Phl net external liability position narrows to $58 B

LESS DEBT, MORE FOREIGN ASSETS

- By KEISHA TA-ASAN

The country’s net international investment position improved in the third quarter, with the Philippines posting a narrower net external liability position on the back of higher external assets and lower foreign obligations.

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed that the country’s net liability position stood at $58.2 billion as of end-September, equivalent to 12.1 percent of gross domestic product, declining from $67 billion or 14.1 percent of GDP as of end-June.

“The lower net liability position reflects the expansion of external assets and decline in foreign obligations,” the central bank said.

Outstanding external assets rose by 1.9 percent to $263.9 billion by end-September from $259 billion a quarter earlier, while external liabilities inched down by 1.2 percent to $322.1 billion from $326 billion.