Photo courtesy: Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas (BSP) approved US$1.10 billion in proposed public sector foreign borrowings in the third quarter, reflecting a steep drop from the same period last year.
The BSP said the approved loans, all with medium- to long-term maturities, consist of two projects focused on social protection.
In a statement on Friday, the BSP said the latest figure represents a 71.13 percent decline from the US$3.81 billion in foreign borrowings approved during the same period in 2024.
Public sector foreign borrowings for the first nine months of the year totaled US12.28 billion.
Under existing laws, all foreign borrowing proposals by the national government, its agencies, and government financial institutions – including those guaranteed by the national government – require prior approval of the BSP’s Monetary Board. The BSP said this process ensures that the country’s foreign debt remains manageable.
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