Bangko Sentral ng Pilipinas (BSP) announced on Monday that it has adopted an international external debt management standard.
The central bank said in a statement that it has completed upgrading its external debt monitoring and analysis by moving to a more recent version of the Debt Management and Financial Analysis System (DMFAS).
BSP said the move is in line with its mandate to manage external debt and the latest 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 to record, monitor, report and analyze debt data that meets international standards and undergoes a rigorous set of checks to ensure record consistency.
According to the Central Bank, DMFAS is currently used by 105 finance ministries, central banks and other debt management institutions in 69 countries.
“[The] DMFAS serves as BSP’s main database for the production of comprehensive external debt statistics for operational and policy purposes, and for general dissemination to domestic and international stakeholders,” the BSP said in a statement.
DMFAS 6 has enhanced security to ensure data integrity and confidentiality, as well as improve user experience and navigation. It also offers advanced analytical and management tools for debt portfolio analysis and reporting.
“The upgrade to DMFAS 6 is expected to improve and enhance BSP operations by using the available DMFAS datasets to generate pre-built and user-defined reports,” the BSP said in a statement.
“In the future, 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,” he added.
Image credits: CNN Philippines