THE BANGKO SENTRAL ng Pilipinas (BSP) has enhanced its external debt monitoring and analysis by shifting to the latest version of the Debt Management and Financial Analysis System (DMFAS).

“The DMFAS 6 has strengthened security to ensure data integrity and confidentiality and an enhanced user experience and navigation. It also offers enhanced analytical and managerial tools for debt portfolio analysis and reporting,” the BSP said in a statement on Monday.

“The upgrade to DMFAS 6 is expected to improve and expand BSP’s operations with the use of available DMFAS data sets in generating pre-built and user-defined reports,” it added.

The DMFAS acts as the primary database of the central bank for comprehensive external debt statistics used for operational and policy purposes. It is also used for dissemination to local and international stakeholders.

It is a database software developed by the United Nations Conference on Trade and Development (UNCTAD) in 2012. It is aligned with international standards and a rigorous set of validation checks to ensure the consistency of records.

The software is currently being used by 105 central banks and ministries of finance and other debt management offices in 69 countries.

The software is usually installed in a country’s central bank or Finance department or ministry. It supports the management of both external and domestic public debt, or loans and securities, and can also be used for private debt or grants, among others.

“Going forward, the BSP will continue its data-driven initiatives by expanding the coverage of the DMFAS database and analysis through possible integration with other external debt data sources,” the central bank said.

As of March, the Philippines’ external debt hit a record $109.8 billion, up by 3.1% from the $106.4-billion level as of end-December 2021.

Public sector external debt rose by $3.4 billion to $67.4 billion as of end-March, from $63.9 billion as of end-December 2021. Around $58.8 billion or 87% were National Government borrowings while the rest were loans of government-owned and -controlled corporations, government financial institutions and the BSP.

Meanwhile, the country’s outstanding debt stood at P12.5 trillion as of May.