The government’s gross borrowings declined 2.4 percent to P207.9 billion in the first quarter on the back of lower financing secured from local sources.
The combined external and domestic borrowings from January to March went down from P213.1 billion a year ago, the latest Bureau of the Treasury data showed.
End-March gross domestic borrowings dropped to P61.8 billion from P88.2 billion a year ago.
In the first three months, the Treasury sold a net of P18 billion in treasury bills on top of P43.8 billion in fixed-rate T-bonds.
Gross external borrowings rose to P146.1 billion as of March from P124.9 billion last year.
Program loans from multilateral lenders and development partners amounted P21.4 billion, while project loans reached P10 billion.
The government also issued P12 billion in yuan-denominated “panda” bonds in March, its first foray in the Chinese securities market.
Meanwhile, the global bond sale at the start of the year generated P102.7 billion in February.
Last month, economic managers increased the share of foreign borrowings to the total financing program in the next five years, citing “good” rates being offered by China, Japan and South Korea to finance priority projects and programs.
The Cabinet-level Development Budget Coordination Committee (DBCC) in April adjusted the financing program to 65-percent domestic, 35-percent external for this year from the 74:26 mix approved in its meeting in December.
For 2019 to 2022, the borrowing mix will be 75:25 in favor of domestic sources, although there was an increase in the share of foreign borrowings from 20 percent previously.