The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas , has approved $4.80 billion worth of public sector foreign borrowings in the first quarter this year, 69 percent higher compared with $2.84 billion same time last year.
To esnure foreign debt level continues to be manageable, the BSP is mandated to review and approve all public sector or government foreign borrowings under Section 20, Article VII of the 1987 Philippine Constitution. Last year’s total public sector foreign borrowings consisted of four bond issuances amounting to $6.2 billion. But the government sold less bonds last year or 6.2 percent lower compared to $6.6 billion raised in 2020.
As of end-December 2021, the country’s outstanding external debt amounted to $106.43 billion, up by 8.1 percent from $98.49 billion in 2020.
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