Government debts swell to P8.89 trillion

The country’s debt pile further swelled to P8.89 trillion in May as the government continued to increase its borrowings both from domestic and international sources to fund its coronavirus response efforts......»»

Category: financeSource: philstar philstarJun 30th, 2020

US 2020 deficit seen ballooning over $1 trillion

The US budget deficit is expected to swell this year to over $1 trillion and remain above that level for a decade as government debt swells, the independent Congressional Budget Office said Tuesday. Through 2030, because of large deficits, CBO said the US debt will grow to 98 percent of the economy — the highest […] The post US 2020 deficit seen ballooning over $1 trillion appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsJan 28th, 2020

Rising PH debt still manageable economist

DAVAO CITY, June 30 (PIA) - With people alarmed over increasing debts from loans taken by the government to address budgetary shortfalls and fund social protection programs during the pandemic, an.....»»

Category: newsSource:  manilanewsRelated NewsJul 1st, 2020

Treasury: Gov& rsquo;t debt jumps by P290b to P8.89t in May

The government’s outstanding debt jumped P290.44 billion, or 3.4 percent, in May to P8.89 trillion from P8.6 trillion in April as the government issued more securities and borrowed debt from international agencies to fund its COVID-19 response amid a sharp drop in revenue collections......»»

Category: financeSource:  thestandardRelated NewsJul 1st, 2020

COVID-19 loans swell gov’t borrowings by 593%

With more loans to finance COVID-19 response that flowed during the first full month of lockdown, the national government’s gross borrowings in April surged by 593 percent year-on-year to P262.7 billion. The latest Bureau of the Treasury data showed that combined gross domestic and external borrowings in the same month last year amounted to only […] The post COVID-19 loans swell gov’t borrowings by 593% appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsJun 22nd, 2020

Gov& rsquo;t debt surged P869b in 4 months

The government’s outstanding debt jumped by P869 billion or 11.2 percent since the start of the year to reach P8.6 trillion as of end-April, the Bureau of Treasury said Tuesday......»»

Category: financeSource:  thestandardRelated NewsJun 2nd, 2020

Russia to spend over $70 billion on virus recovery plan

The Russian government plans to spend about five trillion rubles ($72 billion) on a plan to restore the economy following the coronavirus shutdown, Prime Minister Mikhail Mishustin said Tuesday. The programme to boost employment, incomes and economic growth “contains over 500 actions, its cost over two years will be about five trillion rubles,” Mishustin told […] The post Russia to spend over $70 billion on virus recovery plan appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsJun 2nd, 2020

Proposed 2021 budget set at P4.335 trillion

The Department of Budget and Management is proposing a P4.335 trillion cash-based budget for next year, with the government set to realign its priorities in light of the “new normal” environment brought about by the coronavirus disease 2019 or COVID-19 pandemic......»»

Category: financeSource:  philstarRelated NewsMay 24th, 2020

Government COVID strategy placed at P1.74 trillion

The government will need a bigger amount – P1.74 trillion from an earlier estimate of P1.45 trillion – to carry out its “four pillar strategy” for jumpstarting the economy and addressing the needs of sectors most affected by the coronavirus disease 2019 pandemic......»»

Category: newsSource:  philstarRelated NewsMay 19th, 2020

Govt ups spending for Covid-19 response 

The national government has accelerated the funding for its four-pillar socioeconomic strategy to fight the coronavirus disease 2019 (Covid-19) pandemic. “The strategy has a combined value of P1.74 trillion or 9.1 percent of GDP (gross domestic product),” Finance Secretary Carlos Dominguez 3rd told lawmakers during a Senate hearing on Wednesday. The latest amount is bigger […].....»»

Category: newsSource:  manilatimes_netRelated NewsMay 19th, 2020

Coronavirus pandemic s impact on PH estimated at P2t

The government's economic managers now expect the Philippine economy to contract anywhere from 2 percent to 3.4 percent in 2020, as the impact of the coronavirus pandemic is seen to reach P2 trillion......»»

Category: financeSource:  thestandardRelated NewsMay 13th, 2020

Government debt inches up in March as fiscal leeway improves

State debts rose to a fresh record-high on the first quarter, but it also appeared that the government has a wider leeway to borrow more without getting overburdened by liabilities......»»

Category: financeSource:  philstarRelated NewsMay 1st, 2020

Government boosts funds to fight COVID to P1.45 trillion

The government has beefed up its war chest against the coronavirus disease 2019 to P1.45 trillion as it unveiled new programs that aim to support the recovery of small businesses, the Department of Finance said......»»

Category: newsSource:  philstarRelated NewsApr 14th, 2020

Philippines will continue paying its debts despite COVID-19 outbreak — DOF

The government might be coming up short of actual cash to bankroll a massive response to the coronavirus outbreak but it will never ask its creditors for a moratorium on debt payments......»»

Category: financeSource:  philstarRelated NewsApr 14th, 2020

Govt allots over P1T for strategy against virus

The government will pour over a trillion pesos into a socioeconomic strategy to fight the coronavirus disease 2019 (Covid-19) pandemic. The package includes a P35-billion wage subsidy for the employees of small businesses. The four-pillar program is contained in a document Finance Secretary Carlos Dominguez 3rd shared with reporters in a Viber message. In the […].....»»

Category: newsSource:  manilatimes_netRelated NewsApr 13th, 2020

Philippines seeks to boost COVID-19 war chest to breach P1 trillion

The government is currently sourcing funds to finance its coronavirus response......»»

Category: newsSource:  philstarRelated NewsApr 8th, 2020

Government debt breaches P8 trillion mark in February

The government’s debt pile breached the P8-trillion level in February following its issuance of retail Treasury bonds and the settlement of euro-denominated global bonds, the Bureau of the Treasury said......»»

Category: financeSource:  philstarRelated NewsMar 28th, 2020

No games, big losses: Money crisis faces US Olympic sports

By EDDIE PELLS AP National Writer DENVER (AP) — The postponement of the Tokyo Games has catapulted the sports organizations that make up the backbone of the U.S. Olympic team into crisis. At least one has already started layoffs and others are desperate to stay solvent. Some are expecting a major downturn in membership dues, while others are reeling from event cancellations totaling more than 8,000 across all sports. A database analyzed by The Associated Press shows combined projected losses of more than $121 million in revenue between February and June for 43 of the 50 national governing bodies that responded to a survey from the NGB Council in the wake of the coronavirus crisis. As much or more as the U.S. Olympic and Paralympic Committee, which serves as an umbrella regulator of the country's Olympic sports, it's the NGBs that provide funding and other support for athletes to pursue their dreams at the Olympic and other elite levels. About 80% of the typical NGB's budget goes toward supporting athletes. Not including the U.S. Tennis Association — an outlier because of the massive revenue it generates from the U.S. Open — the NGBs have a combined annual revenue of about $685 million. By comparison, the NFL and NBA each reportedly brought in about $8 billion during the latest completed season. Half the NGBs are little more than ma-and-pop operations, working with small staffs and on revenue not more than $5 million a year. The USOPC, which sent cash grants to the individual NGBs to the tune of around $65 million in 2018, is also in uncharted territory. The postponement of the Olympics forces the federation to make up for a shortfall nearing $200 million without the NBC payout that comes during Olympic years. The USOPC broke with recent practice by not taking out insurance against that possible loss, instead deciding to self-insure. Some of the shortfall is expected to come from an endowment fund created out of a surplus from the 1984 LA Olympics. The USOPC says the losses across American sports could range from $600 million to $800 million. A good portion of these losses can be recouped if the games go forward, as expected, in 2021. But staying financially healthy until that time is not a given for some of the more vulnerable NGBs. “I haven't heard anyone say their NGB itself was going to go out of business,” said Max Cobb, the president of U.S. Biathlon, who doubles as leader of the USOPC's NGB Council. “But there's very little buffer to absorb any revenue loss for an NGB. They all run on a very tight revenue and expense model, and very few have much in the way of savings.” Already, USA Cycling, a mid-sized NGB with an approximate annual revenue of $15 million, laid off eight of its 70-person staff. And USA Rugby, which existed on about $14 million in revenue through 2017, was already teetering and could be nearing closer to bankruptcy with the added uncertainty the Olympic postponement has brought. Many NGBs, such as cycling, are event driven — reliant on cash brought when people sign up for local and national competitions that they sanction. Others, such as USA Swimming, get their lion's share of funding from membership dues, which are taking a hit as facilities around the nation close on the order of state and local governments. “We, as an NGB, will feel it next fall when memberships start rolling in. That shortfall could have a profound effect,” said USA Swimming's Tim Hinchey. “We can overcome a lot of these things, I think, if all comes back to normal. But we have to wait and see like everyone else.” The only event that makes money for swimming is its Olympic trials, which are also a significant revenue source for track, gymnastics and other sports that send large teams. All have been postponed, to be rescheduled when the IOC sets a new date for the Olympics in 2021. The USOPC recently sent a letter to Congress asking for $200 million to be included in the $2 trillion coronavirus relief package that passed through the House of Representatives on Friday. The money, it said, was to be used to support about 2,500 athletes and to help NGBs, which have a total of about 4,500 full-time employees. “On short notice, we surveyed NGBs and then made additional assumptions about the current and future impact of the pandemic on athlete financial support,” CEO Sarah Hirshland said. “Reflective of that work, funds were requested on behalf of athletes and NGBs only.” That request wasn't granted — the federal government has a long history of not providing financial support to the Olympics — though Cobb said he was encouraged that not-for-profit businesses such as the NGBs are allowed to apply for loans as part of the stimulus package's $349 billion “Paycheck Protection Program.” Hinchey said he'll direct some struggling swim clubs to also seek relief from the loan program. What's clear to Cobb is that without some help, more layoffs could be imminent at some NGBs, while others will suffer in ways that the broad public might not recognize right away. Without as much revenue to support a wider swath of coaching and training programs, to say nothing of equipment and state-of-the-art training facilities, some sports' pipelines might suffer. “The athletes receiving the support right now have earned that by being the best in the country,” Cobb said. “But it's that next generation of athletes, and all the NGBs rely on that next generation, that's the group that's the most impacted.”.....»»

Category: sportsSource:  abscbnRelated NewsMar 28th, 2020

DBM releases 77% of 2020 budget in end-February

The national government has released 77.4 percent of the P4.1 trillion 2020 national budget as of end-February, according to the Department of Budget and Management......»»

Category: financeSource:  philstarRelated NewsMar 18th, 2020

Governmet outstanding debt in January up slightly

The outstanding debt of the national government as of end-January 2020 rose 0.4 percent or P32.06 billion to P7.763 trillion from the end-December 2019 level due mainly to net availment of foreign financing, the Bureau of the Treasury said Monday......»»

Category: financeSource:  thestandardRelated NewsMar 2nd, 2020

Govt debt rises to P7.76T at end-Jan

THE outstanding debt of the national government rose to P7.76 trillion at the end of January this year, mainly due to net availment of foreign financing, the Bureau of the Treasury (BTr) reported on Monday. In a statement, the BTr said the amount was a 0.4-percent or P32.05-billion increase from the P7.73 trillion posted at […].....»»

Category: newsSource:  manilatimes_netRelated NewsMar 2nd, 2020