Gov't Borrowings Soar to P2.56T

The government jacked up its borrowings to P2.56 trillion last year following a double-digit increase in both domestic and external debts, data from the Bureau of the Treasury showed.

- By LOUISE MAUREEN SIMEON

Total borrowings in 2024 rose by 17 percent to P2.56 trillion from P2.19 trillion in 2023, with the government using up 99.6 percent of the P2.57-trillion borrowing plan it crafted for the year.

The bulk of the total borrowings at 75 percent worth P1.92 trillion came from local lenders, which jumped by 18 percent from P1.63 trillion in 2023.

Broken down, P1.11 trillion was secured through fixed-rate Treasury bonds. Another P584.86 billion was borrowed via retail Treasury bonds following the issuance in February. At the same time, the government borrowed P224.28 billion in T-bills.

Similarly, financing from foreign sources spiked by 15 percent to P641.17 billion from P559.04 billion because of more loans for state programs.