Philippine government cut October borrowing by 42.6%, but year-to-date borrowings are up 23%.

The Philippine government reduced its borrowing in October by 42.6% to nearly ₱130 billion, primarily due to a decrease in foreign market debt. Domestic borrowings fell by 61.4%, while external borrowings rose by 22.2%. Despite this, the government has increased its total borrowings by 23% to ₱2.429 trillion in the first 10 months of 2024, nearing its yearly target. The country plans to borrow slightly less next year, at ₱2.55 trillion, still favoring domestic creditors.

December 01, 2024
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