlier. The end-2020 external debt figure represents 27.2 percent of the country's GDP, which Diokno said indicates the country's sustained strong position to service foreign borrowings. According to Diokno, the maturity profile of the country's external debt also remained predominantly medium- and long-term (MLT) in nature, with share to total at 85.6 percent. Diokno said the BSP is also mandated to ensure external debt sustainability goes hand in hand with the country's policy responses to various developments related to external debt levels.

Source: Manila Times May 20, 2021 16:30 UTC