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Gov't borrowings inch up to P2.19 T
The Philippine Star
|March 04, 2024
The Philippines slightly increased its borrowings to P2.19 trillion last year amid a high-interest rate environment here and abroad, with the government almost hitting its entire financing program.
Latest data from the Bureau of the Treasury showed total borrowings in 2023 inched up by 1.38 percent from P2.16 trillion in obligations in 2022.
By end-2023, the government had used up 99.2 percent of the P2.21-trillion borrowing plan it crafted for last year.
It should be noted that interest rates remained high last year as inflation sizzled, both on the global and domestic front.
The Bangko Sentral ng Pilipinas (BSP) even took an off-cycle rate hike in October that brought the benchmark interest rate to a 16-year high of 6.5 percent.
A high-interest rate environment simply means that borrowing is more costly for the Philippines.
This story is from the March 04, 2024 edition of The Philippine Star.
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