The government’s gross borrowings fell 11 percent to P140.23 billion in June 2024 from P158.95 billion in the same period last year despite the wider trade deficit, according to the Bureau of the Treasury.
Domestic borrowings dropped to P132.47 billion from P143.92 billion, while foreign financing went down to P7.76 billion from P15.03 billion in the same period last year.
The government raised P22.48 billion from the sale of Treasury bills and P110.22 billion from fixed-rate Treasury bonds in June.
Data show that in the first six months of 2024, the total gross borrowings amounted to P1.17 trillion, also lower by 11.3 percent than P1.32 trillion booked in the same period last year.
The Treasury said of the total six-month figure, foreign financing amounted to P267.41 billion, while domestic borrowings amounted to P1.30 trillion.
The Department of Finance earlier raised the 2024 borrowing plan to P2.57 trillion, up from the original target of P2.46 trillion.
The government said it would continue to adopt a 75:25 domestic-external funding split for the year.
Budget deficit widened by 11.3 percent in the first half to P613.9 billion from the same period last year.
Total collections in the first half reached P2.15 trillion, up by 15.56 percent from a year earlier. Taxes comprised 85 percent of the six-month revenue and grew by 10.05 percent from P1.67 trillion in the previous year.
