Philippine Foreign Debt Drops $3.82 Billion in the First Quarter of 2017 Under Pres. Duterte


President Rody Duterte admitted during the election period that he is not an economist but he will do everything to improved the country's financial stability as well as paying the country's foreign obligations.


Under the administration of Pres. Duterte, the Philippines' foreign debt stock fell by $3.82 billion in the first quarter of 2017 from a year earlier due to principal repayments, adjustments made to the comparative periods to include late reports, and foreign exchange revaluation, central bank data showed over the weekend.

Bangko Sentral ng Pilipinas reported that the outstanding Philippine external debt as of end-March 2017 stood at $73.8 billion, down from $77.64 billion recorded in the first three months of 2016 and down from $74.8 billion at end-December.


The BSP also reported that the year-on-year drop in foreign debt was traced to net principal repayments made by both the public and private sectors as of end-March, which reached $2.1 billion; previous periods' audit adjustments that amounted to a negative $1.5 billion, due to late reporting; and negative foreign exchange revaluation adjustments worth $383 million.

Based on the report of the BSP "The full downward impact of these factors on the debt stock was slightly offset by a modest increase in non-residents' investments in Philippine debt papers issued offshore ($126 million) during the period," the Central bank said in the report.

The Philippine Central Bank also pointed out that the downward month-on-month impact of developments on the debt stock was offset by the $466 million foreign exchange revaluation adjustments as the Japanese Yen strengthened against the US dollar.

Source: The Manila Times


Philippine Foreign Debt Drops $3.82 Billion in the First Quarter of 2017 Under Pres. Duterte Philippine Foreign Debt Drops $3.82 Billion in the First Quarter of 2017 Under Pres. Duterte Reviewed by Phil Newsome on 6/20/2017 Rating: 5

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