The National Government's (NG) gross borrowing more than doubled in June after returning to the global bond market and raising more funds from domestic sources, BusinessWorld reported, citing data from the Bureau of the Treasury.
Total gross borrowing jumped 119.54% year on year to P579.57 billion in June. Domestic debt accounted for 59.2% of the total, reflecting the government's increased reliance on local sources amid global market volatility.
The sharp increase in borrowing comes as the government continues to finance its budget deficit and infrastructure spending, with the Treasury noting that the return to international bond markets helped diversify funding sources.