Foreign borrowings nearly halved in Q1

The BSP approved two project loans worth $850 million and two program loans amounting to $2.02 billion from January to March.MANILA, Philippines — The public sector’s foreign borrowings approved by the Bangko Sentral ng Pilipinas went down by 48 percent to $2.87 billion in the first quarter from $5.56 billion recorded a year ago.

All foreign loans to be contracted or guaranteed by the government need prior BSP approval as mandated by the Constitution. “The BSP promotes the judicious use of the resources and ensures that external debt requirements are at manageable levels, to support external debt sustainability,” the BSP said.

The government seeks to reduce the budget deficit to just 3.7 percent of gross domestic product by 2028, down from the record-high 8.6 percent in 2021.

A six percent economic growth in the first quarter is possible given developments in the labor market and lower inflation,...

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bangko Sentral holds interest rates high as inflation risks ‘become worse’Although the Philippine central bank's inflation forecast has inched up, it is not contemplating rate cuts or hikes anytime soon
Source: rapplerdotcom - 🏆 4. / 86 Read more »

Bangko Sentral ng Pilipinas Retains Interest Rate at 6.5%The Bangko Sentral ng Pilipinas' Monetary Board has decided to keep its target reverse repurchase rate at 6.5% due to an inflation outlook that leans towards the upside.
Source: PhilstarNews - 🏆 1. / 94 Read more »

Fitch unit expects Bangko Sentral to reduce interest rates in second halfDefining the News
Source: MlaStandard - 🏆 20. / 55 Read more »

BSP: $689M net 'hot money' entered Philippines in FebruaryShort-term foreign portfolio investments or “hot money” stood at a net inflow in February, data released by the Bangko Sentral ng Pilipinas (BSP) on Thursday showed.
Source: gmanews - 🏆 11. / 68 Read more »

BSP amends foreign exchange regulationsThe Bangko Sentral ng Pilipinas’ (BSP) policy-setting Monetary Board has approved amendments to foreign exchange regulations.
Source: gmanews - 🏆 11. / 68 Read more »

BSP keeps rates unchanged; inflation still global problemThe Bangko Sentral ng Pilipinas elected to keep interest rates steady after the PSA inflation data for March showed that inflation quickened here to 3.7% (increased for the third straight month).
Source: PhilstarNews - 🏆 1. / 94 Read more »