MANILA - The Philippines foreign debt fell slightly to US$62.5 billion at end-June this year from $62.9 billion at end-March, the Bangko Sentral ng Pilipinas said on Friday.
In a statement, the BSP said the country brought down its external debt because of the lower borrowings of the private sector and the national government vis-à-vis the loan repayments made. This resulted in net repayments of $850 million.
The country's foreign debt also dipped with the audit adjustments of $116 million, partially offset by the weakening of the US dollar against the yen and the increased investments of foreign nationals in Philippine debt papers reaching $72 million.
Year-on-year, the country's foreign debt stock inched up 1.7 percent due to net availments of $172 million and $1 billion worth of investments by non-residents in Philippine debt papers, indicating strong and sustained investor confidence in the country.
source: interaksyon.com
