NG gross borrowings fall to P166 billion in July

THE NATIONAL GOVERNMENT'S (NG) gross borrowings slipped by 12% in July as the decline in domestic issuances were partly offset by a sharp rise in foreign borrowings, the Bureau of the Treasury (BTr) reported.

- Aubrey Rose A. Inosante Reporter

Data from the BTr showed that total gross borrowings fell by 11.96% to P166.11 billion in July from P188.67 billion in the same month ayear ago.

Month on month, gross borrowings declined by 37.08% from P263.99 billion in June.

Gross domestic borrowings went down by 15.54% to P152.54 billion in July from P180.6 billion in the same month last year. This accounted for 91.83% of the total gross borrowings in July.

Broken down, domestic borrowings included P125 billion in fixed-rate Treasury bonds and P27.54 billion in Treasury bills.

On the other hand, gross external borrowings surged by 68.26% to P13.57 billion in July from P8.06 billion in the previous year. This consisted of project loans.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the total gross borrowings in July was due to a narrowing budget deficit, which reduced the need for additional borrowings.