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Manila Bulletin devider Business devider Gov't plans to borrow from retail investors anew

Gov't plans to borrow from retail investors anew

RTB sale eyed in first quarter 2024

Published Jan 19, 2024 01:55 am

At A Glance

  • The national government plans to borrow from small Filipino investors in the first three months of the year to cover budget shortfall.<br>The Bureau of the Treasury plans issue another Retail Treasury Bond (RTB) between January and March 2024.<br>New RTB issuance part of government's plan to borrow P2.46 trillion this year, with 75% from domestic market.<br>RTBs aim to encourage ordinary Filipinos to invest in safe and stable sources of passive income, promoting financial inclusion.<br>President Marcos' third peso-denominated RTB; in February 2023, government borrowed P284 billion through 5.5-year bonds.<br>Treasury is also exploring international bond markets to diversify funding sources.<br>Potential curtain-raiser offering by the Bureau of the Treasury in the first semester of the year.

The Department of Finance (DOF) announced that the national government plans to borrow from small Filipino investors in the first three months of the year to cover its budget shortfall.

In statement on Friday, Jan. 19, the DOF has stated that the Bureau of the Treasury is preparing to issue another Retail Treasury Bond (RTB) sometime between January and March 2024.

According to the DOF, the issuance of the new RTBs will be part of the government's plan to borrow P2.46 trillion this year, with 75 percent of it to be sourced from the domestic market.

“The RTBs encourage ordinary Filipinos to start investing in safe and stable sources of passive income, while promoting financial inclusion,” the DOF said.

This offering is President Marcos third peso-denominated RTB. In February 2023, the government borrowed P284 billion from retail investors through 5.5-year bonds.

In addition to RTBs, the DOF indicated that the Treasury is exploring different international bond markets as part of its goal to diversify sources of funding.

“The BTr is exploring a potential curtain-raiser offering in the first semester of the year,” the department said.

In 2023, the national government secured PHP 1.87 trillion in borrowings. Approximately P1.65 trillion came from the sale of domestic treasury bills and government securities, with an additional P220 billion obtained from external commercial sources.

Based on the Medium-Term Fiscal Framework (MTFF), the Marcos administration expects that the government’s debt-to-gross domestic product (GDP) ratio will stabilize at 60 percent in 2024.

The debt-to-GDP ratio is a measure that compares a country's total debt to the size of its economy, serving as an indicator of the government’s ability to repay its debts.

A higher debt-to-GDP ratio suggests a larger debt burden relative to the economy's size, while a lower ratio indicates a more manageable level of debt.

By the third quarter of 2023, the government's debt ratio had improved to 60.2 percent from 61 percent in the second quarter.

As of the end of November, the national government’s outstanding debt stood at P14.51 trillion.

Related Tags

Department of Finance (DOF) government borrowings retail Treasury bond Bureau of the Treasury
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