Monetary Board approves $2.87B in foreign loans for public sector in Q1 2024

THE Monetary Board has authorized US$2.87 billion in foreign borrowings for the public sector in the first quarter of 2024. This represents a significant decrease of 48 percent compared to the $5.56 billion approved during the same period in 2023, the Bangko Sentral ng Pilipinas said in a statement Monday, April 15, 2024. The central bank said the approved loans consist of two project loans totaling $850 million and five program loans totaling $2.02 billion.

According to the BSP, these funds will be directed towards infrastructure development projects.It further said public sector's program loans will support various government initiatives, including healthcare reforms , digital transformation , tax administration improvements , and development of inclusive finance .Section 20, Article 7 of the 1987 Constitution mandates prior approval from the BSP through its Monetary Board for any foreign loans secured by the government.

Source: Loan News Today (loannewstoday.net)

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