In Q1 2024, the Philippines' external debt increased 2.6% to $128.7B, while the debt service ratio improved to 8.9%.

The Philippines' external debt increased by 2.6% in Q1 2024, reaching $128.7B, as the country's debt service ratio improved to 8.9% from 13.0% due to lower scheduled debt service payments. Despite the rise, the external debt ratio remained at 'prudent levels' at 29.0% from 28.7% three months earlier. Gross international reserves stood at $104.1B, equivalent to 3.8 times cover for short-term debt.

June 16, 2024
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