The Bureau of the Treasury is considering scrapping a system that allows banks to temporarily use taxes collected from the public for their short-term investments before remitting the money to the government.
The government spent P174.3 billion in the first two months this year to pay its debts.
The Bureau of the Treasury plans to issue a total of P150 billion in domestic debt paper in the second quarter of 2013, higher by 25 percent than the P120 billion in local IOUs lined up in the previous quarter.
The government settled debts amounting to P729.8 billion in 2012—up by just one percent from the P722.8 billion it paid the previous year, according to the Bureau of the Treasury.
The government’s financing position in the 11 months to November showed a net borrowing of P477 billion, or about five times the P99.7 billion registered in the same period last year, according to the Bureau of Treasury (BTr). From January to November, the government borrowed more at a faster rate, while its payments declined, [...]
The national government posted a budget deficit of P11.6 billion in November, decreasing by almost half the level incurred in the same month last year.
The government gave out some P2.2 billion in subsidies to state-owned and -controlled corporations in October, a big part of which were allocated to those engaged in projects related to utilities, labor, economic zones, tourism and trade promotion.
Finance Undersecretary Rosalia de Leon on Friday took her oath as the new National Treasurer, succeeding Roberto Tan, who is now an executive director with the World Bank Group.
The yield on five-year treasury bonds eased Tuesday to 4.125 percent a year, down by 50 basis points from the 4.625 percent set in July during the previous auction of this tenor.
Yields on treasury bills fell Monday across the board, bringing the rates for all three maturities below one percent.
The Bureau of the Treasury (BTr) will push through in December with another bond exchange meant to improve the government’s debt profile—one of the reasons that Euromoney named Cesar V. Purisima its Finance Minister of the Year for 2012.
The Bureau of Treasury has canceled auctions for P7.5 billion worth of treasury bills and P9 billion worth of regular seven-year bonds that were scheduled for the next two weeks, amid strong demand for retail treasury bonds (RTBs) currently on offer.
