{"id":19976,"date":"2024-07-31T03:04:47","date_gmt":"2024-07-31T03:04:47","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/dof-to-wait-for-rate-cuts-before-borrowing-abroad\/"},"modified":"2024-07-31T03:04:47","modified_gmt":"2024-07-31T03:04:47","slug":"dof-to-wait-for-rate-cuts-before-borrowing-abroad","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/dof-to-wait-for-rate-cuts-before-borrowing-abroad\/","title":{"rendered":"DoF to wait for rate cuts before borrowing abroad"},"content":{"rendered":"
\n

By John Victor D. Ordo\u00f1ez, <\/b>Reporter <\/i><\/p>\n

THE PHILIPPINE government will wait for rate cuts from the US Federal Reserve and Bangko Sentral ng Pilipinas (BSP) before its planned external borrowings next year, according to the Finance chief.<\/span><\/p>\n

\u201cWe\u2019re waiting for the Fed to reduce interest rates, and I think the Philippines, our central bank, will also reduce policy rates,\u201d Finance Secretary Ralph G. Recto told reporters at the Senate when asked about the government\u2019s planned borrowings next year.<\/span><\/p>\n

For 2025, the National Government set its borrowing program at P2.55 trillion, 0.97% lower than P2.57 trillion this year.<\/p>\n

Gross domestic borrowings were set at P2.04 trillion for 2025, while gross external borrowings were set at P507.41 billion.<\/p>\n

Mr. Recto told reporters earlier this month that the government is planning on issuing Japanese yen-dominated and US dollar-denominated bonds within the year.<\/p>\n

Asked on Tuesday on the plans to issue these bonds, he replied: \u201cWe will be starting now.\u201d<\/p>\n

The Philippine central bank, which has kept interest rates steady at 6.5% in its past six meetings, earlier f<\/span>lagged a possible 25-basis-point (bp) cut at its meeting on Aug. 15.<\/p>\n

The US Federal Reserve is expected to keep interest rates steady at a two-day policy meeting this week, Reuters reported.<\/p>\n

\u201cBy awaiting potential rate cuts from both the Fed and BSP, the government aims to secure more favorable terms for its international debt issuance,\u201d Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Vibes message.<\/span><\/p>\n

\u201cTo maintain low interest rates for its substantial domestic borrowing plan, the government could focus on\u2026implementing fiscal consolidation, fostering investor conf<\/span>idence, which can help the country achieve its financing goals while managing debt costs ef<\/span>fectively.\u201d<\/p>\n

Jonathan L. Ravelas, senior adviser at professional service firm Reyes Tacandong & Co., said in a Viber message that the government should focus on boosting its revenue collection and eff<\/span>iciency to lower debt.<\/p>\n

\u201cThere should a balance in infrastructure spending to push growth, while reigning the spending of agencies,\u201d he said.<\/p>\n

Mr. Recto, who is a member of the central bank\u2019s policy-setting Monetary Board, earlier said the country is on track for a cut in benchmark interest rates this year.<\/p>\n

The BSP\u2019s next policy meeting is on Aug. 15.<\/p>\n

\u201cIn view of the National Government\u2019s limited financial resources, it (government) needs to better manage the country\u2019s debt over the long-term,\u201d Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.<\/p>\n

\u201cForeign borrowings also need to be reduced and we need to increase local borrowings to manage foreign exchange risks, as a matter of prudence.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE PHILIPPINE government will wait for rate cuts from the US Federal Reserve and Bangko Sentral ng Pilipinas (BSP) before its planned external borrowings next year, according to the Finance chief.<\/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":[13129,1685,16286,14644,2527,14912,168,1744,2869],"class_list":["post-19976","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-abroad","tag-before","tag-borrowing","tag-bworldonline","tag-cuts","tag-dof","tag-for","tag-rate","tag-wait"],"yoast_head":"\nDoF to wait for rate cuts before borrowing abroad - 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\/dof-to-wait-for-rate-cuts-before-borrowing-abroad\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DoF to wait for rate cuts before borrowing abroad - 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