National Government borrowings down 2% in January to May

MANILA, Philippines - Government borrowings fell two percent as of May on lower debt from domestic sources, data from the Bureau of Treasury showed.

The government borrowed P150.772 billion from January to May, higher than the P147.588 billion in the same period last year.

Borrowings complement the government’s revenue collections to help settle maturing obligations and pay for projects and programs.

External borrowings during the five-month period climbed four percent to P80.437 billion from P56.565 billion a year ago.

Program loans during the period accounted for P32.972 billion, while project loans reached P12.812 billion. Bonds issued by international sources, meanwhile, amounted to P34.653 billion as of May.

The biggest sources of these loans were the Asian Development Bank, the World Bank, and the Japan International Cooperation Agency. Data also showed most of the loans were made for post-disaster relief and recovery operations. 

Meanwhile, domestic borrowings made through the sale of Treasury bonds and bills (T-bills) declined 23 percent to P70.335 billion as of May from P91.023 billion in the same period in 2014.

For May alone, government borrowings grew five percent to P22.145 billion from P21.189 billion in the same month last year.

External borrowings during the month plunged 41 percent to P760 million in May from P1.284 billion a year ago. Project loans amounted to P350 million, while program loans reached to P410 million.

Domestic borrowings rose seven percent to P21.385 billion in May from P19.905 billion last year. 

Government borrowings reached P369.061 billion in 2014, 33 percent lower than the P554.701 billion in 2013.