{"id":19880,"date":"2024-07-23T03:03:20","date_gmt":"2024-07-23T03:03:20","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/mb-greenlights-3-9-b-foreign-borrowings-in-q2\/"},"modified":"2024-07-23T03:03:20","modified_gmt":"2024-07-23T03:03:20","slug":"mb-greenlights-3-9-b-foreign-borrowings-in-q2","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/mb-greenlights-3-9-b-foreign-borrowings-in-q2\/","title":{"rendered":"MB greenlights $3.9-B foreign borrowings in Q2"},"content":{"rendered":"
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THE MONETARY BOARD (MB) has approved $3.9 billion of public sector foreign borrowings in the second quarter, the Bangko Sentral ng Pilipinas (BSP) said.<\/p>\n

Approved public sector foreign borrowings were 43% higher than $2.73 billion recorded approvals in the April-to-June period a year ago, the BSP said in a statement on Monday.<\/p>\n

It was also up by 35.9% from $2.87 billion worth of foreign borrowings by the public sector in the first quarter.<\/span><\/p>\n

Broken down, the central bank approved a bond issuance worth $2 billion and three project loans amounting to $1.9 billion.<\/p>\n

\u201cThese borrowings will fund the National Government\u2019s general budget financing and financing\/refinancing of assets in line with the Republic of the Philippines\u2019 Sustainable Finance Framework ($2 billion) and transport infrastructure projects ($1.9 billion),\u201d the BSP said.<\/p>\n

The 1987 Constitution requires the Monetary Board to approve any foreign loan agreements entered into by the National Government.<\/p>\n

The BSP must also approve in principle any foreign borrowing proposals by the National Government, government agencies and government financial institutions before actual negotiations.<\/p>\n

\u201cThe Bangko Sentral ng Pilipinas promotes the judicious use of the resources and ensures that external debt requirements are at manageable levels, to support external debt sustainability,\u201d it added.<\/span><\/p>\n

Latest data from the central bank showed that the country\u2019s external debt service burden fell by 20% to $4.64 billion at end-April from $5.785 billion a year ago.<\/p>\n

The debt service burden refers to the amount of money a country needs to pay back its foreign creditors.<\/p>\n

As of the first quarter, the debt service burden as a share of gross domestic product (GDP) stood at 3%, lower than 4.3% a year ago.<\/p>\n

Separate data from the BSP showed that the country\u2019s total outstanding external debt had risen by 8.3% to a record $128.7 billion as of end-March.<\/p>\n

This brought the external debt-to-GDP ratio to 29% from 28.9% a year earlier.<\/p>\n

Latest data from the Bureau of the Treasury (BTr) showed that the National Government\u2019s outstanding debt rad risen to a fresh high of P15.35 trillion as of end-May.<\/p>\n

The National Government\u2019s debt as a share of the GDP stood at 60.2% in the first quarter, from 61.1% a year ago and 60.1% at the end of 2023.<\/span><\/p>\n

The government is targeting a 60.3% debt-to-GDP ratio by yearend. This is still slightly above the 60% threshold deemed manageable for developing economies.<\/p>\n

It seeks to further bring down the ratio to 55.9% by 2028.<\/p>\n

The government\u2019s borrowing plan is pegged at P2.57 trillion this year, 75% of which will come from domestic sources and the rest from foreign sources.<\/p>\n

The BTr earlier reported that the National Government\u2019s gross borrowings rose by 16.1% to P1.42 trillion in the first five months from P1.22 trillion a year earlier. \u2014 Luisa Maria Jacinta C. Jocson<\/b><\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE MONETARY BOARD (MB) has approved $3.9 billion of public sector foreign borrowings in the second quarter, the Bangko Sentral ng Pilipinas (BSP) said. Approved public sector foreign borrowings were 43% higher than $2.73 billion recorded approvals in the April-to-June period a year ago, the BSP said in a statement on Monday. It was also [\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":[18881,16179,14644,3580,9824],"class_list":["post-19880","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-3-9-b","tag-borrowings","tag-bworldonline","tag-foreign","tag-greenlights"],"yoast_head":"\nMB greenlights $3.9-B foreign borrowings in Q2 - 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\/mb-greenlights-3-9-b-foreign-borrowings-in-q2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MB greenlights $3.9-B foreign borrowings in Q2 - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE MONETARY BOARD (MB) has approved $3.9 billion of public sector foreign borrowings in the second quarter, the Bangko Sentral ng Pilipinas (BSP) said. 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