RENEWED government borrowings drove the local currency (LCY) bond market in the first quarter, with growth accelerating to 6.5 percent from three months earlier when the comparable expansion was a "marginal" 0.5 percent.
Of the Philippines' P10.4 trillion in outstanding LCY bonds, P8.9 trillion or 85.5 percent comprised government debt, while P1.5 trillion (14.5 percent) was borrowed by the corporate sector, the Asian Development Bank (ADB) noted in its latest Asia Bond Monitor report.
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