The Marcos administration expanded its borrowing efforts to P2.3 trillion in the first nine months of 2024, nearly reaching 89 percent of its total planned borrowings for the year. Data from the Bureau of the Treasury show that this amount is a 31.4 percent increase from P1.75 trillion during the same period last year, bringing the government close to its annual borrowing target of P2.57 trillion.
Approximately 78 percent of the borrowings were raised from local lenders, totaling P1.8 trillion, an increase of 34 percent from last year’s P1.34 trillion. This includes P1.02 trillion from fixed-rate Treasury bonds and P584.86 billion from retail Treasury bonds issued in February. Short-term T-bills raised another P186.92 billion, marking a significant rise from P126.85 billion last year.
In foreign debt, the Treasury reported P504.45 billion, 24 percent higher than in 2023, mainly sourced from two rounds of dollar bonds issued in May and September. The May issuance raised P115.25 billion with 10- and 25-year tenors, while September’s triple-tranche global bond raised P141 billion with terms of up to 25 years. Program loans from international institutions added P173.15 billion, and project loans contributed another P75.06 billion.
The government plans a slightly reduced borrowing target of P2.55 trillion for 2025, maintaining a preference for domestic creditors as part of its debt management and capital market development strategy.
