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The national government’s gross borrowings plunged in April amid the absence of a sizeable fresh local debt issuance that had boosted financing in the same period last year.
Latest data from the Bureau of the Treasury (BTr) showed that gross borrowings dropped by 67 percent to P130.2 billion in April from P390.1 billion in the same month last year. The decline was driven by lower domestic financing, with borrowings from local sources falling 68 percent to P122.3 billion from P384.7 billion a year ago.
Of the total domestic debt raised during the month, P125 billion came from Treasury bonds. This was partly offset by a net repayment of Treasury bills amounting to P2.7 billion, indicating that maturing short-term securities exceeded new issuances during the period.
The sharp drop in domestic borrowings reflected the absence of a large debt offering similar to that undertaken in April 2025, when the government raised P300 billion in fresh funds through the issuance of new 10-year Treasury notes.
