Thursday 17 January
Dec 16, 2018 @ 12:14

Biggest chunk of PH loans owed to ADB, World Bank

 

Foreign debt continued to grow as of September.

The Philippines’ total external debt rose to $76.4 billion as of end-September, up by 5.8 percent from $72.2 billion the previous quarter.
In a statement, the central bank said the increase was due to $6 billion in additional borrowings made by both government and private sector.

Still, the biggest chunk is owed to multilateral and bilateral agencies out to provide help for developing countries. Loans secured from the likes of the Asian Development Bank and the World Bank amounted to $24.8 billion, taking up a third of the total.

“The creditor mix continues to be well diversified, demonstrating the country’s ability to tap varied sources of financing (both official and commercial sources), which gives the country sufficient flexibility to choose from a broad range of fund sources,” the central bank said in a statement.

Bonds and notes issued to foreign investors followed at 29.8 percent, while loans from foreign banks stood at 29.6 percent.

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