“There’s no question that a weaker peso would make it more costly to service the country’s foreign debts,” Miguel Chanco, Pantheon Macroeconomics chief emerging Asia economist, said in an e-mail.
“Weaker peso exchange rate also increases the peso equivalent of the government’s foreign debts/loans, thereby could bloat the debt stock,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a note. As of end-April, the external debt inched up by 0.4% from the previous month, due to the P28.56-billion net availment of external loans and the effect of the peso depreciation against the US dollar amounting to P31.50 billion. However, this was tempered by the P43.86-billion adjustments in third currencies.
“Fortunately, about 75% of our national debt is dominated in [peso], while 25% is foreign-currency dominated,” UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an e-mail. “This ratio of domestic and foreign debt was by design… and I think that this will do us good in the longer run.”
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