Philippine outstanding external debt approved/registered by the central bank stood at US$55.4 billion at the end of March, up around 4.1% from the US$53.3 billion level as of end-2009, data from the Bangko Sentral ng Pilipinas showed Tuesday.
The growth was led by net borrowings of both the private and public sectors. External debt refers to all types of borrowings by Philippine residents from non-residents that were approved or registered by the BSP.
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Rice imports by the Philippines, the world’s top buyer, may surge 24 percent this year after a typhoon in 2009 cut production, government figures show.
The Philippines will import 2.47 million metric tons of rice this year, a figure comprised of both government and private sector purchases, according to Jose Cordero, an assistant administrator at the Philippines’ National Food Authority. The agency is tasked with ensuring food security through procurement of rice and buffer stocking.
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