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PHILIPPINES' EXTERNAL DEBT RISES TO US$54.9 BLN.
MANILA, April 1 Asia Pulse - Each of the about 85 million Filipinos now have higher debt after the country's end-December 2007 external debt totaled to US$54.9 billion, the Bangko Sentral ng Pilipinas (BSP) reported Monday.
The latest figure is nine per cent or US$ 511 million higher than the US$54.4 billion at the end of the third quarter in 2007 and an increase of 2.9 per cent or about US$ 1.6 billion from year-agos US$53.4 billion.
The country remains a net borrower as it continues to register a deficit, although it was able to clip it to P12.4 billion last year from a P63 billion ceiling.
This year, the government plans to balance its budget but this is being threatened by the looming global slowdown.
Total public sector external debt accounts for US$37.7 billion from US$37.2 billion in the third quarter last year, or about 68.6 per cent of the total debt, from 68.4 in the previous quarter.
On the other hand, the private sector registered a US$ 17.3 billion external debt, from US$ 17.2 billion in the previous quarter or about 31.4 per cent of the total share from 231.6 per cent previously.
Bulk or about 39 per cent of the debt were extended by multilateral institutions like World Bank (WB), Asian Development Bank (ADB) as well as bilateral creditors like Japan Bank for International Cooperation (JBIC).
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