THE BANGKO Sentral ng Pilipinas (BSP) said approved foreign borrowings of the government declined in the third quarter of the year.
On October 24, the BSP said the central bank’s Monetary Board approved USD1.10 billion worth of proposed public sector foreign borrowings in the third quarter of the year, down by 71.13 percent from the USD3.81 billion in the same period last year.
The foreign borrowings have medium- to long-term maturities.
These consist of two loans for projects on social protection.
The BSP said that for the first nine months of the year, public sector foreign borrowings were recorded at USD12.28 billion.
Under the law, all foreign borrowing proposals by the national government, government agencies, and government financial institutions as well as loans to be guaranteed by the national government require prior approval of the central bank’s Monetary Board.This is in line with the BSP’s tasks of ensuring that the country’s foreign debt remains manageable. (PNA)
