Monetary Board-approved Q1 Foreign Borrowings Down 48% for Philippines

The Philippine government reduced its foreign borrowing by 48% in the first quarter of 2024, securing approvals from the central bank’s highest authority for only $2.87 billion compared to $5.56 billion in the same period last year.

In a statement, the Bangko Sentral ng Pilipinas said this decrease aligns with efforts to manage debt levels judiciously.

The approved funds will support a variety of national initiatives, including $0.85 billion for infrastructure projects and $2.02 billion spread across health care, digital transformation, tax administration, and inclusive finance development, the central bank explained.

This strategic borrowing reflects the government's focus on sustainable financial practices and prioritizing critical sector reforms, it added.