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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
948 x 535 px AdobeStock_433552847
Economic Updates
Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
Two people discussing a chart on a tablet
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BusinessWorld 2 MIN READ

Gross borrowings drop 31% as of end-November

January 8, 2023By BusinessWorld
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GROSS BORROWINGS declined by 31.3% year on year as of end-November, preliminary data from the Bureau of the Treasury (BTr) showed.

In the January-to-November period, total gross borrowings dropped to P1.91 trillion from the P2.78-trillion borrowings in the previous year.

The 11-month gross borrowings represent 86.8% of the P2.2-trillion total borrowing plan set by the National Government for 2022. 

In November alone, gross borrowings more than doubled to P62.57 billion from P26.7 billion in the same month of 2021. However, it was 64.6% lower than the P176.56 billion logged in October.

Domestic gross borrowings surged 357.3% to P75.91 billion in November from P16.6 billion in the same month of 2021.

November saw the net redemption of Treasury bills (T-bills) amounting to P22.33 billion, which was offset by the issuance of fixed-rate Treasury bonds (T-bonds) which raised P98.24 billion.

Meanwhile, foreign gross borrowings reached P21.96 billion during the month, up 117.4% from P10.1 billion a year earlier. This consisted entirely of project loans, with no recorded foreign program loans or bonds.

The government also repaid P35.09 billion to foreign creditors in November.

In the first 11 months of 2022, gross domestic borrowings fell by 28.4% to P1.61 trillion from P2.25 trillion in the previous year.

The government raised P834.48 billion from retail Treasury bonds (RTBs), and P1.14 trillion from fixed-rate T-bonds as of end-November.

Gross external borrowings amounted to P493.61 billion in the 11-month period, down by 6.7% from the P528.8 billion posted in 2021.

Broken down, the BTr raised P234.26 billion from global bonds and P28.55 billion from Samurai bonds. It also recorded P94.2 billion in project loans and P136.6 billion in program loans. The government also repaid P122.76 billion of its outstanding foreign debt.

The government borrows from local and foreign sources in order to fund its budget deficit. The Development Budget Coordination Committee last month revised its fiscal deficit projection to 6.9% of gross domestic product (GDP) for 2022.

As of end-November, the National Government’s debt reached a record-high of P13.644 trillion. — L.M.J.C.Jocson

This article originally appeared on bworldonline.com

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