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1h ago

Philippines to Borrow 2.46 Trillion Pesos in 2024, Bulletin Says

Cecilia Yap, Bloomberg News

The Metro Rail Transit train travels along a track in Makati City, Metro Manila, the Philippines, on Monday, Aug. 15, 2022. Bangko Sentral ng Pilipinas delivered an off-cycle rate increase of 75 basis points last month to tame inflation that’s almost at a four-year high and prop up the weakening peso.

The Metro Rail Transit train travels along a track in Makati City, Metro Manila, the Philippines, on Monday, Aug. 15, 2022. Bangko Sentral ng Pilipinas delivered an off-cycle rate increase of 75 basis points last month to tame inflation that’s almost at a four-year high and prop up the weakening peso. , Bloomberg

(Bloomberg) -- The Philippine government plans to borrow 2.46 trillion pesos ($44.1 billion) in 2024, up 12% from this year, the Manila Bulletin reported, citing Budget Secretary Amenah Pangandaman.

Domestic borrowing will account for 75% of the total and the rest will be from external sources, the newspaper quoted the budget chief as saying.

The government’s outstanding debt was at 13.91 trillion pesos as of April, 68% of which was borrowed locally. Quarterly debt-to-gross domestic product ratio stood at 61% as of end-March, according to the Manila Bulletin.

©2023 Bloomberg L.P.

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