The Philippines’ net external liabilities surged 33.8 percent quarter-on-quarter to P3.9 trillion in the third quarter of 2024 from P2.9 trillion in the previous quarter, the Bangko Sentral ng Pilipinas (BSP) said.
The increase was led by higher net liabilities of non-financial corporations and the government, as well as a shift in other depository corporations to a net liability position from a net asset position, the BSP said in a statement.
This was partly offset by an increase in the central bank’s net external assets.
It said that year-on-year, the country’s net liability position also widened, mirroring the quarterly trend.
Non-financial corporations’ net liabilities rose 7.8 percent quarter-on-quarter to P11.6 trillion, fueled by increased external financing through equity and investment fund shares, and higher loans payable to other depository corporations.
The government’s net liabilities increased 4.6 percent to P9.8 trillion, due to additional financing from non-residents through debt securities and loans and increased investments in government securities by other financial corporations and banks.
Households’ net financial assets grew 0.8 percent to P14.1 trillion, driven by higher insurance, pension and guarantee schemes.
Other depository corporations’ net financial assets rose 3.9 percent to P1.64 trillion, supported by higher loans receivable from enterprises and increased government security investments.
