BSP-approved foreign borrowings plunge 71% in Q3

The Philippines reduced its borrowings from offshore creditors by 71 percent in the third quarter as fewer foreign loans were secured for government projects, the Bangko Sentral ng Pilipinas (BSP) said.

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Latest data from the central bank showed that the Monetary Board approved only $1.1 billion worth of proposed public sector foreign borrowings from July to September, a steep 71.13-percent decline from $3.81 billion in the same period last year.

In a statement, the BSP said the approved borrowings all have medium to long-term maturities, consisting of two loans for social protection projects.