NG gross borrowings fall sharply in Sept.

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    The national government’s gross borrowings in September fell by 97.7 percent versus the same period a year ago, amid a net redemption in treasury bills as well as lower foreign financing.

    Data posted in the Bureau of the Treasury’s website showed that gross financing in September stood at P1.01 billion. In the same period a year ago, it was recorded at P43.98 billion.

    Foreign financing dropped by 47.65 percent to P15.46 billion from P29.53 billion last year.

    Of the amount, P2.49 billion was in the form of project loans while program loans accounted for P12.97 billion.

    For domestic financing, a redemption of P14.45 billion was recorded. In the same period a year ago, local borrowings amounted to P14.45 billion.

    The government raised P10.4 billion in treasury bonds, but posted P24.85 billion worth of net redemption in treasury bills.

    As of end-September, gross borrowings totaled to P917.28 billion, 34.25 percent up from the P683.25 billion recorded in the same period last year.

    The external and domestic financing grew by 2.38 percent and 56.96 percent, respectively.