Gov't net borrowings at P310-B in first 9 months

ABS-CBN News

Posted at Oct 25 2010 05:45 PM | Updated as of Oct 26 2010 01:45 AM

MANILA, Philippines - The government borrowed P309.5 billion in the first 9 months versus a net borrowing of P107.38 billion in the same period last year, the Bureau of Treasury reported.

The biggest contributors to the debt include a P68.5 billion global bond issue, a P51.74 billion Samurai bond offer, and a P44.1 billion global peso-denominated bond sale last month.

The Treasury also issued P382.71 billion worth of longer-dated debt notes, with tenors ranging from 3 to 25 years.

In January to September, total government borrowings reached P672.2 billion, of which P458.4 billion was sourced from domestic creditors, and P213.8 billion from foreign creditors.

Meanwhile, a total of P362.73 billion worth of debts was paid out, including P110.66 billion in foreign loans and P252.07 billion in domestic issues.

In September alone, the government's net borrowing stood at P34.7 billion, which was significantly less compared to the P122.53 billion in the same period last year.

The government relies heavily on borrowings to finance the budget deficit, which amounted to P259.8 billion in the first 9 months, lower by P13.9 billion compared to the P273.7-billion ceiling.