Philippines' external debt hits record high at $98.488 billion

The Philippines' external debt reached a record high of $98.488 billion as of end-2020, up 17.8% from the previous year.

This increase was driven by massive borrowings for pandemic response and is equivalent to 27.2% of GDP.

BSP Governor Benjamin Diokno attributed the rise in foreign debt stock to net availments by the national government, increases in non-resident holdings of Philippine debt papers issued offshore, and positive foreign exchange revaluation.