Hanoi (VNA) - The Philippines' outstanding external debtstood at 72.2 billion USD by the end of June 2018, down by 997 million USD or1.4 percent from the end of March 2018, the country’s central bank hasannounced.
Nestor Espenilla, Governor of the Bangko Sentral ng Pilipinas (BSP) –the central bank, said the reduction in the debt stock during the secondquarter was mainly driven by negative foreign exchange (FX) revaluationadjustments as the US dollar strengthened against third currencies,particularly the Japanese yen.
In terms of currency mix, Espenilla said the Philippines’ debt stock remainedlargely denominated in US dollar with 61.5 percent and Japanese yen accountingfor 12.9 percent.
He said US dollar-denominated multi-currency loans from the World Bankand Asian Development Bank had a 14.6 percent share to total, while theremaining 11.0 percent balance pertained to 17 other currencies, including thePhilippine Peso, Euro and Special Drawing Rights.
The International Monetary Fund (IMF) forecast that the Philippineeconomy is likely to maintain its growth rate at 6.7 percent in 2018 and 2019thanks to strong consumption spending and investment.
However, the IFM also warned the Philippines of increasing short-termrisks such as growing inflation, fast credit growth, the US’s higher interestrate, stronger US dollar and the trade war between the US and China.-VNA
Nestor Espenilla, Governor of the Bangko Sentral ng Pilipinas (BSP) –the central bank, said the reduction in the debt stock during the secondquarter was mainly driven by negative foreign exchange (FX) revaluationadjustments as the US dollar strengthened against third currencies,particularly the Japanese yen.
In terms of currency mix, Espenilla said the Philippines’ debt stock remainedlargely denominated in US dollar with 61.5 percent and Japanese yen accountingfor 12.9 percent.
He said US dollar-denominated multi-currency loans from the World Bankand Asian Development Bank had a 14.6 percent share to total, while theremaining 11.0 percent balance pertained to 17 other currencies, including thePhilippine Peso, Euro and Special Drawing Rights.
The International Monetary Fund (IMF) forecast that the Philippineeconomy is likely to maintain its growth rate at 6.7 percent in 2018 and 2019thanks to strong consumption spending and investment.
However, the IFM also warned the Philippines of increasing short-termrisks such as growing inflation, fast credit growth, the US’s higher interestrate, stronger US dollar and the trade war between the US and China.-VNA
VNA
