The government’s gross borrowings climbed 42.5 percent in July 2024 on higher domestic financing, according to the Bureau of the Treasury.
Data from the Treasury showed that gross borrowings amounted to P186.90 billion in July, up from P131.12 billion in the same period last year.
It said that month on month, gross borrowings also went up by 33.28 percent from P140.23 billion in June.
Gross external financing amounted to P8.06 billion, lower by 62.38 percent than P21.43 billion last year. However, domestic gross borrowings increased 63.43 percent to P180.58 billion from P110.49 billion.
The Treasury said that in the first seven months, the country’s gross borrowings amounted to P1.36 trillion, lower than P1.45 trillion in the same period last year.
The government set a 2024 borrowing plan of P2.57 trillion. The Department of Finance said the government would continue to adopt a 75:25 borrowing mix in favor of domestic sources.
Data from BTr showed that the national government debt climbed to P15.48 trillion as end-June 2024, a 0.9 percent increase from the end-May level primarily due to new borrowings and the peso’s depreciation against the US dollar.
It said of the total debt stock, 31.71 percent was external debt while 68.29 percent represented domestic debt.
The end-June domestic debt level of P10.57 trillion was 1.2 percent higher than the end-May 2024 level.
The government targets to bring down the debt-to-gross domestic product (GDP) ratio to 57 percent by 2028. In 2023, the debt to GDP ratio was at 60.1 percent, down from 60.9 percent in 2022.
Be the first to comment