Gov't borrowings plunge 65% to P129 B in Sept

The national government's borrowings in September declined by nearly 65 percent compared to the same period last year, with data from the Bureau of the Treasury showing a surge in debt servicing that tempered fresh financing.

- By MARCO LUIS BEECH

Based on the national government’ s financing from the Treasury, the country’s gross borrowing declined to P128.91 billion this year from P367.18 billion last year, representing a reduction of P238.27 billion.

Of the amount, gross domestic borrowings totaled P120.55 billion, nearly 17 percent lower than the P145.2 billion recorded in September last year.

Similarly, gross external debt dropped sharply to P8.36 billion, a steep decline from the P221.98 billion recorded a year earlier, which reflects a reduced reliance on foreign borrowing for financing needs.