Double-digit revenue growth, coupled with slower spending, allowed the Marcos administration to narrow the first-quarter fiscal hole by a fifth to ₱355.5 billion. According to the latest data from the Bureau of the Treasury (BTr), the national government’s (NG) budget deficit for the first...
The Philippines is poised to capture a multibillion-peso windfall following the historic decision by JPMorgan Chase & Co. to include the country’s sovereign debt in its flagship emerging-market bond index. The Philippine government estimated that the inclusion would spark approximately ₱240...
The national government fully awarded its offer of seven-year Treasury bonds on Tuesday, April 21, though appetite for the debt cooled as investors braced for the potential interest rate hike by the central bank. The Bureau of the Treasury raised the programmed ₱20 billion from the auction of the...
Demand for government securities (GS) continued to attract investors during the latest treasury bills (T-bills) auction, allowing the Marcos Jr. administration to exceed its planned ₱33 billion in short-term debt papers, as borrowing costs across all tenors declined further, partly due to the...
The national government’s debt service payments surged more than eightfold in February as the massive spike in domestic principal repayments outweighed the marginal rise in interest costs Based on the latest data from the Bureau of the Treasury, total government debt obligations settled during...
Delays in implementing major tax measures have proven to be a friction in the Philippines’ target of raising higher revenues in recent years, a fiscal condition further worsened by the persistent increase in national government (NG) debt. According to Singapore-based ASEAN+3 Macroeconomic...
The government exceeded its short-term borrowing target on Monday, April 13, as investors swarmed the primary market, driving down yields across all maturities and ending a month-long streak of underwhelming auctions. The Bureau of the Treasury raised ₱32.1 billion in three-month, six-month, and...
Scaling back from foreign debt was more pronounced in February, but the Marcos Jr. administration’s aggressive borrowing from domestic lenders drove the surge in government gross borrowings in the first two months of the year. According to the latest Bureau of the Treasury (BTr) data, the...
The government’s coffers received a significant liquidity boost in the first two months of the year, as state-run entities remitted more than ₱90 billion in dividends, a critical buffer against global economic volatility. According to the latest Bureau of the Treasury data, the surge was...
The Marcos administration scaled back its planned borrowing on Tuesday, April 7, as domestic investors showed cooling appetite for longer-dated debt, signaling caution amid shifting global risks. The Bureau of the Treasury raised ₱40 billion through a dual-tranche bond auction, falling short of...
Non-tax earnings’ more than sixfold increase only balanced out the higher growth in spending in February, with the national government (NG) still posting a budget deficit of over ₱170 billion, comparable to the gap seen in the same month last year. According to the Bureau of the Treasury ’s...
Demand for government securities (GS) improved at the start of the second quarter, but the Marcos Jr. administration still struggled to raise its planned ₱27 billion in short-term debt papers, as overall interest costs remained elevated amid anticipation of a policy hike in April. During the...
