Foreign borrowings jump 36% to $3.8 B in Q3

The Philippines jacked up its borrowings from offshore creditors by almost 40 percent to 3.8 billion in the third quarter, the Bangko Sentral ng Pilipinas

- By LOUISE MAUREEN SIMEON

The amount is 36 percent higher than the $2.81 billion recorded in the same period last year.

This brought the public sector foreign borrowings to $10.58 billion in the ninemonth period.

According to the BSP, the bulk of the third quarter borrowings consisted of one bond issuance worth $2.5 billion.

"The bond issuance will fund the government's general budget financing and refinancing of assets in line with the country's sustainable finance framework," the BSP said.