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MANILA, Philippines – The Philippines’ foreign borrowings modestly declined in the first quarter—remaining at levels the central bank described as “manageable”—amid risk aversion triggered by the Middle East conflict.
Data from the Bangko Sentral ng Pilipinas (BSP) showed the country’s external debt stock, covering both government and private obligations, stood at $147.35 billion as of end-March, from $147.65 billion in the preceding quarter.
READ: Government debt hits record-high P18.16 trillion
That was equal to 30 percent of gross domestic product, a slight improvement from 30.3 percent in the prior quarter. Year-on-year, foreign debt inched up 0.4 percent, driven by new borrowings by the national government and private sector.
