Manila, June 12 -- The Philippines' outstanding external debt remained manageable, declining to USD147.35 billion in the first quarter of the year from USD147.65 billion, the Bangko Sentral ng Pilipinas (BSP) said.

"The slight quarter-on-quarter decline in external debt was driven by lower non-resident holdings of Philippine debt securities, reflecting more cautious investor sentiment and tighter financing conditions for emerging markets during the quarter," the BSP said in a statement late Thursday.

The BSP said key debt indicators remained sound.

External debt as a share of gross domestic product (GDP) improved slightly to 30 percent from 30.3 percent in the previous quarter, despite slower economic growth.

Liquidity conditions als...