{"id":19528,"date":"2024-07-01T03:03:42","date_gmt":"2024-07-01T03:03:42","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/gross-borrowings-jump-by-77-in-may\/"},"modified":"2024-07-01T03:03:42","modified_gmt":"2024-07-01T03:03:42","slug":"gross-borrowings-jump-by-77-in-may","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/gross-borrowings-jump-by-77-in-may\/","title":{"rendered":"Gross borrowings jump by 77% in May"},"content":{"rendered":"
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THE NATIONAL GOVERNMENT\u2019S <\/span>(NG) gross borrowings surged in May amid a rise in external debt due to the dollar bond issuance, data from the Bureau of the Treasury (BTr) showed.<\/p>\n

The NG\u2019s gross borrowings jumped by 76.7% to P259.334 billion in May from P146.783 billion in the same month a year ago.<\/p>\n

Month on month, borrowings nearly tripled from P89.202 billion in April.\u00a0<\/span><\/p>\n

This as gross external debt skyrocketed (751%) to P127.613 billion during the month from P14.991 billion a year earlier.<\/p>\n

This was composed of P115.247 billion in global bonds and P12.366 billion in new project loans. There were no program loans during the month.<\/p>\n

Meanwhile, gross domestic debt slipped by 0.05% to P131.721 billion in May from P131.792 billion in the same month a year ago.<\/p>\n

This consisted of P121.721 billion in f<\/span>ixed-rate Treasury bonds and P10 billion in Treasury bills.<\/p>\n

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the spike in borrowings was due to the dollar bond issuance during the month.<\/p>\n

In May, the government raised $2-billion issuance of the dual-tranche 10- and 25-year fixed-rate dollar bonds, its first global bond sale of the year.<\/p>\n

\u201cHigher interest rates and weaker peso exchange rates also increased the debt servicing costs of the NG that required more borrowings,\u201d Mr. Ricafort said. <\/span><\/p>\n

The Monetary Board has kept its benchmark rate at 6.5%, its highest in over 17 years.\u00a0 <\/span>The central bank raised borrowing costs by 450 basis points (bps) from May 2022 to October 2023.<\/p>\n

In May, the peso sank to P58-per-dollar level for the f<\/span>irst time since November 2022.<\/p>\n

For the first five months, the NG\u2019s gross borrowings rose by 16.1% to P1.42 trillion from P1.22 trillion in the same period in 2023. <\/span><\/p>\n

Gross domestic borrowings jumped by 32.9% to P1.17 trillion as of end-May from P880.905 billion in the year prior.<\/p>\n

On the other hand, gross external debt declined by 26.8% to P251.712 billion as of end-May from P343.874 billion.<\/p>\n

\u201cGoing forward, possible Fed rate cuts in 2024 and 2025 that could be matched locally would help ease the NG\u2019s interest expense,\u201d Mr. Ricafort said.<\/p>\n

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. has signaled that the central bank can begin its policy easing cycle by August.<\/p>\n

The BSP could cut by up to 25 bps in the third quarter and another 25 bps in the fourth quarter, he said.<\/p>\n

This would be ahead of the US Federal Re<\/span>serve, which is widely expected to begin easing by December.<\/p>\n

The government\u2019s borrowing program is set at P2.57 trillion this year. \u2014 Luisa Maria Jacinta C. Jocson<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE NATIONAL GOVERNMENT\u2019S (NG) gross borrowings surged in May amid a rise in external debt due to the dollar bond issuance, data from the Bureau of the Treasury (BTr) showed. The NG\u2019s gross borrowings jumped by 76.7% to P259.334 billion in May from P146.783 billion in the same month a year ago. Month on month, [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[18572,16179,14644,14222,8667,170],"class_list":["post-19528","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-18572","tag-borrowings","tag-bworldonline","tag-gross","tag-jump","tag-may"],"yoast_head":"\nGross borrowings jump by 77% in May - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/gross-borrowings-jump-by-77-in-may\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gross borrowings jump by 77% in May - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE NATIONAL GOVERNMENT\u2019S (NG) gross borrowings surged in May amid a rise in external debt due to the dollar bond issuance, data from the Bureau of the Treasury (BTr) showed. 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