The country’s net international investment position has posted a net liability position of $28.5 billion for June 2022, data from Bangko Sentral ng Pilipinas showed over the weekend.
June data shows a lower by 9.9 percent than the $31.6 billion recorded in end-March 2022.
“The contraction mainly drove this development in external financial liabilities (by 5.2 percent), which outpaced that of external financial assets (by 4.6 percent),” data shows.
As of end-June 2022, total outstanding external financial assets stood at $229 billion, while total exceptional external financial liabilities amounted to $257.5 billion.
On a year-on-year basis, the country’s net liability position grew by 19.1 percent from $23.9 billion as of end-June 2021.
“This developed as total external financial assets decreased by 2.3 percent (from $234.4 billion), which more than offset the decline in total external financial liabilities of 0.3 percent (from $258.3 billion),” the central bank said.
Meanwhile, for the external financial assets, almost half (or 45.9 percent) of residents’ claims were held by the BSP, totaling $105.1 billion, it added.
However, this level was 6.1 percent lower than the $111.9 billion in asset holdings as of end-March 2022.
“The other sectors’ external financial assets comprised 38.9 percent of the country’s total stock of financial assets at $89 billion,” the BSP data shows.
The remaining 15.3 percent of the total external financial assets of the country were held by banks at $35 billion.
For external financial liabilities, the other sectors comprised the highest share at 63.6 percent, amounting to $163.8 billion as of June 2022.
The central bank data shows this level was 6.3 percent lower than its outstanding liabilities in the previous quarter at $174.9 billion.
The national government’s total external financial liabilities reached $60.1 billion, accounting for 23.3 percent of the Philippines’ outstanding external financial liabilities.
Bank’s share reached 11.6 percent or $29.8 billion, while that of the BSP was 1.5 percent or $3.8 billion of the country’s total external financial liabilities.