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Saturday, January 01, 2005
RP external debt declines to $55.6B: central bank
THE country?s outstanding external debt registered with the Bangko Sentral ng Pilipinas (BSP) stood at $55.6 billion at the end of September.
This is lower than the $56.3 billion recorded in the second quarter of the year, said BSP Gov. Rafael Buena-ventura.
External debt also declined from the $56.2 billion level a year ago.
?The debt stock remains heavily biased toward medium- to long-term (MLT) accounts. which accounted for nearly 90 percent of the total,? Buenaventura said in the central bank?s website.
The MLT loans, with maturities of more than one year, have a weighted average maturity of 17.1 years.
Loans by the government sector had a longer average maturity of 19.3 years compared to the private sector?s accounts of 11.2 years, he revealed.
Public sector accounts representing about two-thirds of the total debt stock. The National Government and National Power Corp. accounted for 67.8 percent and 10.7 percent of total public sector external debt, respectively.
Private sector obligations, on the other hand, amounted to $18.3 billion, of which a quarter was owed by banks, the BSP said.
Official creditors comprised 43.3 percent of the total, with foreign holders of bonds and notes making up 28.9 percent, and banks and other financial institutions accounting for 21.3 percent.
Most of the debts were denominated in US dollars, 52.9 percent, and the Japanese yen, 27.3 percent.
(January 1, 2005 issue)
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