MANILA, Philippines — The Philippines borrowed a record P2.74 trillion in 2020 to fight the health and socioeconomic crises inflicted by the COVID-19 pandemic.
The latest Bureau of the Treasury data showed that gross domestic borrowings cornered the bulk or 73 percent of last year’s total, amounting to P1.99 trillion—the biggest yearly financing sourced from the sale of treasury bills and bonds to date.
Last year, the amount raised from retail treasury bonds (RTBs) sold to small investors reached P833.6 billion; from fixed-rate T-bonds, P701.7 billion; and short-dated T-bills, a net of P463.3 billion.
Gross external financing, meanwhile, amounted to P742.4 billion in 2020, a…
Keep on reading: Amid pandemic, PH borrowed a record P2.74 trillion in 2020