Philippine Foreign Debt Down 4.9% in First Quarter of 2017

External debt stood at $73.8 billion in the first quarter, lower by 4.9% when compared to the same quarter last year. The decline was due to net principal repayments by public and private sectors, audit adjustments from the previous period, and downward foreign exchange revaluation adjustments. Impact, however, was offset by an increase in non-residents’ investments in Philippine debt papers issued offshore amounting to $126…

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