Daily News

National government gross borrowings up 5.3% to P656.7 Bn in 1Q2020

The national government’s gross borrowings rose by 5.31% to P656.718 billion in the first quarter of the year as the state borrowed more from both domestic and foreign sources. This was up by P33.12 billion from P623.598 billion in gross borrowings recorded from January to March last year. The government borrows to meet its spending requirements and to finance its budget deficit. The Bureau of the Treasury said that the total outstanding debt of the national government surged P8.177 trillion as of end of first quarter this year, up by 4.8% from P7.802 trillion.