The national government’s gross borrowings as of end-May increased 77.48 percent, as external financing increased year-on-year on the back of slightly lower domestic borrowings.

Preliminary data from the Bureau of Treasury showed that total gross borrowings as of May 2024 reached P251.451 billion, up from P141.671 billion last May 2023.

Gross foreign financing as of May 2024 amounted to P127.613 billion, higher than P14.991 billion last year.

In May, gross external borrowings were composed of new project loans worth P12,366 billion and P115,247 billion in global bonds.

Meanwhile, gross domestic borrowings slightly plummeted by 0.053 percent to P713.13 billion as of end-May from the P652.99 billion recorded a year ago.

The government raised P10 billion in Treasury bills and P121.721 billion for the fixed rate treasury bonds.

Meanwhile, the government’s gross financing in the first five months of the year amounted to P1.038 trillion, lower than the P1.167 trillion recorded in the same period last year.

Foreign financing amounted to P251.712 billion, 26.80 percent lower than its year-ago level of P343.874 billion.

The government was able to borrow from foreign sources in January to March through project and program loans, and global bonds worth P41.030 billion, P95.435 billion, and P115.247 billion respectively.

Meanwhile, domestic borrowings during the first five months of the year reached P1,170 trillion, higher than the P880.905 billion recorded a year ago.

The government, during the January to May period, raised P86,822 billion in Treasury bills, P584,861 billion in retail Treasury bonds, and P498,979 billion in fixed rate Treasury bonds.