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Manila Bulletin devider Business devider Gov't lowers local borrowing to P180-B for Sept.

Gov't lowers local borrowing to P180-B for Sept.

Published Aug 30, 2023 06:28 am

At A Glance

  • The national government plans to borrow a total of P180 billion in September to address the budget deficit.<br>The borrowing will be done through the sale of P60 billion in Treasury bills and P120 billion in Treasury bonds.<br>In August, the government fell short of its local borrowing target, raising only P164.16 billion instead of the intended P225 billion due to banks demanding higher interest rates.

The national government has decided to reduce its borrowing plan from domestic lenders next month.

Based on the financing program released by the Bureau of the Treasury on Wednesday, Aug. 30, the national government has planned to borrow P180 billion from the local market in September.

The latest financing program is 30 percent lower than the target of P225 billion set for this month.

In August, the government failed to meet its goal for local borrowing, managing to raise only P164.16 billion instead of P225 billion.

This shortfall was a result of banks requesting higher interest rates, which the Treasury bureau declined to accommodate.

For September, the government plans to borrow a total of P180 billion through the sale of P60 billion in Treasury bills and P120 billion in Treasury bonds.

To accomplish this, the bureau will conduct auctions for Treasury bills on four different dates: Sept. 06, 13, 20, and 27.

Moreover, the government will issue Treasury bonds on Sept. 07, 14, 21, and 28, with various maturities, including three-year, seven-year, 10-year, and three-year bonds.

Earlier, Finance Secretary Benjamin E. Diokno said the Marcos administration will continue to primarily borrow money from the domestic debt market.

National Economic and Development Authority Secretary Arsenio M. Balisacan earlier said that seeking borrowing is necessary given the government's limited budget.

The Marcos administration incurred a budget deficit of P551.7 billion from January to June 2023.

“A country just like us has so many development needs, like infrastructure. If we want to grow fast, we have to access external and internal resources,” Balisacan said during a recent Senate budget hearing.

“The only problem is if you borrow and if you use it wastefully, then you will be in trouble,” Balisacan said. “But I think that's our problem in the past.”

The national government's debt is projected to reach P15.842 trillion by the end of 2024.

Related Tags

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