RP hikes local borrowing to plug wider budget gap

MANILA, Philippines – The Philippines will increase its local borrowing, allowing government to plug a wide deficit gap resulting from increased spending for infrastructure and social services.

This was announced by the Bureau of the Treasury in a memorandum it issued to government securities eligible dealers (GSEDs).

The Treasury will borrow 13.58 percent more in the second quarter to raise P104.5 billion from the sale of short-term Treasury bills and long-term Treasury bonds.

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