THE government’s gross borrowings plunged by two-thirds in April as domestic debt issuances were significantly lower compared to a year earlier.
Bureau of the Treasury (BTr) data showed a 66.6-percent drop in gross borrowings to P130.19 billion from P390.06 billion.
Domestic financing, which accounted for the bulk of government borrowings during the month, dove by 68.2 percent to P122.28 billion from P384.71 billion.
In April 2025, the government issued P300 billion worth of fixed rate treasury notes, significantly boosting domestic financing for that month.
For this April, the bulk of local borrowings came from P125.02 billion in fixed rate treasury bonds, partly offset by a negative P2.74-billion treasury bills position.
External gross borrowings, meanwhile, increased 47.8 percent to P7.91 billion from P5.35 billion, consisting of project loans worth P7.76 billion and program loans worth P151 million.
For January to April, total gross borrowings stood at P1.134 trillion, only slightly below the P1.135 trillion raised during the same period in 2025.
Domestic borrowings rose 2.1 percent to P853.38 billion in the four-month period from P835.51 billion a year ago, accounting for roughly three-fourths of total borrowings.
External borrowings, on the other hand, fell 6.4 percent to P280.47 billion from P299.69 billion.
The government’s gross borrowings expanded to P2.653 trillion last year from P2.565 trillion in 2024. They were also higher than the P2.6-trillion financing requirement for the year.
The administration needs P2.68 trillion to finance its programs and projects this year. Most of the funding will come from domestic sources at P2.05 trillion, lower than the P2.11 trillion programmed for 2025.
The remaining P627.1 billion will come from external sources, up from 2025’s P488.17 billion, via program loans (P263.3 billion), project loans (P61.7 billion) and bonds and other inflows (P302.1 billion).
NIÑA MYKA PAULINE ARCEO