Gov’t borrowings down in April

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MANILA — The government borrowed less in April owing to smaller borrowings from the domestic market, according to the Bureau of Treasury on Monday.

The Treasury has recorded less gross borrowings for the month of April dropping by 5 percent to P27.74 billion from the P29.28 billion in the same month last year.

Government financing for the first four months of the year reached P128.63 billion.

The figure showed a 2 percent increase from the P126.4 billion in the same period last year.

Borrowing from local lenders declined by 90 percent from P24.12 billion last year to P2.46 billion.

Despite this, offshore financing increased to P25.28 billion from P24.12 billion last year.

The country’s foreign borrowings, meanwhile, remained steady at P95 billion in 2015 from P95.7 billion in 2014.

The outstanding debt of the government increased by 2.7 percent from the P5.64 trillion in the same month last year reaching P5.79 trillion.