The national government’s gross borrowing fell by nearly 44% in May, according to the Bureau of the Treasury as reported by BusinessWorld. The decline was 43.8% year on year to P108.03 billion, with 74.3% sourced domestically.
The sharp drop was primarily due to lower domestic borrowing, which fell significantly compared to the same period last year. Domestic financing made up the bulk of total borrowings, underscoring the government’s reliance on local sources.
The Bureau of the Treasury’s report indicates a shift in borrowing strategy amid changing market conditions. The reduced borrowing may reflect improved revenue collections or a deliberate move to manage debt levels.