Gov't uses up 89% of 2024 borrowing plan

The Marcos administration ramped up its borrowings to P2.3 trillion in the nine months to September this year, using up 89 percent of its crafted financing program for 2024.

- By LOUISE MAUREEN SIMEON

Data from the Bureau of the Treasury showed total borrowings as of end-September reached P2.3 trillion, 31.4 percent higher than the P1.75 trillion in the same period last year.

This means that as of the end of the third quarter, the government already used up 89.4 percent of the P2.57-trillion borrowing plan it crafted for the year.

About 78 percent of the borrowings were sourced from local lenders at P1.8 trillion, 34 percent above the P1.34 trillion in end-September last year.