At $169.85 billion, the country’s external financial assets were smaller than its external liabilities of $198.22 billion, the central bank said. The resulting net external liability of $28.36 billion was 16.2 percent lower compared to the $33.87 billion recorded as of end-March this year. On a quarter-on-quarter basis, external financial liabilities decreased as a $7.7-billion contraction in total financial liabilities outweighed a $2.2-billion decline in total financial assets. The drop in the country’s external financial assets reflected a $3-billion decrease in Bangko Sentral reserves from the previous quarter’s level. Net IIP weakened on a year-on-year basis, due primarily to a 3-percent growth in external financial assets and a 0.4-percent decline in external financial liabilities.

Source: Manila Times September 30, 2018 16:18 UTC