Philippine external debt Increases in third quarter: BSP|「日刊まにら新聞」ウェブ The Daily Manila Shimbun Web

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12月21日のまにら新聞から

Philippine external debt Increases in third quarter: BSP

[ 984 words|2024.12.21|英字 (English) ]

Total external debt (EDT) stood at $139.64 billion as of end-September 2024, up by $9.46 billion (or 7.3 percent) from the $130.18 billion level as of end-June 2024.

Despite the increase in the debt stock, the external debt ratio (EDT expressed as a percentage of gross domestic product) remains at a prudent level, recording at 30.6 percent from 28.9 percent last quarter.

The rise in the country’s external debt was largely driven by the liquidity requirements of the public and private sector as well as the increase in non-residents’ investment appetite for onshore debt securities.

In particular, the National Government (NG) raised an aggregate of $4.17 billion during the quarter headlined by its $2.50 billion Triple Tranche Fixed Rate Global Bonds issuance.

The NG also raised $1.44 billion from official creditors to finance its various development programs/projects.

Private sector corporations likewise sought the offshore market to expand their funding base and augment their working capital with its net availments for the quarter aggregating $1.82 billion.

Meanwhile, investor preference to seek yields in emerging market debt securities amid anticipation of a US Federal Reserve rate cut in September 2024 and weakening of the US dollar during the third quarter resulted in the $2.77 billion net acquisition by non-residents of Philippine debt securities.

The positive FX revaluation of borrowings denominated in other currencies due to the relative weakening of the US dollar (largely against the Japanese yen) further increased the US dollar value of the country’s debt stock by $1.56 billion.

Negative prior periods’ adjustments slightly tempered the increase by $248.77 million.

Year-on-year, the country’s debt stock rose by $20.81 billion (or by 17.5 percent) from the end-September 2023 level of $118.83 billion. The increase was primarily driven by total net availments by both public and private sector borrowers as well as the net acquisition of Philippine debt securities by non-residents.

Public sector net availments for the 12-month period were recorded at $7.94 billion while private sector borrowers accumulated net availments of $6.63 billion for the same period.

Meanwhile, year-on-year net acquisitions of Philippine debt securities by non-residents surged to $5.03 billion, reflecting sustained investor confidence in Philippine credit.

Positive FX revaluation of borrowings denominated in other currencies of $860.86 million and prior years’ adjustments of $347.63 million further contributed to the increase in debt stock.

As of end-September 2024, the maturity profile of the country’s external debt remained predominantly medium and long term in nature.

Under the remaining maturity concept, outstanding medium and long term borrowings stood at $110.87 billion with its share to total at 79.4 percent.

Meanwhile, outstanding short term debt under the remaining maturity concept comprised 20.6 percent (or $28.77 billion) of the total outstanding external debt.

Of the medium and long term accounts , $65.98 billion (or 55.7 percent) have fixed interest rates, $51.20 billion (or 43.2 percent) carry variable rates, and $1.35 billion (or 1.1 percent) are non-interest bearing.

Public sector external debt grew by $7.06 billion (or 8.8 percent) to $86.88 billion in the third quarter of 2024 from the $79.83 billion level last quarter with share to total recorded at 62.2 percent.

The increase in public sector borrowings was largely driven by net availments of $3.56 billion and net acquisitions by non-residents of Philippine peso-denominated government debt securities of $2.17 billion.

Additionally, the relative depreciation of the US dollar against other currencies increased the US dollar equivalent of public sector borrowings denominated in other currencies by $1.40 billion.

About $80.13 billion (or 92.2 percent) of public sector obligations are attributed to the NG, while the remaining$6.76 billion (or 7.8 percent) pertained to borrowings of government-owned and controlled corporations, government financial institutions and the Bangko Sentral ng Pilipinas.

Private sector debt rose to $52.76 billion at the end of the third quarter of 2024, reflecting a $2.40 billion (or 4.8 percent) increase from the end-June 2024 level of $50.36 billion.

The growth in private sector borrowings was mainly driven by a $2.52 billion increase in local banks’ other liabilities as they tapped the offshore markets to address their funding requirements and support asset growth.

The net acquisition by non-residents from residents of debt securities issued offshore amounting to $599.04 million and the positive FX revaluation of borrowings denominated in other currencies of $163.40 million further contributed to increase of private sector borrowings.

Major creditor countries were Japan ($15.38 billion), the Netherlands ($4.61 billion), and the United Kingdom ($4.51 billion).

Loans from official sources (multilateral and bilateral creditors) had the largest share ($52.43 billion or 37.5 percent) of the total outstanding debt, followed by borrowings in the form of bonds/notes ($47.61 billion or 34.1 percent) and obligations to foreign banks and other financial institutions ($31.73 billion or 22.7 percent); the rest ($7.87 billion or 5.6 percent) were owed to other creditors (mainly suppliers/exporters).

In terms of currency mix, the country’s debt stock remained largely denominated in US dollar ($104.03 billion or 74.5 percent of total), followed by the Philippine peso ($12.75 billion or 9.1 percent) and Japanese yen ($10.91 billion or 7.8 percent of total).

The rest ($11.96 billion or 8.6 percent) pertained to 17 other currencies, including the euro ($6.99 billion or 5.0 percent), and Special Drawing Rights ($3.87 billion or 2.8 percent).

Other key external debt indicators also remained at sustainable levels. Gross international reserves (GIR) stood at $112.71 billion as of end-September 2024 and represented 3.92 times cover for short-term debt based on the remaining maturity concept.

The debt service ratio (DSR), which relates principal and interest payments (debt service burden) to exports of goods and receipts from services and primary income, rose to 11.6 percent from 10.4 percent for the same period last year due to the higher recorded debt service payments from January to September 2024.

The DSR and the GIR cover for ST debt are measures of the adequacy of the country’s foreign exchange (FX) resources to meet maturing obligations. Bangko Sentral ng Pilipinas

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