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Benigno Simeon Aquino (2013-2015)
By June 2013, it was announced by BSP Governor Amando M. Tetangco, Jr that the country's outstanding external debt registered by the BSP has declined by US$ 1.0 billion (or 1.8%) to US$ 58.0 billion from US$ 59.0 billion in March. According to him, this was largely a result of net loan repayments, mostly by the public sector, as well as negative foreign exchange revaluation adjustments as the US dollar strengthened, particularly against the Japanese Yen. This decrease supported the yearly trend with debt stock reflecting a reduction of US$ 3.2 billion (or 5.3%) from US$ 61.2 billion in June 2012.

The trend observed for the external debt-GDP-ratio was also the same for the said year, with the ratio down to 21.8% in the second quarter from 22.8% in March and 26.1% in June 2012. Generally, the country's economy between 2012 and 2013 grew at an average rate of 7.0%.

Moreover, the country sustained its growth momentum in 2014 at a rate of 6.1%, as what the national government targeted to be 6.0-7.0% growth rate for 2014. By the end of March 2014, it was reported that the country's outstanding external debt registered by BSP stood at US$ 58.3 billion. The debt-GDP-ratio for this year, from 22.8% in 2013, declined to 21.5%.

During the first nine months of 2014, the country's BOP position recorded a US$ 3.4 billion deficit, a reversal from the US$ 3.8 billion surplus recorded in 2013. According to BSP, the deficit was attributed to the significant increase in net outflows in the financial account brought about by large net outflows in portfolio investments and in other investments.

Positive developments in the US economy and anticipations of interest rate adjustments by the US Fed have led to capital outflows in emerging markets like the Philippines. Meanwhile, the current account remained in surplus at US$ 6.8 billion supported by strong remittance flows and receipts from the BPO industries and the export sector. As of December 2014, the country's gross international reserves (GIR) stood at US$ 79.8 billion.

By the end of March 2015, it was reported by Tetangco that the outstanding Philippine external debt stood at US$ 75.3 billion. The debt service ratio (DSR), or total principal and interest payments as a percenatge of of exports of goods, receipts from services and primary income, is a measure of the adequacy of the country's FX earnings to meet maturing obligations. The ratio declined from 7.3% in March 2014 to 6.3% due to higher receipts and lower payments during the year.

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