The national government will borrow P85 billion domestically in the third quarter to help meet its rising expenditure requirements this year, the Bureau of the Treasury said Wednesday.

The borrowings will consist of P36 billion through the sale of Treasury bills — P9 billion worth of 91-day bills, P9 billion worth of 182-day bills and P18 billion worth of 364-day bills — and P49 billion through sale of bonds, in particular, P28 billion worth of five-year bonds and P21 billion worth of seven-year bonds.

In the first two quarters of the year, the programmed borrowings amounted to P84 billion per quarter but Treasury officials rejected bids in some auctions, deeming too high the interest rates sought by the market.

The Treasury has yet to report the actual amount of money raised from the sale of bills and bonds in the first half.

The borrowings in the third quarter will help in government efforts to bolster social services, including the grant of food and education subsidies to the poor amid rising prices. Edited by INQUIRER.net