Philippines’ net external liability position expanded to P1.3 trillion in 2021, up by 34.8 percent from P971 billion in 2020, based on the latest central bank Balance Sheet Approach report which is a financial stability monitoring tool.
Based on the latest but preliminary 2021 fourth quarter BSA, the increase in net external liability was driven by the growth of the net external liability positions of the non-financial corporations and the general government . The BSP said NFCs continued to post higher net borrowings from the rest of the world and other financial corporations which are insurance corporations, holding companies, and government financial institutions.
The HHs also showed improvements in savings and investments such as: increase in deposits with other depository corporations ; expansion in the HHs’ holdings of equity and investment fund shares issued by other financial corporations; increase in the insurance, pension and standardized guarantee schemes attributed to HHs; and buildup of domestic currency holdings.
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