PHL external debt jumps to $149B

THE PHILIPPINES' outstanding external debt jumped to a record $148.87 billion as of end-June amid the weakening of the US dollar, the Bangko Sentral ng Pilipinas (BSP) said.

- 

Central bank data showed the country's external debt rose by 14.4% from $130.318 billion in the same period last year.

"The increase in external debt was driven primarily by borrowings, which included bond issuances by the National Government amounting to $5.83 billion and external financing tapped by local banks amounting to $3.44 billion," the BSP said in a statement.

Quarter on quarter, external debt inched up by 1.5% from the $146.74 billion logged at the end of the first quarter.

"The increase in external debt for Q2 (second quarter) 2025 was primarily due to valuation effects from the depreciation of the US dollar," the BSP said.

External debt accounts for all borrowings by residents from nonresidents.

The BSP said the external debt level remained "sustainable," equivalent to 31.2% of gross domestic product. This was better than the 31.5% in the previous quarter but higher than the 28.9% a year ago.