Philippines to sustain P3T borrowing program in 2021 — DOF’s Dominguez

The Philippines will sustain its P3-trillion borrowing program in 2021 with bulk to be financed from local sources, Finance Secretary Carlos Dominguez III said Thursday.

In a virtual briefing, Dominguez said the government intends to push sustain the same borrowing levels this year and the next, and lower this in 2022.

"Our borrowing program for next year will be roughly at 75% domestic and 25% international. This is a program we have continued, we have started, and we will continue to follow it," he told reporters.

"For 2021, we expect to borrow roughly 3 trillion pesos, roughly the same as what we borrowed in 2020. For 2020, the amount will go down to 2.3 trillion pesos," said Dominguez.

According to the latest data available from the Bureau of the Treasury (BTr), the national government's outstanding debt swelled to a record P9.054 trillion as of end-June.

To recall, the Department of Finance (DOF) in July said borrowings have reached P1.22 trillion in the first four months of 2020, as the administration ramped its reliance on lending to fund the COVID-19 response and economic relief initiatives.

In June, presidential spokesperson Harry Roque Jr. said the Philippines has secured at least $5.758 billion in loans to support efforts against the coronavirus. — RSJ, GMA News