The national government’s gross borrowings rose 5.3 percent year-on-year to P656.7 billion in the first quarter as both locally sourced and foreign debt increased.
The latest Bureau of the Treasury data showed that gross domestic borrowings from January to March amounted to P510 billion, up from P490.6 billion a year ago.
First-quarter gross external borrowings also increased to P146.7 billion from P132.9 billion last year.
During the first three months, the Treasury sold a net of P70.5 billion in bills, P310.8 billion in retail treasury bonds (RTBs) and P128.8 billion in fixed-rate treasury bonds.
In February, the Treasury issued a record amount of three-year RTBs at 4.375 percent, despite a shortened offer period amid robust demand from small investors.
It was the government’s 23rd overall and the Duterte administration’s sixth RTB issuance.
Between January and March, the government also secured P72.7 billion in program loans, P6.6 billion in project loans and raised P67.3 billion last February from its euro bond sale—the Philippines’ first offshore commercial borrowing for 2020. INQ