The Bangko Sentral ng Pilipinas yesterday launched its Debt Management and Financial Analysis System project its press release said.

The DMFAS is a software developed by the United Nations Conference on Trade and Development-DMFAS Program.

The UNCTD-DMFAS provides technical assistance and advisory services in the area of debt management to strengthen the external debt management capability of countries, the press release said.

The system is used by central banks and ministries of finance in more than 69 countries worldwide.

The new system is aimed to increase efficiency in the recording, monitoring and generation of external debt data and further improve compliance with international reporting standards, the press release said.

It is also expected to help the BSP optimize the use of available information on debt for policy formulation, analysis and strategy setting for a more pro-active stance in external debt management, the press release also said.

Since 1994, the BSP has been using the Integrated External Debt Management System or IEDMS, an in-house developed computerized system for recording and monitoring of external debt data.

However, the rapidly changing financial landscape, coupled with the emergence of sophisticated financial instruments, as well as the increasing integration and linkages among economies, have heightened the demand for more detailed, current and comprehensive information on, and analysis of, external obligations, the press release said.

To address the challenges posed by these developments and as part of the BSP's commitment to continuously upgrade its capability in terms of statistical infrastructure, systems and processes, the shift from the IEDMS to the DMFAS was pursued, it added.

The initiative is considered timely in the face of sovereign debt problems in the euro zone and the United States.

The Philippines is expected to benefit from the system in further improving its debt profile given its healthy level of reserves, a well-spaced debt maturity structure, and a diversified mix of fund sources, the press release said.*

back to top