The national government’s gross borrowings as of end-February fell 12.3 percent, as external financing contracted year-on-year.
According to the Bureau of the Treasury (BTr), the government’s gross financing in the first two months of the year amounted to P623.12 billion, lower than the P710.49 billion recorded in the same period last year.
Foreign financing amounted to P66.39 billion, 67.38 percent lower than its year ago level of P203.55 billion.
The government was able to borrow from foreign sources in January to February through project and program loans, worth P10.09 billion and P56.3 billion, respectively.
Meanwhile, domestic borrowings rose by 9.82 percent to P556.74 billion as of end-February, from the P506.94 billion recorded a year ago.
The government raised P25.33 billion in short-term IOUs in the first two months of 2024, while P190 billion was accounted for by fixed rate treasury bonds.
Also, P341.41 billion was raised in February through the retail treasury bonds offer.
In February alone, total gross borrowings went up by 22.22 percent to P419.97 billion from the P343.63 billion recorded in the same period in 2023.
The BTr previously reported that the national government posted a wider budget deficit in February amid the double-digit hike in expenditures.
The government incurred a budget shortfall of P164.7 billion in February 2024, higher compared to the P106.4 billion recorded in the previous year.
The wider budget gap stemmed from the 22.14 percent year-over-year increase in expenditures, matched with the moderate revenue growth of 5.73 percent.
With the February turnout, the year-to-date fiscal balance reverted to a deficit of P76.7 billion, which is 26.56 percent higher relative to last year’s P60.6 billion budget gap.
