Foreign debt surge drives gov't H1 borrowing higher

Despite the single-digit drop in domestic borrowings, the Marcos administration’s foreign debt rose by more than 50 percent in the first six months of the year, leading to a higher gross borrowing of P1.59 trillion from P1.57 trillion a year earlier.

- BY DERCO ROSAL

According to the Bureau of the Treasury (BTr), the government’s debt during the first half was P20 billion or 1.3 percent higher than the government’s gross borrowings recorded in the same period last year.

As of end-June, gross borrowings accounted for 62.5 percent of the government’s total planned borrowings of P2.55 trillion for the year.

Foreign borrowings increased by 50.5 percent to P402.4 billion from January to June, compared to P267.4 billion in the same period a year earlier.