Data from the Bureau of the Treasury reveals that the gross borrowings of the national government experienced an upswing in May compared to the previous month and showed a significant increase compared to the same period last year.
The total amount reached P146.78 billion, indicating a 13 percent rise from April’s P129.9 billion.
The majority of the borrowings, amounting to P131.79 billion, were sourced domestically, marking a substantial increase from the P96 million recorded the previous month. Meanwhile, external borrowings amounted to P14.99 billion, a decrease from the P33.78 billion recorded in the last month.
One year ago, the government settled a short-term loan of P300 billion from the Bangko Sentral ng Pilipinas, which offset the issuance of P100.38 billion in fixed-rate Treasury bonds.
Considering T-bill redemptions, gross domestic borrowings for May 2022 resulted in a negative value of P270.67 billion.
Gross foreign borrowings for the same month amounted to only P11.71 billion.
Year-to-date, gross domestic borrowings totaled P912.58 billion, while gross foreign borrowings amounted to P343.87 billion.
In May alone, the primary source of domestic borrowings was fixed-rate T-bonds, accounting for P100 billion, while the remaining P31.79 billion originated from T-bills.
Out of the foreign borrowings in that month, P9.1 billion came from program loans and P5.9 billion from project loans.
Overall, government financing for May increased by 13.12 percent, reaching P141.67 billion compared to April’s P125.23 billion.
Year-to-date, government financing amounted to P1.16 trillion, a rise from P883.11 billion recorded in the same period the previous year.
As of the end of May, the national government’s outstanding debt reached a new high of P14.10 trillion, increasing by P185.4 billion from the previous month. This rise was attributed to additional domestic and foreign debt, as well as the depreciation of the peso. (ai/mnm)