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Philippines' foreign debt slightly declines, but debt service payments surge 26% in 2024.
The Philippines' foreign debt slightly decreased to $137.63 billion by the end of 2024, but its debt-to-GDP ratio improved to 29.8%.
The national government's debt service payments rose by 26% in 2024 to P2.021 trillion, reflecting increased borrowing for pandemic recovery and infrastructure.
Despite a budget deficit decrease, significant foreign borrowing continues to finance government spending.
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La deuda externa de Filipinas disminuye ligeramente, pero los pagos del servicio de la deuda aumentaron un 26% en 2024.