Connect with us

Hi, what are you looking for?

News

Gross borrowings drop 33% as of end-October

PEXELS-JOHN GUCCIONE

GROSS BORROWINGS by the National Government (NG) declined by 32.7% year on year as of end-October, preliminary data from the Bureau of the Treasury (BTr) showed.

According to the BTr, total gross borrowings in the 10-month period stood at P1.85 trillion, lower than the P2.75 trillion seen in the same period last year.

For October alone, gross borrowings increased by 25.4% to P176.56 billion year on year.

For the first 10 months of the year, gross domestic borrowings dropped by 31% to P1.58 trillion from P2.29 trillion a year ago.

In October, gross domestic borrowings plunged by 57.6% to P56.73 billion from P133.73 billion a year ago. The month saw a net redemption of Treasury bills (T-bills) amounting to P51.38 billion, which was offset by the P108.11 billion raised through fixed-rate Treasury bonds (T-bonds).

Meanwhile, external gross borrowings fell by 9.07% to P471.66 billion in the 10-month period from P518.71 billion a year earlier.

Foreign gross borrowings surged by 943.2% to P125.7 billion for the month of October from P12.049 billion posted last year.

This included global bonds, which amounted to P116.93 billion, and project loans, which totaled P8.76 billion.

In October, the Marcos administration raised $2 billion (P118 billion) from its first dollar bond issuance, reflecting “strong investor appetite globally for the republic.”

The government also repaid P5.74 billion to foreign creditors in October.

The government borrows from domestic and foreign sources in order to fund a budget deficit capped at P1.65 trillion this year, equivalent to 7.6% of gross domestic product (GDP).

The NG outstanding debt hit a record P13.52 trillion as of end-September. 

As a share of GDP, outstanding debt rose to 63.7% at the end of September, the highest in 17 years. — Luisa Maria Jacinta C. Jocson

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

A VIEW of the city skyline in Shanghai, China, Feb. 24, 2022. — REUTERS SHANGHAI — Chinese state media on Thursday cautioned against risks...

News

REUTERS SEOUL — South Korea’s anti-trust regulator said on Thursday it would impose a combined fine of 42.3 billion won ($33.48 million) on three...

News

CHRIS BARBALIS-UNSPLASH JAPAN is exchanging information on Chinese spy balloons with the United States, top government spokesperson Hirokazu Matsuno said on Thursday. There have been confirmations of suspected balloons flying over Japan,...

News

CODY LOGAN/WIKIMEDIA COMMONS SYDNEY — The Australian government will examine surveillance technology used in offices of the defense department, Defence Minister Richard Marles said...

News

CODY LOGAN/WIKIMEDIA COMMONS SYDNEY — The Australian government will examine surveillance technology used in offices of the defense department, Defence Minister Richard Marles said...

News

SEOUL — Nuclear-armed North Korea showcased its missile production muscle during a nighttime parade, state media reported on Thursday, displaying more intercontinental ballistic missiles...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.