The national government said it expects its outstanding debt — at P17.56 trillion as of end-July — to decline by December, with the Bureau of the Treasury (BTr) set to pay off P814.2 billion of maturing domestic bonds and as fundraising activities wind down.
From January to July, borrowings were tilted heavily toward the local debt market, with a financing mix of 76 percent domestic and 24 percent external borrowing, it said.
“To mitigate exposure to foreign exchange risk, the government continued to favor domestic borrowings to deepen the local capital market, attaining a financing blend comprised of 76 percent domestic financing and 24 percent external borrowing in the first seven months of the year,” the BTr said in a statement released late Wednesday.
The BTr said the administration will stick to its Medium-Term Fiscal Program, “targeting lower borrowing costs and long-term debt sustainability while channeling funds to infrastructure, education, healthcare, agriculture and social services.” — The Malaya Business News Team
