Public sector foreign borrowings approved by the Bangko Sentral ng Pilipinas fell $2.71 billion, or 71.13 percent, in the third quarter of 2025.
The BSP’s Monetary Board approved $1.10 billion in foreign borrowings by the public sector in the third quarter, down from $3.81 billion it recorded in the same period last year.
The approved borrowings consisted of two loan projects for social protection with medium to long-term maturities, according to BSP data.
This decline brought the total public sector foreign borrowings to $12.28 billion in the first nine months of the year. The full-year total for 2024 stood at $13.68 billion.
The Monetary Board is legally mandated to approve all external borrowing proposals by the government to help maintain the country’s foreign debt at a manageable level.
The government continues to borrow from foreign and local debt markets to finance its budget deficit.
Data from the Bureau of the Treasury (BTr) showed the fiscal deficit ending September 2025 reached P1.12 trillion, below the programmed deficit of P1.26 trillion for the same period.
The government said it remains on track to keep the deficit within its full-year target of P1.56 trillion.
Total revenues reached P3.37 trillion by the end of the third quarter, a 2.24-percent increase over last year’s level, led by higher tax collections. This performance is on track to hit the full-year program of P4.52 trillion.
