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Manila Bulletin devider Business devider Banking & Finance devider Philippine external liabilities swell to $69.3 billion in Q1

Philippine external liabilities swell to $69.3 billion in Q1

Published Jul 1, 2025 02:35 pm

At A Glance

  • The Philippines' international investment position (IIP) posted a nearly six-percent increase in net external liabilities in the first quarter, as the growth in the country's foreign financial liabilities outpaced the expansion of its foreign financial assets.
The Philippines' net external liabilities surged by nearly six percent in the first quarter of the year, as the growth of the country's foreign financial obligations outpaced the expansion of its overseas investments.
According to the Bangko Sentral ng Pilipinas (BSP), the increase in net external liabilities was primarily due to a higher influx of foreign investments into Philippine assets compared to the country's investments abroad.
The nation's International Investment Position (IIP), which tracks total foreign financial assets and liabilities, showed a 5.8 percent rise in net external liabilities, bloating from $65.5 billion in the previous quarter to $69.3 billion by the end of March.
The BSP attributed this increase to a 2.7 percent rise in the country’s external financial liabilities, which grew faster than the 1.9 percent increase in its external financial assets.
Consequently, the Philippines' outstanding external financial liabilities reached $326.8 billion as of end-March, while its external financial assets amounted to $257.5 billion.
On an annual basis, the net external liability position expanded by 17.2 percent from $59.1 billion in the first quarter of last year. This was driven by a 7.4 percent increase in outstanding external financial liabilities (from $304.2 billion), outstripping the 5.1 percent growth in external financial assets (from $245.1 billion).
As of end-March, the majority of foreign investments in Philippine financial assets (56.1 percent) were channeled into other sectors, which include other financial corporations, non-financial corporations, households, and non-profit institutions.
Securities issued by and loans extended to the national government received the second-largest share of foreign investments at 28.6 percent.
The banking sector attracted the third-biggest share at 14.1 percent, while the BSP held the smallest portion at 1.2 percent, primarily in the form of Special Drawing Rights (SDRs).
Conversely, the central bank continued to hold the largest share of the country’s investments in foreign assets at 43.3 percent.
Other sectors accounted for the second-largest share at 40.9 percent, with the banking sector holding the smallest share at 15.8 percent.

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Bangko Sentral ng Pilipinas (BSP)
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