The national government’s gross borrowings decreased during the first half of 2024 as external financing posted a double-digit decline year-on-year.

Preliminary data from the BTr showed that the six-month borrowings of the national government declined by 11.16 percent to P1.178 trillion from P1.326 trillion logged in the January-June period last year.

Gross external borrowings declined by 37.03 percent to P267.412 billion during the first half of the year from P366.441 billion in the year prior.

These were composed of P115.247 billion in global bonds, P100.498 billion in program loans, and P51.667 billion in project loans.

On the other hand, gross domestic financing increased by 27.24 percent to P1.303 trillion for the period January to June this year from P1.024 trillion last year.

These were consisted of P609.207 billion in fixed-rate Treasury bonds, P584.861 billion in retail Treasury bonds, and P109.070 billion in Treasury bills.

In June alone, total gross borrowings declined by 11.77 percent to P140.230 billion from the P158.951 billion recorded in the same period in 2023.

Gross foreign financing amounted to P15.700 billion in June, 30.42 percent lower than its year-ago level of P22.567 billion.

The government borrowed from foreign sources in June through project and program loans, worth P10.637 billion and P5.063 billion, respectively.

Domestic borrowings, likewise, declined by 7.95 percent to P132.476 billion as of the end of June from the P143.920 billion recorded a year ago.

The government raised P22.248 billion in Treasury bills and P110.228 billion in fixed-rate treasury bonds.