The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has approved US$6.29 billion in proposed foreign borrowings by the public sector during the first quarter of 2025—a significant increase of 118.91% compared to the US$2.87 billion approved during the same period last year.
These borrowings, all with medium- to long-term maturities, include US$3.33 billion in bond issuances, five project loans totaling US$1.46 billion, and three program loans worth US$1.50 billion.
Proceeds from the bond issuances will support a range of the National Government’s funding needs, including socio-economic programs, infrastructure development, and the repayment of maturing obligations.
The approved program loans aim to finance broad economic development initiatives and financial sector reforms. Meanwhile, the project loans are earmarked for transportation and infrastructure projects, signaling continued investment in long-term growth and modernization.
Under existing laws, all foreign borrowing proposals by the National Government, its agencies, and government financial institutions—along with any loans guaranteed by the state—must secure prior approval from the BSP’s Monetary Board. This regulatory oversight ensures that the country’s foreign debt remains sustainable and aligned with national development goals.
