Foreign debt hits record $139.64 B

The country's external debt hit an all-time high of $139.64 billion in end-September due to higher borrowings of the national government and the private sector, according to the Bangko Sentral ng Pilipinas.

- By KEISHA TA-ASAN

BSP data showed foreign debt climbed by 17.5 percent during the nine-month period from a year-ago 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," the central bank said in a statement.

"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," the BSP said.

Quarter on quarter, the country's external debt inched up by 7.3 percent from $130.18 billion as of end-June due to liquidity requirements of the public and private sector as well as the increase in nonresidents' investment appetite for onshore debt securities.