Q1 external debt up on new borrowings (opens original article in a new tab)

External debt rose slightly in Q1 2026 due to new borrowings but decreased from the previous quarter as investor sentiment cooled, with key indicators remaining sound.

• New borrowings by the National Government and private sector increased external debt by 0.42% to $147.35 billion as of March 2026
• External debt decreased by 0.2% from the previous quarter due to lower non-resident holdings of Philippine debt securities
• Key debt indicators remained sound with external debt at 30% of GDP and strong reserve adequacy