Lumaktaw sa pangunahing content

Foreign borrowings reach $17.7B in 2020

Monetary authorities approved more foreign borrowings by the national government in the last three months of 2020, raising the full-year tally to over $17 billion, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.

In a statement, the central bank said its policymaking Monetary Board (MB) approved borrowings worth $17.7 billion last year, up 82.5 percent from 2019’s $9.7 billion.

In the fourth quarter alone, approved foreign borrowings amounted to $4.2 billion, 7.7 percent bigger than the $3.9 billion in July to September.

Last year’s borrowings consisted of three bond issuances worth $6.6 billion, 15 project loans worth $3.7 billion and 16 program loans worth $7.5 billion.

According to the BSP, the increase in approved borrowings was due to bond issuances growing by 88.6 percent year-on-year to $6.6 billion from $3.5 billion, and program loans surging by 435.7 percent to $7.5 billion from $1.4 billion in 2019.

“The increase in public-sector foreign borrowings in 2020 are, among others, to fund the government’s Covid-19 pandemic response programs and to support economic recovery,” it said.

The Bangko Sentral also said Monetary Board approval was required for all foreign loans to be contracted or guaranteed by the Philippine government, as mandated by the 1987 Constitution.

Similarly, Letter of Instructions 158, dated Jan. 21, 1974, also required all foreign-borrowing proposals from the national government, government agencies and state financial institutions to be submitted for MB approval before actual negotiations begin, it added.

“The BSP promotes the judicious use of the resources, and ensures that external debt requirements are at manageable levels to support external debt sustainability,” the central bank said.

Earlier, the Bureau of the Treasury reported that the government’s foreign debt slid by 0.3 percent to P2.94 trillion at end-November.

It attributed the lower foreign obligations to “the P10.74-billion net effect of currency adjustments, particularly [the] peso appreciation offsetting net foreign loan availments amounting to P2.55 billion.”

External financing posted inflows of P583.64 billion in January to November. For the period, project loan availments reached P32.93 billion ($0.68 billion) while program loans totaled P364.64 billion ($7.58 billion). Offshore bond issuances hit P186.06 billion ($3.87 billion).


Source: ManilaTimes
Mga etiketa:

Mga Komento

Mag-post ng isang Komento

Mga sikat na post sa blog na ito

Canadians Abroad Roundup: Will Laryea be next Canadian in Premier League?

January was a transformative month for the Canadian men’s national team. Wins in Honduras and at home to the U.S. – coupled with the El Salvador road victory on Feb. 2 – all but guaranteed its qualification for the 2022 World Cup. Fans could start monitoring flights to Doha with relative comfort. An arguably superior development transpired that month, too. Nine Canadian-eligible players secured loans or permanent transfers to new clubs in the transfer window. Many of those moves were steps up in terms of the quality and size of the respective teams. For instance, Stephen Eustaquio joined Porto on loan with an option to buy from Pacos de Ferreira. Now he’s transitioned from mid-table obscurity to a league title and into the Champions League, provided reports are correct and he joins the Dragoes permanently. Ike Ugbo was loaned to Troyes in Ligue 1 from Genk, an admittedly big club in Belgium with a rich history. But moving to a top-five European league, especially to a club under t...
Mag-post ng isang Komento
Magbasa nang higit pa

Duterte allows more pork imports

President Rodrigo Duterte has allowed additional pork imports to boost the supply and stabilize meat prices, a Palace official said on Thursday. President Rodrigo Duterte. Contributed photo According to Cabinet Secretary Karlo Alexei Nograles, the President approved during a Cabinet meeting on Wednesday the recommendation of the Department of Agriculture (DA) to increase the Minimum Access Volume (MAV) of pork imports for this year. He said the present MAV was 54,210 metric tons, but the DA projected that the annual demand for pork supply will reach 1,618,355 mt. “The DA has recommended that the MAV must be expanded just enough to cover the projected shortfall for the year,” Nograles said during a virtual press briefing. The MAV sets the limit on agricultural imports that have a customs duty lower than the out-quota customs tariff. Nograles said Duterte approved this proposal, along with the creation of a sub-task group on economic intelligence “to go after smugglers, profiteer...
Mag-post ng isang Komento
Magbasa nang higit pa

The National Museum – in step with the ‘new normal’

Even as vaccines begin to make their way around the world, museums and galleries are most likely among the industries which will be last to make a complete return to operations. Here in the Philippines to be specific, museums and galleries, along with cultural centers and libraries, are considered non-essentials and can only open under Modified Enhanced Community Quarantine (MGCQ), with corresponding rules on safety. The National Museum The National Museum The National Museum The National Museum The National Museum The National Museum The National Museum The National Museum It has therefore been quite a while since the National Museum of the Philippines complex in Manila saw long queues of guests, which of course has been very disheartening for the community. But just like the rest of the nation, the vanguards of the country’s precious arts and artifacts proved to be resilient, resourceful and innovative as they quickly built and steeled an online presence through...
Mag-post ng isang Komento
Magbasa nang higit pa