PH may lower Q3 domestic borrowings from Q2 level

Reuters

Posted at Jun 21 2014 08:20 AM | Updated as of Jun 21 2014 04:20 PM

MANILA - The Philippine government's domestic borrowing in the third quarter could be less than the P135 billion ($3.1 billion) it planned to raise from the domestic debt market in the second quarter, a treasury official said on Friday.

The Bureau of Treasury could reduce the volume of its domestic borrowing in the September quarter with available cash coming from higher state revenue, Deputy Treasurer Sharon Almanza told reporters after a meeting of an inter-agency committee setting macroeconomic targets.

The Finance Department has set an 85-15 borrowing mix in favor of domestic borrowing this year, with the mix to slightly change to 86-14 next year.

The government may need to borrow $2.2 billion overseas next
year. The bulk of that is expected to be loans from multilateral
agencies.