How much is the foreign debt of the philippines?

Question

philippines foreign debt as of 2005-2008

Answer 1

The Philippines’ foreign debt burden, dominated by public sector borrowings, rose to $54.4 billion as of end-September from $53 billion in end-June, the Bangko Sentral ng Pilipinas reported Friday.

Compared to a year ago, the external debt stock registered with the central bank also rose by $366 million from $54.1 billion due to foreign exchange revaluation and some fresh foreign borrowings.

The year-on-year increase in the debt stock was tempered by additional investments by residents in Philippine offshore debt papers ($432 million) as well as some downward audit adjustments ($287 million). When offshore debt papers or IOUs issued by the Philippine government or local corporations are bought by residents, they are excluded from the foreign debt stock computation.

The 2.6-percent increase in the debt stock from the second quarter level to the third quarter this year was traced to the revaluation of third currency-denominated debts which resulted in a $1.1-billion increase in the amount of obligations in terms of US dollars.

Third currencies refer to currencies other than the Philippine peso and the US dollar.

More than half of the country’s debt stock (51.7 percent) was denominated in US dollars and about a quarter is in Japanese yen. Multi-currency loans from the Asian Development Bank and the World Bank accounted for 9.4 percent and the rest (13.9 percent) were denominated in 16 other currencies.

Without the revaluation of third currency-denominated accounts, the BSP said the country’s foreign debt would have risen by only $300 million, primarily due to net borrowings by offshore banking units, proceeds of which were relent or invested abroad.