“The combined effect of the expansion in external financial assets, along with the contraction in external liabilities, led to the 62.3-percent improvement in the country’s net external debtor position,” it explained. Year-on-year, the country’s external financial assets grew by 7.4 percent while external liabilities declined by 3.4 percent. All sectors, except the general government (GG), saw their net external financial position improve. Meanwhile, nonfinancial corporations’ net external financial liability position narrowed to P2.8 trillion from P3.5 trillion year-on-year after nonresidents’ investments in equity securities and capital dropped. Other depository corporations posted a net external asset position of P270 billion, higher than the year-earlier P0.7 billion.

Source: Manila Times December 30, 2020 16:23 UTC