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The Philippines’ foreign debt jumped by more than $12 billion, or 10 percent, to surpass the $130-billion mark for the first time on record as of end-June 2024, data from the Bangko Sentral ng Pilipinas show.
The debt service ratio , which relates principal and interest payments to exports of goods and receipts from services and primary income, improved to 9.5 percent from 11.1 percent on lower debt service payments in the first half of 2024. Prior periods’ adjustments of $493.28 million due to late reporting/registration by borrowers as well as net acquisitions of Philippine debt securities by non-residents from residents aggregating $238.80 million also contributed to the rise in the debt level.
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