PHOTO
A security guard stands beside a logo of the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) posted at the main gate in Manila, Philippines April 28, 2016. Romeo Ranoco, Reuters Image for illustrative purpose.
The Philippines continued to borrow more from offshore creditors as foreign borrowings approved by the Bangko Sentral ng Pilipinas (BSP) surged by 43 percent to $3.9 billion in the second quarter.
The latest figure was $1.17 billion higher than the $2.73 billion recorded in the same period a year ago, the central bank said in a statement yesterday.
In the first half of the year, the regulator approved $6.77 billion worth of public sector foreign borrowings, 18.3 percent lower than last year's $8.29 million.
The central bank said the approved borrowings for the second quarter consisted of one bond issuance worth $2 billion and three project loans amounting to $1.9 billion.
'These borrowings will fund the national government's general budget financing and financing/refinancing of assets in line with the Republic of the Philippines' Sustainable Finance Framework ($2 billion) and transport infrastructure projects ($1.9 billion),' the BSP said.
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