GOVERNMENT borrowing more than doubled in October due to an increase in Treasury bonds (T-bonds) issued, the Bureau of the Treasury (BTr) said.
The national government borrowed P37.98 billion in October, up 124.45% from a year earlier.
The total was 37.31% less than borrowing in September.
The government accepted more tenders for T-bonds at P30 billion in October, compared with P11.77 billion a year earlier. Shorter-dated Treasury bills also rose to P5.97 billion, up 282.69% year on year.
This brought gross domestic borrowing to P35.96 billion, up 169.75%.
Financing from foreign lenders on the other hand fell 43.83% to P2.02 billion in October.
This was due to the absence of program loans that month, compared with P2.68 billion a year earlier. Project loans accounted for all external borrowing, but were about half the year-earlier total of P3.59 billion.
Year to date, overall borrowing rose 37.31% to P661.76 billion.
Some P142.82 billion was from external lenders while P339.14 billion was sourced domestically.
Overall borrowing is at 90.93% of the upwardly-adjusted financing program this year of P727.74 billion.
The government borrows funds to finance its fiscal deficit, which is capped at 3% of gross domestic product, or P478.1 billion. — Elijah Joseph C. Tubayan
