Foreign debt jumps to $130.2 B in June

The country's external debt hit another all-time high of $130.18 billion as of end-June, inching up by 1.2 percent from $128.69 billion in end-March as both the national government and the private sector borrowed more from offshore creditors.

- KEISHA TA-ASAN

Data released by the Bangko Sentral ng Pilipinas (BSP) showed that the increase in the country's debt level during the second quarter was driven by the total net availments of $1.5 billion.

Public sector external debt grew by 1.2 percent to $79.83 billion in the second quarter from $78.9 billion in the first quarter, with its share to total debt at 61.3 percent.

The $922.95-million increase in public sector debt was mainly driven by net availments of $1.75 billion as the national government borrowed to increase funding for its infrastructure projects and social services programs, the BSP said.

But this was partially offset by the negative $635.28 million foreign exchange revaluation of borrowings denominated in other currencies, net disposition by non-residents of debt securities amounting to $159.58 million and prior periods' adjustments of $29.58 million.