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Philippines registered an improvement in its International Investment Position

The Philippines registered an improvement in its International Investment Position (IIP) in end-2008 amid the risk aversion due to the global slowdown.

Initial Bangko Sentral ng Pilipinas (BSP) data show that the country’s IIP at the end of last year stood at net liability of US$ 26.9 billion, better than the previous year’s net liability position of US$ 28.5 billion.

“This came about as the decline in total external financial liabilities compensated for the slight drop in total external financial assets,” BSP said in a report.

BSP said the country’s total external financial assets from the rest of the world totaled to US$ 65.1 billion as of end-December 2008, an improvement of 2.6 percent compared to year-ago’s US$ 66.8 billion.

Also, the country’s total external financial liabilities dropped by 3.6 percent to US$ 92 billion during the same period from the US$ 95.37 billion in end-December 2007.

“The meager improvement in the IPP reflected the weaker external payments position in 2008, as the BOP yielded a surplus of US$ 89 million, markedly lower than the US$ 8.6 billion surplus realized in 2007,” the report said. Read more…