Daily News

Government borrowings surge in May

State gross borrowings more than doubled in May, as the government continued to raise funds here and abroad for its pandemic response, bringing the five-month total to P1.509 trillion. Data from the Bureau of the Treasury (BTr) showed the National Government’s gross borrowings stood at P289.817 billion in May, up 130.7% from P125.61 billion borrowed in the same month in 2019. Excluding P6.289 billion in repayments made to external lenders, net borrowings for May reached P283.528 billion. The government did not make any amortization for its local debt in that month. Domestic borrowings accounted for 58.8% of the total, while 41.2% were from external creditors.