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Manila Bulletin devider Business devider Government plans to secure P585 billion locally through borrowing

Government plans to secure P585 billion locally through borrowing

From April to June 2024

Published Mar 25, 2024 01:19 pm

At A Glance

  • Marcos administration plans to raise P585 billion in the domestic market between April and June 2024.<br>Allocation: P195 billion from Treasury bills, P390 billion from Treasury bonds<br>Borrowings essential to cover projected budget deficit of P1.39 trillion (equivalent to 5.1% of gross domestic product)

The Marcos administration intends to secure funding exceeding half a trillion pesos from the local market in second quarter to cover the government's budget shortfall.

Based on the Bureau of the Treasury's borrowing plan, a total of P585 billion is projected to be sourced from the issuance of both short-term and long-term IOUs between April and June 2024.

The borrowing target for the quarter ending in June mirrors the amount set in the government's first quarter financing program.

Of the total, approximately P195 billion will be obtained through the issuance of Treasury bills, while the remaining P390 billion will be raised via the sale of Treasury bonds.

The Treasury bureau has scheduled five T-bills auctions in April to generate P75 billion.

Additionally, in both May and June, the Marcos government seeks to raise an additional P60 billion each month through the sale of three-months, six-months, and one-year papers.

Meanwhile, long-dated IOUs may reach P120 billion next month, followed by a larger target of P150 billion in May. In June, the government will have four more T-bond sales to raise another P120 billion.

In 2024, the Marcos administration plans to borrow a total of P1.85 trillion, with P2.472 trillion from government securities.

This borrowing is necessary to cover a projected budget deficit of P1.39 trillion, which is 5.1 percent of the country's gross domestic product.

Related Tags

Treasury bonds Tbonds government borrowings Tbills Treaury bills Bureau of the Treasury
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