Marcos administration borrowings down 31% in April
The Bureau of the Treasury reported a decrease in borrowing by the Marcos administration from both domestic and foreign lenders in April this year.
The total gross financing for the national government last month amounted to P89.2 billion, a 31 percent decrease compared to P129.9 billion in April last year.
The Treasury data showed that a reduction in foreign borrowing primarily fueled this decline.
Borrowing from international markets posted a significant 79 percent drop amounting to P6.84 billion from P33.78 billion in the same month last year.
The Treasury specified that foreign borrowing during this period was solely obtained from development partners to fund project loans.
In parallel, local government financing also dropped 14 percent from P96.13 billion in April of the previous year to P82.36 billion.
The majority of local borrowing came from the sale of Treasury bonds worth P67.36 billion, while the remaining balance of P15.1 billion was raised from Treasury bill sales.
The total amount in April contributed to President Marcos’ cumulative borrowing for the first four months, hitting to P1.163 trillion.
The Treasury data showed this figure represents an eight increase compared to the same period in the prior year, driven by a 39 percent rise in domestic borrowing to P1.039 trillion from P749.11 billion.
On the other hand, foreign financing from January to April recorded a hefty 62 percent decline to P124.1 billion from P328.8 billion.
In 2024, the Marcos administration plans to borrow a total of P2.6 trillion from both local and foreign financial institutions.