The Monetary Board gave the green light to a total of $5.56 billion in government foreign borrowing in the first quarter of 2023, which covers partly the continuing need to address the impact of the COVID-19 pandemic. | RonWDomingoINQ /PDI
Also, the national government availed of two project loans—one at $200 million related to infrastructure and another at $100 million related to education.
The Philippine Constitution requires the prior approval by the highest policy making body of the BSP for all foreign loans that the public sector—the national government itself as well as its agencies and financial institutions —will take or guarantee. The BSP says it promotes the judicious use of the resources and ensures that external debt requirements are at manageable levels, to support external debt sustainability.
Foreign debt accounted for 31 percent of the government’s debt stock, which was pegged at P13.75 trillion. This included P9.44 trillion owed to domestic lenders.At a Philippine economic briefing held on April 12 in Washington, BSP Governor Felipe Medalla said the government throughout various administrations has been behaving responsibly in terms of fiscal matters.
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