MANILA - THE Philippines' foreign debts stood at US$53.9 billion (S$82 billion) by the end of 2008, the central bank said on Tuesday.

The figure was up 0.7 per cent in the last quarter of the year, but down from US$54.9 billion the previous year, a central bank statement said.

'Major external debt indicators continued to improve in 2008 due to the country's substantial foreign exchange receipts, comfortable level of international reserves, and sustained growth in national income,' central bank governor Amando Tetangco said in a statement.

The debt service ratio improved to 9.6 per cent of exports in 2008, from 10.0 per cent in the nine-month period ending September and 10.1 per cent for the whole of 2007, he added.

Foreign debts stood at 31.9 per cent of gross domestic product last year, down from 38.1 per cent in 2007, the governor said. -- AFP