Thailand
Philippines: Gross borrowings down 6.6% in H1
Philippines: Gross borrowings down 6.6% in H1
Wednesday, August 10, 2016 – The previous administration borrowed less in its last month in office, but the first semester tally remained up by more than a third from last year, data from the Bureau of the Treasury showed.
Gross borrowings amounted to P33.13 billion in June, down 6.6 percent from the same period a year ago.
Despite the decline in June, the six-month tally was still 33.86 points higher at P249.31 billion from a year ago.
Broken down, domestic credit accounted for the bulk at P31.37 billion, while their external counterparts reached P1.77 billion.
The government borrows from local and foreign investors to finance its budget deficit and pay existing debts.
Under the previous government, funding was mostly sourced onshore to avoid foreign exchange risks of paying more as the currency fluctuates in value. Read More?