The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) approved $6.29 billion worth of proposed public sector foreign borrowings in the first quarter of 2025, up by 118.91 percent from $2.87 billion in the same period last year.
The BSP said the approved foreign borrowings have medium- to long-term maturities. These consist of several bond issuances amounting $3.33 billion, five project loans worth $1.46 billion and three program loans amounting to $1.50 billion.
“Proceeds of the bond issuances will be used to fund various budget requirements of the National Government, including socio-economic programs and projects, as well as settlement of maturing financial obligations,” the BSP said.
“The program loans are meant to fund projects on economic development and finance initiatives, while the project loans will fund initiatives in the areas of transportation and infrastructure,” it said.
Under the law, all foreign borrowing proposals by the national government, government agencies and government financial institutions as well as loans to be guaranteed by the national government require prior approval of the BSP’s Monetary Board.
