Manila, Nov. 30 -- The government borrowings in the first 10 months of the year jumped by 214.45 percent year-on-year primarily due to requirements to address the coronavirus disease 2019 (Covid-19) pandemic.
Bureau of the Treasury (BTr) data show total borrowings as of end-October this year reached PHP2.706 trillion, way higher than the PHP843.482 billion in the same period last year.
Bulk of the financing is accounted for by those sourced domestically, with a net amount of PHP2.259 trillion while the balance of PHP446.46 billion is accounted for by external financing.
Economic managers have set a PHP3-trillion borrowing program each for 2020 and 2021, and domestic fundraising accounts for the bulk at 75 percent through the issuance of ...