MANILA, Philippines – INAPRUBAHAN ng Bangko Sentral ng Pilipinasa (BSP) ang $6.29 billion (mahigit sa ₱350 billion) na panukalang foreign borrowings ng administrasyong Marcos sa first quarter ng 2025.
Higit sa doble ang pigura nito noong nakaraang taon.
Ayon sa BSP, “the quarter-one approved foreign debt by the government jumped by $3.42 billion or over 119 percent from $2.87 billion in the same period in 2024.”
Ang inaprubahang foreign borrowings, ang lahat ay mayroong medium- to long-term maturities, kabilang ang $3.33 billion na bond issuances, $1.46 billion na project loans, at $1.50 billion na program loans.
“Proceeds of the bond issuances will be used to fund various budget requirements of the national government,” ang sinabi ng BSP sa isang kalatas.
Kabilang ang “socio-economic programs and projects, as well as settlement of maturing financial obligations.”
Ipinaliwanag ng BSP na popondohan ng program loans ang economic at financial initiatives, habang ang project loans ay popondohan naman ang transportation at infrastructure projects.
Sa ilalim ng batas, “all foreign borrowing proposals by the national government, its agencies, and government financial institutions (GFIs)—including those guaranteed by the state — must first be approved by the BSP’s Monetary Board (MB).”
“This is in line with the BSP’s tasks of ensuring that the country’s foreign debt remains manageable,” ang sinabi ng BSP.
Sa kabilng dako, sinabi naman ni Rizal Commercial Banking Corp. chief economist Michael Ricafort na ang higit sa dobleng pagtaas “could be partly due to some frontloading of foreign borrowings.”
Tinukoy ni Ricafort na ang $3.29 billion global o ROP bond issuance ng national government nitong Enero, na malapit sa $3.5 billion target na itinakda ngayong taon.
Ang hakbang na ito aniya ay “a matter of prudence in view of volatile US and global financial markets largely due to Trump’s higher US reciprocal tariffs and other protectionist measures.”
Sinabi pa rin niya na ang gobyerno “also reduced the share of foreign borrowings in its total borrowing mix to reduce foreign exchange risks entailed in foreign debt.”
Ngayong taon, plano ng pamahalan na kumuha ng 20% ng financing mula sa foreign sources, at 80% mula domestic sources, kaya isang 80:20 borrowing mix.
Tinuran pa ni Ricafort na ang pagtaas ay dahil sa mas malaking halaga ng maturidad ng foreign debt at ang pangangailangan na pondohan ang mas malawak na budget deficit, “driven by higher debt servicing costs over the past three years.”
Noong nakaraang taon. “the government exceeded its fiscal deficit ceiling of ₱1.48 trillion when it reached ₱1.51 trillion, 5.7 percent of the country’s gross domestic product (GDP).”
Para ngayong taon, itinaas ng administrasyong Marcos ang budget deficit sa ₱1.54 trillion, 5.3% ng GDP.
“In terms of amount, this figure would make the widest deficit in three years, if achieved,” ayon sa ulat.
“The drop in the US interest rates since late last year, along with potential further cuts in the coming months or years, is expected to ease debt servicing costs moving forward,” ang sinabi ni Ricafort. Kris Jose
