June 19, 2018, 11:35 pm
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Borrowings fall 2.44 %

The government’s gross borrowings in the first quarter fell by 2.44 percent as it borrowed less from local lenders versus the same period last year.

According to the Bureau of the Treasury, the national government’s gross borrowings in January to March amounted to P207.9 billion, down from the P213.1 billion recorded in the same period a year ago.

Local borrowings accounted for the decline as it dropped by 29.94 percent to P61.8 billion, from P88.2 billion in the first three months of 2017.

During the period, the Bureau of the Treasury made several rejections and partial awards as investors often sought higher-than-expected rates for the treasury bonds and bills.

Of the total domestic borrowings, P43.8 billion was accounted for by fixed-rate treasury bonds, while P18 billion by treasury bills.

Foreign financing, on the other hand, amounted to P146.1 billion, 17 percent up from P124.9 billion a year ago.

The government was able to borrow from foreign sources through a global bond swap in February which raised P102.7 billion, and P12 billion with its recent issuance of Panda bonds.

It was also able to borrow through project and program loans worth P10 billion and P21.4 billion, respectively.

In March, the government’s gross borrowings stood at P51.4 billion, 23.1 percent higher than the P41.8 billion recorded in the same period a year ago.

Of this amount, P15.8 billion was from foreign lenders while P35.6 billion was accounted for by domestic financing.
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