The Monetary Board (MB) allowed the Marcos administration to borrow as much as $3.21 (about P186.98 billion) from foreign lenders for the last three months of 2024.
For the last quarter of 2024, the $3.21 approved amount accounted for six public sector medium- to long-term foreign borrowings.
Data from the Bangko Sentral ng Pilipinas (BSP) showed that this amount stood 3.35 percent (or $110 million) lower than the $3.32 billion foreign borrowings approved for the same period in 2023.
For the whole year of 2024, the national government was allowed to take 21 loans from foreign lenders, totaling $13.68 billion (approximately P796.86 billion). These loans included $4.50 billion from two bond issuances, $5.32 billion from 11 project loans, and $3.86 billion from eight program loans.
According to the central bank, this was 5.56 percent ($810 million) less than the $14.49 billion approved in 2023.
This decline, the BSP said, was driven by lower program loans in 2024 (down from $4.82 billion to $3.86 billion) and project loans (down from $5.67 billion to $5.32 billion), despite the increase in bond issuances from $4 billion to $4.50 billion.
Of the 2024 foreign debt, general funding needs and infrastructure projects (including transportation) will take up the largest shares.
Over one-third (32.89 percent) of the $13.68 billion will cover general financing requirements amounting to $4.50 billion. Another one-third (or 31.79 percent) will cover infrastructure projects at $4.35 billion.
Moreover, $2.98 billion (21.79 percent) will support economic recovery, climate projects, and policy reforms; $1.36 billion (9.9 percent) will fund education and healthcare programs; and $490 million (3.59 percent) will be used to enhance agrarian reform and maritime safety.