primo gaming PH gross borrowings down in November, says BTr

INQUIRER FILE PHOTO

Gross borrowings of the Marcos administration posted a double-digit decline in November on the back of the government’s weak appetite for local financing, the Bureau of the Treasury (BTr) reported.

Data from the latest cash operations report of the BTr showed gross financing in November amounted to P65 billion, down by 48 percent compared with a year ago.

Article continues after this advertisement

This brought the 11-month borrowings of the state to P2.49 trillion, 19 percent higher on an annual basis.

FEATURED STORIES BUSINESS BIZ BUZZ: Metrobank still ‘strongest bank’ in PH BUSINESS An upper middle-income nation by 2025? What PH is bound to lose BUSINESS Tighter digital payment rules set in March

READ: Gov’t unveils P629-B domestic borrowing plan for Q1 2025

The year-to-date financing also accounted for 96.9 percent of the Marcos administration’s P2.57-trillion borrowing plan for 2024, which is needed to plug an estimated budget hole of P1.52 trillion or 5.7 percent of gross domestic product (GDP).

ChocoVron Vice President Marissa Lourdes Yala told the Philippine News Agency on the sidelines of the US-PH 2024 Trade Mission Conference at The Manila Hotel on Friday, October 18, that the P500 million (US$8.75 million) expansion plan of the company will triple the capacity of its production facility in San Pedro, Laguna.

While the Marcos administration has been exerting efforts to attract more green power developments to the market, the sector may be dealing with some hitches as the projects are now “being processed for termination” due to the companies’ failure to meet committed timelines, the agency noted Sunday.

Article continues after this advertisement

Dissecting the report of the Treasury, the government raised P48.9 billion in domestic financing in November.

Article continues after this advertisement Treasury bonds

This was 60 percent lower compared with a year ago, when the state had borrowed P15 billion during its maiden sale of “tokenized” treasury bonds apart from its regular peso debt offerings.

Article continues after this advertisement

The BTr might have also front-loaded some onshore borrowings late last year in anticipation of higher interest rates.

In November, proceeds from the weekly auction of Treasury bills hit P19 billion, while the sale of fixed rate Treasury bonds gave the government P30 billion.

Article continues after this advertisement

In the first 11 months, onshore borrowings went up by 16 percent to P1.91 trillion, inching closer to the target domestic financing for this year of P1.92 trillion.

Meanwhile, the government borrowed P16.2 billion from external sources in November, significantly higher than the P4.4 billion offshore financing it had raised a year ago. This consisted of project loans amounting to P8.7 billion and P7.5 billion in program loans.

That sent the year-to-date gross external financing to P582.4 billion, up by 26 percent and accounting for over 90 percent of the P646.1 billion that the Marcos administration had hoped to borrow from foreign creditors this year.

n9ne bet slot Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

In 2025primo gaming, the government plans to borrow P2.55 trillion from creditors at home and abroad to bridge a projected budget gap of P1.54 trillion, or equivalent to 5.3 percent of the country’s GDP. INQ

READ NEXT Brian Poe wins Silver Stevie Award for Executive of the Year BIZ BUZZ: Metrobank still ‘strongest bank’ in PH EDITORS' PICK Panama marks canal handover anniversary in shadow of Trump threat Keeping President Carter’s values alive as 2024 comes to an end Atong Ang, Sunshine Cruz spotted at a wedding after dating confirmation S. Korea court issues arrest warrant for impeached president Yoon Brian Poe wins Silver Stevie Award for Executive of the Year Fever, respiratory illnesses hound some Kanlaon evacuees MOST READ Don’t politicize Nazarene’s Trasclacion, Comelec tells poll bets Swiss cabin crew member dies after smoke forced emergency landing PAF to get 6 light attack planes after retiring old Broncos, choppers Atong Ang, Sunshine Cruz spotted at a wedding after dating confirmation Follow @FMangosingINQ on Twitter --> View comments