Government gross borrowings reached P2.74 trillion in 2020

Gross borrowings by the national government reached P2.74 trillion in 2020 from domestic and external sources as the country ramped up financing for its pandemic response, data from the Bureau of Treasury showed......»»

Category: financeSource: philstar philstarMar 1st, 2021

NG borrowings hit P1.38 trillion in Q1

Gross borrowings of the national government from domestic and external sources reached P1.38 trillion from January to March, already more than a third of the 2021 borrowing program of around P3 trillion, according to the Bureau of the Treasury......»»

Category: financeSource:  philstarRelated NewsMay 2nd, 2021

Christmas 2020 for workers and farmers

HOTSPOT Tonyo Cruz Two things workers are looking forward to at the end of each year are the 13th month pay and the Christmas bonus. And it seems about two million workers may not get any 13th month pay at all, if the Duterte government would have its way. The reason? Because of the pandemic. In reaction, Kilusang Mayo Uno chairperson Elmer Labog  issued his shortest statement yet this year, unable to hide labor’s frustration: “It is the government’s responsibility to bail out MSMEs in times of emergencies.” Indeed, it is the state’s obligation to support and prop up micro, small and medium-scale enterprises especially now in the time of pandemic. By saying MSMEs could dispense with the 13th month pay, the government is practically passing on its responsibility to MSMEs. Workers continue to give their share through the cheap, underpaid and overstressed labor power that makes sure MSMEs continue to function and perform their role as main engines of the economy. The government must do its job: Bail out the MSMEs. It is quite surprising that the Duterte government seems disinterested in bailing out MSMEs, considering the avalanche of news about the borrowings here and there. According to Sonny Africa, executive director of the think-tank Ibon Foundation, the borrowings has reached a historic high: “It took 118 years for the country’s debt to reach P6.1-trillion in 2016. President Duterte is taking just six years to more than than double that to P13.7-trillion in 2022.” Again, the reason for the borrowing has been “because of the pandemic.” Regardless of where the money goes, and whether or not MSMEs and workers received only a drop from it, they would pay the entire debt through more and higher taxes for years to come. Workers are not asking for something they have not earned through hard work. They earned that 13th month pay. It is not an optional thing. It is part of the law. The pandemic should oblige the state to bail out our MSMEs to enable them to fully function, and to give the workers’ their due under the law. Workers have given and lost a lot because of the pandemic. Workers have not asked for free rides to work, but the government fails to provide adequate and safe mass transport. Workers have asked for free mass testing in their companies and communities, but the government has other ideas. Workers and their families would have fared better with unemployment benefits amid the dismal pandemic response of government, but it seems the same government wishes to push them instead to pawnshops and loan sharks. We haven’t even factored in the laid-off, underemployed and unemployed workers, as well as the undetermined number of overseas Filipino healthcare workers stranded in the country since April. They all don’t wish to be “patay-gutom” and “pala-asa”.  They don’t wish to stay unemployed and be dependent on aid. They are ready to work and earn their keep. But since the president made policy decisions affecting their ability to obtain work, it is the government’s obligation to bail them out as well. The situation of our nation’s farmers is no different. For instance, rice farmers continue to produce our national staple. The pandemic made even worse the effects on them of the combined power of policies such as rice tarrification, the stranglehold of Big Landlords, the vast influence of rice cartels, and the continued operation of illegal rice importers. Price monitoring by Bantay Bigas and the Kilusang Magbubukid ng Pilipinas reveals the outrageously low palay prices nationwide, which means ruin to our nation’s rice farmers: Negros Occidental and Bicol region P10; Capiz P10-P11; Caraga P11; Tarlac P11-12; Ilocos Sur and Nueva Ecija P11-13; Camarines Sur P11.50-14; Bulacan and Mindoro P12; Isabela P12-P13.50; Pangasinan P12-P12.30; Antique P12.50; Agusan del Sur P13; Davao de Oro P13.14; Davao del Norte, Surigao del Sur and South Cotabato P13.50; North Cotabato P14; and Lanao del Norte P15. If you look at it, plantitos and plantitas today pay 20 to 50 times more for ornamental plants, compared to the prices traders and the NFA offer to our farmers. According to Bantay Bigas and KMP, the government procures way less than 20 percent of the produce of rice farmers.  And then we hear that the NFA would rather import rice from other countries, at pandemic-affected prices at that. Without any state intervention, by way of NFA buying rice farmers’ produce at P20 per kilo, and providing loans to farmers, there could be worse rural poverty in the coming months and years. Between our workers and farmers, their families have been made to sacrifice a lot since March, with prices of basic goods spiking, with new and higher expenses arising from online classes for the children. There cannot be no aid for them.  Neither should workers and farmers shoulder the burden of the failure or refusal of government to provide funding for bailouts sorely needed by MSMEs, and be forced to accept new national debts to pay for policies such as rice tarrification and importation. The government knows the scale of the problem. The Department of Labor and Employment says 13,127 companies have either laid off workers or permanently closed. The response cannot be “pass the burden to workers”. The answer should be: “the state must do everything to rescue the companies and the workers.” OFWs across the world should be familiar with bailouts and economic protections because of the pandemic. Many countries that host OFWs enacted huge bailouts and stimulus to their economies, partly so that migrant labor could continue to be employed. They enjoy health insurance, and special COVID19 coverage. Governments handed out checks to both citizens and companies. Is it too much to ask that the same be done in our own country? Or do Filipinos have to go abroad to experience such social and economic protections?.....»»

Category: newsSource: NewsOct 9th, 2020

Gov& rsquo;t debt breached P11-t level in May, says Treasury

Government debt reached P11.07 trillion as of end-May this year, mostly from domestic borrowings, data from the Treasury show......»»

Category: financeSource:  thestandardRelated NewsJul 6th, 2021

NG borrowings hit P639.21B

The national government’s (NG) total financing reached P639.21 billion for the first two months of 2021, latest data from the Bureau of Treasury (BTr) show. According to the BTr, the latest loaned amount in 2020 was notably higher than the registered P434.63 billion in the same period in 2020. Domestic sources comprised the bulk of […] The post NG borrowings hit P639.21B appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsApr 11th, 2021

PH borrowed a record P2.74T in 2020

The Philippines borrowed a record P2.74 trillion in 2020 to fight the health and socioeconomic crises inflicted by the COVID-19 pandemic. The latest Bureau of the Treasury data showed that gross domestic borrowings cornered the bulk or 73 percent of last year’s total, amounting to P1.99 trillion—the biggest yearly financing sourced from the sale of […] The post PH borrowed a record P2.74T in 2020 appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsMar 2nd, 2021

Debt-to-GDP ratio jumped to 14-year high in 2020

Repayments and a stronger peso slightly tempered debt accumulation in December last year, but the record recession coupled with a jump in borrowings to fight COVID-19 jacked up the share of unpaid obligations to the Philippine economy to a 14-year high of 54.5 percent in 2020. The end-2020 national government debt-to-gross domestic product (GDP) ratio […] The post Debt-to-GDP ratio jumped to 14-year high in 2020 appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsFeb 4th, 2021

Forex reserves rise to nearly P110B in 2020

The country’s gross international reserves (GIR) reached a record $109.79 billion at the end of 2020 on inflows from the central bank’s operations and state borrowings. Preliminary Bangko Sentral ng Pilipinas (BSP) data showed on Friday that the amount was a 4.75-percent and 24.99-percent increase from figures a month and a year earlier, respectively. It […].....»»

Category: newsSource:  manilatimes_netRelated NewsJan 17th, 2021

Government revenues reach P2.84 trillion in 2020

Revenues generated by the national government reached P2.84 trillion in 2020, slightly below the downscaled target, according to preliminary data from the Bureau of the Treasury......»»

Category: financeSource:  philstarRelated NewsJan 12th, 2021

Gross borrowings hit P3 trillion in 11 months

The country’s debt exceeded P3 trillion from January to November as the government continued to ramp up its borrowings to fund coronavirus response efforts, according to the Bureau of the Treasury......»»

Category: financeSource:  philstarRelated NewsDec 27th, 2020

Government borrowings breach P3-trillion mark in November

The government's debt burden continued its uptrend from January to November, with gross borrowings soaring beyond the P3-trillion mark as the country's pandemic needs grow......»»

Category: newsSource:  philstarRelated NewsDec 24th, 2020

Government debt hits P1.86 trillion in 7 months

The government’s gross borrowings from January to July soared by more than 121 percent to P1.86 trillion from P840 billion in the same period last year as the country borrowed more to meet its pandemic needs, according to the Bureau of the Treasury......»»

Category: financeSource:  philstarRelated NewsSep 7th, 2020

Govt external financing exceeds $8B in Jan-June

The government’s external financing has surpassed $8 billion in the first half of 2020, the Bangko Sentral ng Pilipinas (BSP) revealed on Friday. Data provided by BSP Governor Benjamin Diokno showed that the government’s foreign loan proceeds reached $8.203 billion (over P403 billion) in January to June. Of the amount, $3.672 billion were commercial borrowings, […].....»»

Category: newsSource:  manilatimes_netRelated NewsAug 1st, 2020

Foreign borrowings boost forex reserves to $106.5 billion

The country’s gross international reserves rose to $106.55 billion in July from $105.76 billion in June due to higher inflows arising from more foreign borrowings to finance the government’s COVID-19 response measures as well as higher prices of gold in the world market......»»

Category: financeSource:  philstarRelated NewsAug 14th, 2021

Government hikes borrowings by 12% to P1.93 trillion in H1

The government ramped up its borrowings in the first semester to nearly P2 trillion in an effort to speed up the economy’s recovery from the impact of the pandemic......»»

Category: financeSource:  philstarRelated NewsAug 9th, 2021

2020 Census: Central Visayas hits 8M

CEBU CITY, Philippines – The population in Central Visayas has reached eight million, the latest census from the government showed. The Philippine Statistics Authority (PSA) on Wednesday, July 7, released the 2020 Census of Population and Housing (CPH) after the Office of the President issued Proclamation No. 1179 on July 6, 2021, declaring the results […] The post 2020 Census: Central Visayas hits 8M appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsJul 8th, 2021

Tourism share in GDP lowest in over 10 years

Tourism’s contribution to gross domestic product last year fell to below P1 trillion, its lowest in more than a decade, as expenditures on travel declined by double digits due to border restrictions put in place by the government......»»

Category: financeSource:  philstarRelated NewsJun 17th, 2021

Government debt swells to record high P11 trillion

The national government’s outstanding debt rose to a fresh record high of P10.991 trillion in April, boosted by both local and external borrowings, the Bureau of the Treasury said......»»

Category: financeSource:  philstarRelated NewsJun 3rd, 2021

Gross borrowings hit P272 billion in April

Gross borrowings by the national government from domestic and external sources rose to P272 billion in April, following the sale of euro and samurai bonds during the month......»»

Category: financeSource:  philstarRelated NewsMay 30th, 2021

LGU borrowings soar to P60 billion in 2020

The domestic borrowings of local government units almost doubled last year to finance key infrastructure projects such as health centers, quarantine facilities, as well as the purchase of personal protective equipment and testing facilities amid the COVID-19 pandemic, according to the Bangko Sentral ng Pilipinas.....»»

Category: financeSource:  philstarRelated NewsMay 25th, 2021

NG debt rises to new record high of P10.77 trillion

The national government’s total outstanding debt rose to a new record high of P10.774 trillion in end-March, still mostly domestic borrowings, to fund its pandemic response, the Bureau of the Treasury said yesterday......»»

Category: financeSource:  philstarRelated NewsMay 4th, 2021