Philippines external debt 2020
Philippines external debt for 2016 was $72,930,887,388, a 4.66% decline from 2015. “The country’s ratio is the third lowest behind China and India,” Beltran pointed out.Finance Secretary Carlos G. Dominguez earlier assured that the Philippines has ample buffers to cushion its fallout from the coronavirus pandemic.Last week, the debt-watcher Moody’s Investors Service affirmed the Philippines’ credit rating of “Baa2” with a “stable” outlook due to the ability of its economy to cushion the effects of COVID-19 and to post a solid recovery over the near term.But Moody’s also noted the country’s economy would contract by 4.5 percent this year, while the national government’s debt ratio would suffer an “acute shock” after falling from 50.2 percent level in 2010 to 39.6 percent last year.However, Moody’s expects the Philippines to bounce back with a robust growth of 6.5 percent in 2021, to be followed by a solid growth of around 6.0 percent in the succeeding years.Moody’s said the recovery projection comes on the back of favorable demographics and improving investment climate.“The Philippines has wielded enough fiscal space ahead of the deepening coronavirus crisis,” Dominguez said, noting this allowed the government to “spend big” on its strategy to beat the COVID-19 pandemic. "The Philippines' Gross International Reserves stood at 88.9 billion U.S. dollars as of end-March 2020 and represented 6.7 times cover for short-term debt under the original maturity concept. The Philippines’ external debt is in a position of strength to cushion the impact of the coronavirus pandemic that continues to wreak havoc globally, the Department of Finance (DOF) said yesterday. In a DOF economic bulletin, Finance Undersecretary Gil S. Beltran said the country’s external debt had fallen to 19.67 percent of gross national income (GNI) as of the end of the first quarter this year from 20.98 percent in the same period in 2019.As a percent of goods and services and primary income, Beltran said it also dropped to 54.4 percent from 54.8 percent last year, which primarily due to public sector debt that dropped from $40.13 billion to $38.3 billion. Philippines external debt for 2018 was $78,824,362,850, a 5.97% increase from 2017. Philippines external debt for 2017 was $74,381,897,701, a 1.99% increase from 2016. This is one of the reasons for the strong confidence of investors in the Philippine economy,” Beltran said.Compared with two decades ago when the country was recovering from the Asian financial crisis, external debt ratios in 2020 were 41.4 percent of the debt-GNI ratio and 51.2 percent of the debt-exports ratio in 2000. (Photo by J. Gerard Seguia) The Philippine economy is projected to … Enditem
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