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Philippines: Weak peso in Q1 pulls down debt prepayments
Philippines: Weak peso in Q1 pulls down debt prepayments
Friday, 8 July 2016 – Debt prepayments by both public and private borrowers were lower in the first quarter of this year, according to Bangko Sentral ng Pilipinas (BSP) data.
The reason for it seems to be the relatively weak state of the peso in the first three months of the year. The average peso-US dollar exchange rate in the first three months of this year, according to BSP data, was P47.29 to $1or 6.1 percent lower than the P44.42 to $1 average in the first quarter of 2015. The decline in prepayments did in fact correspond to the weaker peso.
Prepayments on medium and long-term foreign loans, BSP reported, hit $1.17 billion over January to March 2016, down 20 percent from to the $1.47 billion recorded in the same 2015 period. Read More?