In a statement, the BSP said this represents a 43% increase, equivalent to $1.17 billion, compared to the $2.73 billion in foreign loans approved in the same period in 2023.
The approvals comprise one bond issuance amounting to $2 billion and three project loans totaling $1.90 billion.
These foreign loans are earmarked for the national government’s general budget financing and the financing or refinancing of assets under the Republic of the Philippines’ Sustainable Finance Framework ($2.0 billion), as well as transport infrastructure projects ($1.9 billion).
Under the Constitution, the BSP's Monetary Board must approve all foreign loans contracted or guaranteed by the Republic. All foreign borrowing proposals by the national government and its agencies must receive approvals-in-principle from the Monetary Board before negotiations commence.
The BSP explained that the prudent use of resources aims to keep external debt at manageable levels to ensure sustainability.
This strategic approach supports the country's economic stability and development goals, it said.
