The country’s monetary authorities approved more foreign borrowings by the national government in the third quarter of 2020, the Bangko Sentral ng Pilipinas (BSP) reported on Friday. In a statement, the central bank said its policymaking Monetary Board (MB) greenlighted an aggregate $3.91 billion in foreign borrowings in July to September. “The BSP promotes the judicious use of the resources and ensures that external debt requirements are at manageable levels, to support external debt sustainability,” the central bank said. “Net availment of external loans added P27.07 billion, alongside the P4.64-billion effect of [the] appreciation on third-currency-denominated external loans,” it added. The government’s foreign financing posted an inflow of P509.69 billion in January to August against a debt repayment of P117.04 billion.

Source: Manila Times October 23, 2020 17:12 UTC