The Bureau of Treasury confirmed that the Marcos administration has successfully borrowed some $2 billion or around PhP117.3 billion through a US dollar-denominated bond sale.
This marks President Marcos’ foray into foreign commercial borrowing according to government data on Wednesday.
The Marcos administration launched a three-tranche, benchmark-sized US dollar-denominated bonds with tenures of five years, 10.5 years and 25 years.
This money, according to the PBBM administration, will be used to support the country’s economic recovery bid. The bulk of the country’s debt will be drawn from foreign creditors.
The Marcos administration seeks to borrow a total of P2.2. trillion during the president’s six-year term.
As of September 30, the country’s national debt stood at P13 trillion. It has recorded a 12 per cent increase from August data.
In a Manila Bulletin report, it says that out of this debt, 68.7 per cent was domestic borrowings while 31.3 per cent was sourced from foreign creditors.
