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Government sets P585 billion borrowings in Q2
The government is set to borrow P585 billion from the domestic market in the second quarter amid hopes of more favorable interest rates here and abroad......»»
Government cuts borrowings to P203 billion in January
The Marcos administration slashed its borrowings by 45 percent to P203 billion at the onset of the new year in the absence of new global bond offerings.......»»
Rise of the cancer-causing bugs: Researchers say dental PLAQUE could be behind mystery rise of aggressive colo
A recent surge in aggressive colon and stomach cancers has been linked to the presence of specific bacteria, according to new studies. The bacteria Fusobacterium.....»»
Government borrowings inch up to P2.19 trillion
The Philippines slightly increased its borrowings to P2.19 trillion last year amid a high interest rate environment here and abroad, with the government almost hitting its entire financing program......»»
Tax Notes: BIR clarifies tax treatment of interest on borrowings
Tax Notes: BIR clarifies tax treatment of interest on borrowings.....»»
USD3.32-B Loan Approved by BSP
On Monday, the Bangko Sentral ng Pilipinas (BSP) announced that the Monetary Board approved USD 3.32 billion in medium-to-long-term (MLT) foreign borrowings for Q4 2023. From October to December 2023, the public sector’s foreign borrowings rose by 65.8%, reaching USD3.32 billion, up from USD2 billion in the same period in 2022. This brought the total […].....»»
Foreign borrowings rise to $14.5 billion in 2023
Foreign borrowings approved by the Bangko Sentral ng Pilipinas jumped by more than 40 percent in 2023 after declining for two straight years, as the national government borrowed more from offshore creditors primarily to bankroll key infrastructure projects......»»
Forex buffer rises to $102.4 billion in 2023
The country’s foreign exchange buffer increased by 6.5 percent to $102.45 billion in 2023 from $96.15 billion in 2022, ending two years of slump on the back of higher foreign borrowings by the national government and rising gold prices in the world market, according to the Bangko Sentral ng Pilipinas......»»
Philippines outstanding debt balloons to P14.51 trillion
In a statement, the national treasury said that the debt stock increased by P27.92 billion where 30.91% are from external debts while 69.09% are from domestic borrowings......»»
Philippines external debt hits $119 billion in 9 months
The Philippines’ external debt hit an all-time high of $118.83 billion in end-September due to higher borrowings by the national government as well as statistical adjustments, according to the Bangko Sentral ng Pilipinas......»»
RDB issuance boosts government borrowings
The Marcos administration hiked its borrowings by 23 percent to P225 billion in October following the issuance of the first retail dollar bond of the government......»»
Philippines debt hits P14.48 trillion in October
The Philippines’ debt pile climbed further to hit a new high of P14.48 trillion in October due to an increase in domestic and foreign borrowings as well as the depreciation of the peso against the dollar, according to the Bureau of the Treasury......»»
BOP surplus widens to $3.2 billion in 10 months
The Philippines posted a balance of payments surplus of $3.2 billion from January to October amid rising remittances from overseas Filipino workers, narrowing trade deficit and higher foreign borrowings by the national government, according to the Bangko Sentral ng Pilipinas......»»
Government uses up 81 percent of 2023 borrowing plan
The Marcos administration slightly reduced its borrowings to P1.78 trillion in the nine months to September, using up 81 percent already of its crafted financing program for the year......»»
Philippines borrowings down 7 percent in August
The Marcos administration slightly reduced its borrowings by seven percent to P124 billion in August, with the bulk still coming from the domestic debt market......»»
8-month debts increase 50%
The government’s gross borrowings rose in the first eight months, Bureau of the Treasury data showed, surging by 50.48 percent to P1.58 trillion as of the end of August from P1.05 trillion a year earlier. Based on the Treasury’s latest cash operations report, gross domestic borrowings accounted for the bulk of the first eight month’s total at P1.28 trillion. Gross overseas loans, meanwhile, clocked in at P394.56 billion during the period. Gross domestic loans increased from the year earlier from P996.14 billion. Gross overseas borrowings also rose from P337.79 billion previously. Fixed-rate treasury bond issuances worth P904.76 billion made up most of the first eight months of the domestic borrowings. An additional P283.76 billion and P95.84 billion were raised through retail T-bonds and T-bills, respectively. Foreign debts rise Gross external borrowings, meanwhile, increased by 16.80 percent from P337.79 billion in August 2022 to P394.56 billion in August this year. Total borrowings in August alone reached P119.12 billion, an increase from P118.36 billion in August 2022. During the month, borrowings from local lenders slipped by 34 percent to P110.5 billion from P167.81 billion secured in the same period last year. A huge chunk of the gross domestic borrowings, at P117.37 billion, was from fixed-rate Treasury bonds at P110.23 billion. The government borrowed the remaining P7.13 billion from short-term T-bills. In terms of external debt, the Treasury increased its gross borrowings to P6.68 billion from just P1.31 billion from foreign sources last year. The entire external financing for August was made up of project loans from multilateral institutions. The post 8-month debts increase 50% appeared first on Daily Tribune......»»
On endless wars, endless welfare and public debt
Ever rising government spending on wars, subsidies and freebies, funded by rising taxes and borrowings leading to high interest and inflation rates. These are realities discussed by many people almost anywhere in the world......»»
Foreign borrowings hit $11 billion
The Philippine government borrowed more from offshore creditors as foreign borrowings approved by the Bangko Sentral ng Pilipinas (BSP) jumped by 29 percent to $10.99 billion from January to September compared to last year’s level......»»
Debt hits new high of P14.35 trillion in August
The country’s outstanding debt rose slightly to reach another record high of P14.35 trillion as of end-August as borrowings were affected by the depreciation of the peso during the month, according to the Bureau of the Treasury......»»
Oil tax freeze clash looms
Senate Minority Leader Aquilino Pimentel III yesterday supported — while Finance Secretary Benjamin Diokno strongly opposed — a proposal to suspend the excise tax on imported oil products amid the skyrocketing fuel prices at the pump. “Every week, our fellow Filipinos face the challenge of ever-increasing fuel prices. They need a lifeline now. I hope the government understands the gravity of the situation and the urgency of intervention to alleviate their hardship,” Pimentel said. “The suspension of the excise tax would offer a temporary respite and serve as an effective lifeboat for Filipinos struggling to cope with the sky-high fuel prices,” he stressed. House Deputy Majority Leader and ACT-CIS Partylist Representative Erwin Tulfo on Monday proposed a three-month suspension of the excise tax on imported oil and bio-ethanol to address the continuing surge in oil prices. Tulfo’s proposal to temporarily suspend the excise tax until December came after Speaker Martin Romualdez held a meeting with representatives of the oil industry players on the same day. In a media briefing, Tulfo gave the impression that the House leadership would be inclined to recommend to President Ferdinand Marcos Jr. the suspension of the fuel excise tax. For Pimentel, suspending the excise tax would “unburden” many Filipinos from the expected increase in the prices of basic commodities. “The rising cost of crude oil will ultimately be borne by every Filipino because it leads to increased prices of goods, electricity, and more,” he said. Earlier, oil companies raised gasoline and kerosene prices by P2 per liter, with a more significant increase of P2.50 per liter for diesel. Diesel and kerosene prices in the last 11 consecutive weeks rose by a cumulative P17.30 and P15.95 per liter, respectively, while gasoline prices in the last 10 weeks climbed by P11.85 per liter. The global price of crude oil from the United States has risen to $92 per barrel, while European crude has increased to $95 per barrel since November last year. ‘Only rich will benefit’ But Diokno quickly put a damper on Tulfo’s proposal, saying that suspending the excise tax on petroleum products would benefit only the rich and severely damage the economy. “We recognize the public sentiment to address the elevated fuel prices. However, as the government, it is our responsibility to be cautious in implementing policies that could negatively impact the macro-fiscal stability and sustainability of the country,” he told reporters. Suspending the excise tax would be “regressive,” Diokno said, as it would delay infrastructure and social development projects for long-term economic growth under the Marcos administration, which aims to make the country a predominantly upper middle-income society by 2025. He pointed out that only the top 10 percent of households with the highest incomes would benefit from a suspension as they consume nearly 50 percent of all fuels. He noted that the lower half of households use up only 10 percent of all oil-based fuels. “When you formulate policy, you always think of what’s the greatest good for the greatest number,” Diokno said. Likewise, suspending the excise tax on fuel would not help stave off inflation in the long run, he added. “Any of the proposals will adversely affect our economic and fiscal recovery, our international credit rating, and our overall debt management strategy,” he said. He explained that the government would lose billions in revenue if it suspended the excise tax on fuel and its associated value-added tax. For the fourth quarter of 2023 alone, Diokno said, the losses in government revenue from foregone VAT and fuel excise taxes would reach P31.2 billion and P72.6 billion, respectively. Doom and gloom “In total, for the whole year of 2024, the government will lose P280.5 billion,” he said. Diokno averred that the lost revenue would lead to a higher budget deficit — from 5.1 percent to 6.2 percent of gross domestic product — and a higher debt-to-GDP ratio in 2024 of 60.2 percent to 61.3 percent. With a restricted revenue collection, Diokno added, the government will be forced to borrow more to support its projects and to repurpose some of its future revenues to debt payments. “Higher borrowings will further increase our interest payments and budget deficit in the future,” he said. The solution, Diokno said, is to give targeted subsidies to those who will be most negatively affected by the higher fuel prices, such as jeepney drivers, farmers and fishermen. He also said that eliminating the fuel tax would require time-consuming legislative action. “Once the elevated oil prices subside, it may not be easy to restore the taxes on oil products. It is politically unpopular. That’s the political economy of tax legislation. This has serious implications for fiscal sustainability,” he warned. The post Oil tax freeze clash looms appeared first on Daily Tribune......»»