MANILA— The Monetary Board has approved a total of $4.66 billion in public sector foreign borrowings in the third quarter of 2021, the central bank said Tuesday.
The total is 18.9 percent higher compared to the $32.92 billion approvals in the same period in 2020, the Bangko Sentral ng Pilipinas said in a statement.
The amount is composed of bond issuance totaling $4 billion, 3 project loans amounting to $855.94 million, and 2 program loans worth $800 million, it said.
The borrowings will fund the country's general financing requirements, reform programs on youth employment and the financial sector, disaster resilience, assistance to the agriculture sector as well as emergency response, the BSP said.
"Under Section 20, Article VII of the 1987 Constitution of the Republic of the Philippines, prior approval of the Bangko Sentral ng Pilipinas (BSP), through the MB, is required for all foreign loans to be contracted or guaranteed by the Republic of the Philippines," the central bank said.
The Philippines has accelerated borrowings to fund response and recovery efforts against the COVID-19 pandemic.
As of August this year, the Philippines' total debt was at P11.64 trillion, slightly higher than P11.61 trillion at the end of July, data showed.
In total, the debt rose by P32.05 billion or 0.28 percent due to domestic debt issuance as part of government financing, the Bureau of the Treasury said.