More loans: PH to borrow P182B from foreign sources in 2020 | Inquirer Business

More loans: PH to borrow P182B from foreign sources in 2020

By: - Reporter / @bendeveraINQ
/ 05:32 PM October 21, 2019

The Philippines will borrow $3.5 billion or about P182 billion in bonds from offshore markets next year, slightly lower than this year’s $3.7 billion, National Treasurer Rosalia V. De Leon said on Monday.

Also, De Leon told reporters that the Bureau of the Treasury’s plan to issue so-called prize bonds would likely happen before yearend.

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“We’re working on the mechanics” for prize bonds issuance, De Leon said.

Prize or lottery bonds “give the holder a chance to win a random monthly drawing for a tax-free cash prize” as these “do not pay interest, but they do encourage saving,” according to Investopedia.

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The government planned to borrow a record P1.4 trillion in 2020 and 75 percent, or P1.05 trillion, was likely to come from local sources through the sale of T-bills and bonds. Some P350 billion will come from foreign sources, De Leon said.

Of the 2020 foreign borrowing plan, at least $3.5 billion will be commercial through debt papers while $3 billion will be loans from bilateral development partners and multilateral lenders, she said./TSB

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TAGS: Bonds, borrowing, Bureau of Treasury, commercial, debt papers, monetary
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