MANILA, Philippines - The country is planning gross borrowing of P772.9 billion ($17.1 billion) in 2011, up 2.4% from this year, National Treasurer Roberto Tan said on Tuesday, with the government planning to increase spending.
Of the total, 27% or P209.6 billion would come from foreign sources, including P117.5 billion from offshore debt markets, Tan said.
"We are planning P18 billion (pesos) more in gross borrowing next year against this year," Tan told Reuters.
At the government's assumed exchange rate of P47 per dollar, it plans to borrow $2.5 billion from global debt markets next year. The Philippines, Asia's largest sovereign issuer of foreign debt, has so far raised $2.5 billion from offshore debt markets this year.
Tan said the foreign borrowing component of its 2011 debt program was about P50 billion pesos than the P259.1 billion planned for 2010.
Tan said domestic borrowing would be P563.3 billion, 73% of total borrowing and higher than P495.5 billion.