{"id":19864,"date":"2024-07-22T03:01:29","date_gmt":"2024-07-22T03:01:29","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/external-debt-payments-fall-by-20\/"},"modified":"2024-07-22T03:01:29","modified_gmt":"2024-07-22T03:01:29","slug":"external-debt-payments-fall-by-20","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/external-debt-payments-fall-by-20\/","title":{"rendered":"External debt payments fall by 20%"},"content":{"rendered":"
\n

THE PHILIPPINES\u2019 external debt<\/span> service burden fell by 19.8% as of end-April as principal payments declined, data from the Bangko Sentral ng Pilipinas (BSP) showed. <\/span><\/p>\n

Preliminary data from the central bank showed that the country\u2019s debt service burden on its external borrowings dropped to $4.64 billion in the January-April period from $5.785 billion a year ago. <\/span><\/p>\n

The debt service burden refers to the amount of money a country needs to pay back its foreign creditors. <\/span><\/p>\n

BSP data showed principal payments slid by 41.5% to $2.115 billion as of end-April from $3.613 billion in the same period in 2023.<\/p>\n

Meanwhile, interest payments jumped by 16.3% to $2.525 billion at end-April from $2.172 billion in 2023. <\/span><\/p>\n

As of the <\/span>f<\/span>irst quarter, the debt service burden as a share of gross domestic product (GDP) stood at 3%, lower than 4.3% a year ago. <\/span><\/p>\n

Earlier data from the BSP showed that the country\u2019s outstanding external debt rose by 8.3% to a record $128.7 billion as of end-March.<\/p>\n

This brought the external debt-to-GDP ratio to 29% from 28.9% a year earlier. Broken down, 17.8% came from the public sector while 11.2% was from the private sector.<\/p>\n

External debt includes all types of borrowings by residents from nonresidents.<\/p>\n

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the lower external debt payments were due to the smaller amount of matured external debt paid this year compared with last year.<\/p>\n

\u201cFor the coming months, possible cuts in Fed and local policy rates that led to lower bond yields would help ease the external debt service bill in terms of lower interest payments on them,\u201d he said in a Viber message.\u00a0<\/span><\/p>\n

Investors have locked onto the US central bank\u2019s Sept. 17-18 meeting for the start of interest rate cuts that US Federal Reserve Chair Jerome H. Powell has said will represent a \u201cconsequential\u201d change in policy from the pandemic-era battle against in<\/span>f<\/span>lation to a phase of easing monetary policy, Reuters reported.\u00a0<\/span><\/p>\n

The Fed is expected to hold its benchmark interest rate steady in the 5.25%-5.5% range at its July 30-31 meeting, but its new policy statement may also change the descriptions of the economy and outlook to lay the groundwork for a rate cut in September.<\/p>\n

Meanwhile, BSP Governor Eli M. Remolona, Jr. has repeatedly signaled the possibility of beginning <\/span>policy easing by August this year. <\/span><\/p>\n

He earlier said that the central bank can cut by a total of 50 basis points (bps) this year.<\/p>\n

From May 2022 to October 2023, the BSP raised borrowing costs by a cumulative 450 bps in order to tame inf<\/span>lation.<\/p>\n

The Monetary Board kept the benchmark rate to an over 17-year high of 6.5% for a sixth straight meeting in June. <\/span><\/p>\n

Latest data from the Bureau of the Treasury showed that the National Government\u2019s outstanding debt rose to a fresh high of P15.35 trillion as of end-May. \u2014 Luisa Maria Jacinta C. Jocson<\/b><\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE PHILIPPINES\u2019 external debt service burden fell by 19.8% as of end-April as principal payments declined, data from the Bangko Sentral ng Pilipinas (BSP) showed. Preliminary data from the central bank showed that the country\u2019s debt service burden on its external borrowings dropped to $4.64 billion in the January-April period from $5.785 billion a year [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[3911,14644,4000,2391,3759,1360],"class_list":["post-19864","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-3911","tag-bworldonline","tag-debt","tag-external","tag-fall","tag-payments"],"yoast_head":"\nExternal debt payments fall by 20% - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/external-debt-payments-fall-by-20\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"External debt payments fall by 20% - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE PHILIPPINES\u2019 external debt service burden fell by 19.8% as of end-April as principal payments declined, data from the Bangko Sentral ng Pilipinas (BSP) showed. 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