Preliminary data on the Philippines’ International Investment Position (IIP) show that the net external liability position increased to $65.6 billion (13.4 percent of GDP) as of end-June from $55 billion (11.2 percent of GDP) as of end-March.

Net external liability position increased in end-June from a quarter earlier, driven by borrowings by the national government, domestic banks, and other sectors.

Maturities of the external liabilities, however, remained predominantly long-term. This helps limit near-term refinancing risks.

The value of the external financial assets was broadly stable during the quarter, with reserve assets continuing to provide an important external buffer.

The IIP provides a snapshot of the country’s external financial position, covering its assets abroad and liabilities to the rest of the world. Bangko Sentral ng Pilipinas