GMA News
DOF: Gov’t borrowings reached P1.22 trillion in Jan-April
The Philippines' gross borrowings from January to April reached P1.22 trillion, surpassing the total for the entire year of 2019 due to the COVID-19 pandemic.
Finance Secretary Carlos G. Dominguez III stated that the government maintained prudence by borrowing mostly from local sources, leveraging the domestic financial system's liquidity.
According to the Bureau of the Treasury, P982 billion of the total borrowings were raised through treasury bills and bonds, supplemented by a P300-billion repurchase agreement with the Bangko Sentral ng Pilipinas.
Foreign borrowings during the same period amounted to P237 billion, sourced from offshore bond issuances and loans from bilateral and multilateral partners.
Dominguez emphasized that these increased borrowings are essential for the Duterte administration's initiatives to address the economic shocks caused by the COVID-19 pandemic and the Taal Volcano eruption.
Topics in this story
Explore more stories about these topics.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
The national government's outstanding debt reached a new high of P8.891 trillion in May due to increased foreign and domestic borrowings to fund the COVID-19 response.
Read more →
The Philippines and Japan have formally exchanged notes for a loan of approximately PHP24 billion to support the country's COVID-19 response and economic relief efforts.
+3
Read more →