The Central Bank of the Philippines published preliminary end-December 2024 international investment position data showing the Philippines remained a net external debtor with net liabilities of USD 65.5 billion, down 10.2% from USD 72.9 billion at end-September 2024. The improvement reflected a 3.4% fall in external financial liabilities that outpaced a 1.4% decline in external financial assets, leaving total liabilities at USD 318.2 billion and total assets at USD 252.7 billion. Quarter-on-quarter, the decline in liabilities was driven mainly by foreign portfolio investment falling 8.2% to USD 96.3 billion and foreign direct investment falling 2.0% to USD 129.3 billion. Portfolio equity holdings declined 14.1% to USD 37.6 billion alongside a drop in the Philippine Stock Exchange Index to 6,528.79 from 7,272.65, while portfolio debt securities fell 3.9% to USD 58.7 billion amid net selling of national government debt in the secondary market and net repayments. The contraction in assets was led by reserve assets falling 5.7% to USD 106.3 billion. Year-on-year, net external liabilities rose 29.0% from USD 50.7 billion at end-December 2023, as liabilities expanded 8.5% (including growth in portfolio debt securities, intercompany-related loans, and direct investment debt instruments) while assets increased 4.2% with reserve assets rising to USD 106.3 billion from USD 103.8 billion.
Central Bank of the Philippines 2025-03-31
Central Bank of the Philippines reports net international investment position narrows to USD 65.5 billion net liabilities at end-December 2024
The Central Bank of the Philippines reported a 10.2% decrease in net external liabilities to USD 65.5 billion at end-December 2024, driven by a 3.4% fall in external financial liabilities. The decline was primarily due to reductions in foreign portfolio and direct investments, while reserve assets fell 5.7% to USD 106.3 billion. Year-on-year, net external liabilities increased 29.0% from USD 50.7 billion at end-December 2023.