2 days ago
3
Upgrade to High-Speed Internet for only ₱1499/month!
Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.
Visit Suniway.ph to learn
Keisha Ta-Asan - The Philippine Star
April 28, 2025 | 12:00am
In a statement, the BSP said the Monetary Board cleared $6.29 billion worth of proposed public sector foreign borrowings from January to March, more than double the $2.87 billion approved in the same period last year.
STAR / File
MANILA, Philippines — Foreign borrowings approved by the Bangko Sentral ng Pilipinas (BSP) surged by 118.91 percent in the first quarter as the government ramped up efforts to fund priority programs and meet maturing obligations.
In a statement, the BSP said the Monetary Board cleared $6.29 billion worth of proposed public sector foreign borrowings from January to March, more than double the $2.87 billion approved in the same period last year.
All borrowings carry medium- to long-term maturities and consist of bond issues totaling $3.33 billion, five project loans worth $1.46 billion and three program loans amounting to $1.50 billion.
“Proceeds of the bond issues will be used to fund various budget requirements of the national government, including socio-economic programs and projects, as well as settlement of maturing financial obligations,” the central bank said.
Meanwhile, the program loans are intended to support economic development and finance-related projects, while project loans will fund efforts in transportation and infrastructure development.
Under the law, all foreign borrowings by the national government, its agencies and government financial institutions, as well as loans guaranteed by the state, must first secure the BSP’s Monetary Board approval. This requirement ensures that the country’s external debt remains manageable.
The BSP said it remains committed to its mandate of safeguarding the country’s debt sustainability amid the government’s continued access to external financing.
Latest data from the central bank showed that the country’s foreign debt slipped slightly to $137.63 billion in end-December 2024 after hitting an all-time high of $139.64 billion in end-September, mainly due to the appreciation of the dollar against other currencies.
Public sector external debt slipped by 1.8 percent to $85.34 billion in end-December 2024 from $86.88 billion in end-September last year. Meanwhile, private sector debt declined slightly to $52.29 billion from $52.76 billion a quarter ago.
