Debt prepayments by both public and private borrowers were lower in the first quarter of this year, according to Bangko Sentral ng Pilipinas (BSP) data.
The reason for it seems to be the relatively weak state of the peso in the first three months of the year. The average peso-US dollar exchange rate in the first three months of this year, according to BSP data, was P47.29 to $1or 6.1 percent lower than the P44.42 to $1 average in the first quarter of 2015. The decline in prepayments did in fact correspond to the weaker peso.
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