October 22, 2024 | 2:06pm
MANILA, Philippines — The Philippines’ central bank approved $3.81 billion in public sector foreign borrowings for the third quarter of 2024, reflecting a decline from the previous quarter’s total.
The Bangko Sentral ng Pilipinas (BSP) announced Tuesday that the Monetary Board had authorized the borrowings, which, while lower than the $3.90 billion approved in the second quarter, represented a 36% increase from the $2.81 billion sanctioned in the same period last year.
The third-quarter foreign borrowings include a $2.5 billion bond issuance, two project loans worth $535.97 million, and a $778.59 million program loan.
The project loans are earmarked for maritime safety improvements, receiving $448.41 million, and agrarian reform projects, allocated $87.56 million.
Additionally, the $778.59 million program loan is designated for initiatives aimed at economic recovery, environmental protection and climate resilience.
Under Section 20, Article VII of the 1987 Constitution, the central bank’s Monetary Board must approve any foreign loans entered into or guaranteed by the Philippine government before they can be contracted.
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