Foreign Borrowings Decline to $13.7B

Foreign borrowings approved by the Bangko Sentral ng Pilipinas (BSP) went down by 5.6 percent in 2024, as the national government borrowed less from offshore creditors.

- Keisha Ta-asan

Data released by the central bank showed foreign borrowings approved by the BSP's Monetary Board amounted to $13.68 billion last year, $810 million lower than the $14.49 billion obtained in 2023.

The BSP attributed the decrease to lower program and project loans that offset the increase in global bond issuances. The regulator approved medium to long-term borrowings in 2024.

The central bank approved 11 project loans worth $5.32 billion in 2024, a 6.2-percent decline from $5.67 billion in 2023.

Likewise, the BSP approved eight program loans amounting to $3.86 billion, 19.9 percent lower than the $4.82 billion approved in 2023.