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The Philippines Foreign Debt Stock Fell By $38.2 Billion Under The Administraion Of Pres. Duterte

Under the administration of Pres. Duterte, the Philippines' foreign debt stock fell by $3.82 billion on the first quarter of 2017 from a year earlier due to principal repayments, adjustments made in the comparative periods to include late reports, and foreign exchange revaluation, central bank data showed over the weekend.

“The downward impact of these factors on the debt stock was slightly offset by a moderate increase in non-residents’ investments in Philippine debt papers issued offshore ($126 million) during the period,” the central bank said in the report.

As of the end of March 2017, Philippine foreign debt was  $ 73.8 billion, down from $ 77.64 billion in the first half of 2016 to $ 74.8 billion at the end of December.

President Duterte admitted during the election period that he is not an economist but he will do everything to improved the country's financial stability as well as paying the country's foreign obligations.

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