National government's gross borrowings fell 12.41% to P830.39 billion, with external financing contracting YoY; domestic borrowings rose 9.21% to P713.

The national government's gross borrowings fell by 12.41% to P830.39 billion as of end-March, with external financing contracting year-on-year. Domestic borrowings rose by 9.21% to P713.13 billion, while external borrowings dropped by 60.26% to P117.257 billion. The decline in borrowings can be attributed to reduced reliance on foreign lenders, according to the Bureau of the Treasury.