PH borrowings rose 118% in May on heels of panda, euro bonds sale | Inquirer Business

PH borrowings rose 118% in May on heels of panda, euro bonds sale

By: - Reporter / @bendeveraINQ
/ 05:06 AM July 08, 2019

The national government’s gross borrowings jumped 118 percent to P126.1 billion in May following its successful panda and euro bonds offerings.

The latest Bureau of the Treasury data showed combined gross domestic and external borrowings in May more than doubled from P57.9 billion during the same month last year.

Gross foreign borrowings climbed to P75.2 billion during that period from P2.5 billion a year ago.

Article continues after this advertisement

The government secured from multilateral lenders and development partners P12.3 billion in loans.

FEATURED STORIES

The biggest chunk of foreign borrowing came from global bonds amounting to P62.8 billion.

The Philippines sold 750 million euros (about P44 billion) in eight-year global bonds at a coupon rate of 0.875 percent, ending the country’s 13-year absence in the euro market.

Article continues after this advertisement

A week after the euro bond sale, the Philippines also sold 2.5 billion renminbi (P19 billion) in three-year renminbi-denominated panda bonds at a coupon of 3.58 percent, marking the country’s second straight year of tapping China’s debt market.

Article continues after this advertisement

Gross domestic borrowings from the sale of Treasury bills and bonds, meanwhile, declined to P50.9 billion in May from a year ago’s P55.4 billion.

Article continues after this advertisement

The Treasury issued P40 billion in fixed-rate treasury bonds and a net of P10.9 billion in T-bills that month.

For 2019, the government had programmed to borrow a total of P1.2 trillion.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Bureau of the Treasury, Business

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.