|
Philippine foreign debt grew slightly in 2007, the
Bangko Sentral ng Pilipinas said Monday, a development attributed by
critics to government’s efforts to secure financing to fast-track
its development programs.
Bangko Sentral added that major
external debt ratios had improved, however.
According to a statement released
by the central bank, outstanding Philippine external debt stood at
$54.9 billion at end-2007, rising 2.9 percent year-on-year.
The level also reflected an
increase of $511 million, or 0.9 percent, from the figure at the end
of the third quarter.
Despite the debt increase, the
statement said, “Major external debt ratios continued to improve
due to the higher levels of aggregate output, foreign exchange
receipts and international reserves.”
The foreign debts incurred in
2007 accounted for 38.1 percent of the gross domestic product (GDP),
an improvement from 45.4 percent a year ago, it added.
The Philippines, accustomed to
relying on heavy foreign borrowings to offset budget deficit, has
vowed to reduce foreign reliance in 2008 by exploring more domestic
funding sources to meet debt demands.
Anti-debt advocates had
criticized the Arroyo government for retiring old loans earlier than
their repayment schedule, while arranging for more foreign and local
loans, raising the country’s debt stock.
According to the Freedom from
Debt Coalition, every Filipino owes the country’s creditors
P42,637.88 (using 2007 estimated population data), and the country
pays its creditors P1,165,898.02 per minute.
Anti-debt advocates have lobbied
for an audit of all government loans secured from foreign and local
creditors.
--XINHUA with THE MANILA TIMES
|
