philippineinformationagency posted: " MANILA, July 4 -- The country's external debt stock totaled $97.05 billion at the end of the first quarter of 2021, slightly down by 1.5% from its end-2020 level. This debt stock is equivalent to 26.7% of GDP, of which 15.6 percentage points is contri"
MANILA, July 4 -- The country's external debt stock totaled $97.05 billion at the end of the first quarter of 2021, slightly down by 1.5% from its end-2020 level.
This debt stock is equivalent to 26.7% of GDP, of which 15.6 percentage points is contributed by the public sector and 11.1 percentage points by the private sector.
DOF View
The recent build-up in external debt was driven by the government's resource mobilization against the COVID-19 pandemic. In 2020, the public sector's external debt increased by 35.8% but that of the private sector's external debt actually declined by 1.1%. In the first quarter of 2021, public sector debt declined by 2.4%; the private sector debt likewise declined by 0.2%.
At 26.7% of GDP, the country's external debt is at manageable level. This ratio is about a half of that in 2005, at 57.3%, the first comparable year that uses the IMF's BPM6 methodology in calculating balance-of-payments statistics.
In Southeast Asia, the external debt-GDP ratio of the Philippines is the lowest among ASEAN-5 countries. (Table 2)
WordPress.com
No comments:
Post a Comment