• The country’s foreign debt reached another record high in 2023, as both the national government and the private sector borrowed more from offshore creditors, the central bank said.
  • Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed that the country’s external debt rose by 12.7 percent to an all-time high of $125.4 billion in 2023 from $111.3 billion a year earlier.
  • The BSP said the increase was due to the $9.2-billion net availments last year, around $7.9 billion of which were borrowings by the National Government (NG).