The Philippines’ debt service burden jumped to $7.46 billion in the first semester as the country’s external debt booked a nearly double-digit increase, according to the Bangko Sentral ng Pilipinas.
A money changer employee shows US dollar bills at their shop in Quezon City on December 9, 2022MANILA, Philippines — The Philippines’ debt service burden jumped to $7.46 billion in the first semester as the country’s external debt booked a nearly double-digit increase, according to the Bangko Sentral ng Pilipinas .
During the six-month period, principal payments jumped by 125 percent to $4.18 billion from $1.85 billion a year ago. It also includes interest payments on fixed and revolving short-term liabilities of banks and non-banks, excluding prepayments on future years’ maturities of foreign loans as well as principal payments on fixed and revolving short-term liabilities of banks and non-banks.
The statistical adjustment, which resulted from the availability of detailed information on non-resident holdings of said securities, is in line with the standards of the IMF under the External Debt Statistics Guide and the International Balance of Payments and International Investment Position Manual, sixth edition for external debt reporting.
The maturity profile of the country’s external debt remained predominantly medium and long-term in nature, with original maturities longer than one year with share to total of 85.3 percent, while short-term accounts with maturities of up to one year comprised the 14.6 percent balance.
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