Foreign Debt Soars to $128.7 Billion in Q1: What’s Next for the Economy?
Manila, Philippines - June 17, 2024 The Philippines' foreign debt has soared to a new peak of $128.69 billion in the first quarter of 2024, marking an 8.3% increase from the same period last year, according to data released by the Bangko Sentral ng Pilipinas (BSP). This surge reflects heightened borrowing activities by both private sector banks and the national government from offshore creditors. Key Developments Private Sector Impact: Private sector banks drove the debt increase with net availments of $2.1 billion, primarily for general corporate expenditures, refinancing of borrowings, and liquidity needs. Government Borrowing: The national government also contributed…