P317.6-B gov’t borrowings in 2015 lowest in 14 years

THE GOVERNMENT’S gross borrowings declined to P317.6 billion in 2015, the lowest since 2001, latest data from the Bureau of the Treasury showed.

Last year’s borrowings were down 13.9 percent from 2014’s P369 billion as the decline in domestic borrowings outpaced the increase in gross external loans.

In 2015, the government borrowed P134.8 billion from multilateral lenders on top of the global bond issuance conducted in January that year. The gross external borrowings last year were 31 percent higher than the P102.9 billion borrowed in 2014.

Project loans amounted to P28.2 billion while program loans reached P71.9 billion. Nearly P34.7 billion was generated from the offshore bond sale.

The total gross external borrowings last year were the highest in three years.

Domestic borrowings mainly from the auction of government securities dropped by 31.3 percent to P182.8 billion in 2015 from P266.1 billion the previous year. Last year’s figure included the P26.8 billion generated from a domestic debt swap executed during the second half.

Total gross domestic borrowings last year were the lowest since 2000’s P164.9 billion, Treasury data also showed.

The combined gross domestic and foreign borrowings in 2015 was the lowest since 2001’s P274.8 billion.