Based on the records of Bangko Sentral ng Pilipinas (BSP), as of June 30, 2000 the country owes US$52.164 billion to foreign creditors reflecting a US$ .251 billion drop from the end of March 2000 level of US$ 52.415. The country's outstanding external debt is US$ 4.347 higher since President Estrada assumed office.
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One of the biggest problems that block the economic growth and development of our country is the foreign debt amounting to $52 billion. Foreign debt is defined as a loan or debt incurred by a certain country to foreign creditors and denominated in foreign currencies. Creditors include commercial banks, foreign governments and multilateral institution such as the International Monetary Fund (IMF), Asian Development Bank (ADB) and the World Bank.
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