MANILA, Philippines – The central bank has approved more applications of the various government units to take on more debt in the first quarter of this year to help them finance programs and projects used to mitigate the effects of the coronavirus pandemic, the agency said.
In a statement, the Bangko Sentral ng Pilipinas said its policy-making Monetary Board approved public sector foreign borrowings totaling $2.84 billion for the January through March 2021 period.
These comprised six project loans totaling $1.44 billion, a program loan of $600 million, and two bonds worth $798 million.
These combined public sector foreign borrowings were 19.36 percent higher than the $2.38 b…
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