The Philippines' outstanding external debt as of end-June fell 1.9 percent to 53 billion U.S. dollars from a quarter earlier, the Philippines central bank said on Friday.
The contraction was due mainly to the increase in investment of local banks in Philippine debt papers issued abroad as well as the negative foreign exchange revaluation adjustments on third currency-denominated accounts, the central bank said in a statement, adding that foreign loan transactions, including availments and repayments, posted a net repayment of 7 million dollars.
Year-on-year, the debt stock slipped 873 million dollars or 1.6 percent from 53.9 billion dollars in June 2006.
The central bank said that with this, the country's external debt ratio, or outstanding external debt as a percentage of GDP improved to 41.3 percent, from 45.4 percent in 2006.
Source: Xinhua
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