Gross borrowing dropped by 43.38% year on year at the end of May, as the National Government (NG) stepped up debt repayments. READ:
According to preliminary data from the Bureau of the Treasury , gross borrowing was P883.11 billion in the year to date.
In May, the government’s debt position was a net redemption of P282.58 billion, with repayments outweighing new borrowing.At the end of May, the NG’s outstanding debt also declined 2.1% month on month to P12.5 trillion, after it repaid advances made by the Bangko Sentral ng Pilipinas .The May position on Treasury bills was a net issuance of P85.89 billion.Foreign gross borrowing rose 50.33% to P11.71 billion in May, consisting entirely of project loans accounting for all of it.
The government generated P457.8 billion from Retail Treasury bonds, and P446.45 billion from fixed-rate T-bonds.The government borrows from domestic and foreign sources in order to fund a budget deficit that has since grown due to the need to finance the country’s pandemic response. The government wants to raise P2.47 trillion to help fund its budget deficit this year, with about 77% coming from domestic sources. —
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