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THE Philippines borrowed less from domestic and foreign creditors
last year due to its strong cash position buoyed by proceeds from
the sale of major government assets, Bureau of Treasury data showed.
Last year, total borrowings plunged 32.2 percent
to P443.7 billion from P655.39 billion in 2006. The full year
borrowings, however, exceeded government’s program by P62.75
billion.
Of the programmed borrowing, P298.43 billion
will be used to reduce the government’s maturing debts, and P82.52
billion to finance its budget deficit.
Domestic borrowing last year dropped P43.34
billion, or 11.7 percent to P326.96 billion. Foreign borrowings,
meanwhile, declined by 59 percent to P116.74 billion last year.
The government plans to borrow P346.18 billion
from both foreign and domestic creditors this year, down by 12
percent from the programmed borrowing of P394.01 billion in 2007.
-- Chino S. Leyco
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