BSP adopts international standard for external debt management

LA Bangko Sentral ng Pilipinas (BSP) announced on Monday that it has adopted an international standard for managing external debt.

In a statement, the Central Bank said it had completed improving its external debt monitoring and analysis by upgrading to the most recent version of the Debt Management and Financial Analysis System (SYGADE).

The PASB said the move was in line with its mandate on external debt management and recent technological developments in the country and around the world.

DMFAS is a database software developed by the United Nations Conference on Trade and Development (UNCTAD) used for the recording, monitoring, reporting and analysis of debt data that is aligned with international standards and a rigorous set of validation checks to ensure consistency of records.

According to the Central Bank, DMFAS is currently used by 105 finance ministries, central banks and other debt management offices in 69 countries.

“[The] DMFAS serves as PASB’s primary database for the preparation of comprehensive external debt statistics for operational and policy purposes, as well as for general dissemination to national and international stakeholders,” the PASB statement reads.

DMFAS 6 has enhanced security to ensure data integrity and confidentiality and improved user experience and navigation. It also offers enhanced analytical and management tools for debt portfolio analysis and reporting.

“Upgrading to DMFAS 6 is expected to improve and extend BSP’s operations through the use of available DMFAS datasets to generate predefined and user-defined reports,” BSP said.

“Going forward, PASB 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,” said he added.

Image credits: CNN Philippines

Shirlene J. Manley