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BSP-Monetary Board Approved US$4.66 Billion Foreign Borrowings of the Public Sector in Q3 2021.

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ENPNewswire-October 13, 2021--BSP-Monetary Board Approved US$4.66 Billion Foreign Borrowings of the Public Sector in Q3 2021

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Release date- 12102021 - The Monetary Board (MB) approved a total of US$4.66 billion public sector foreign borrowings in the third quarter of 2021, 18.9 percent higher than the US$3.92 billion approvals in the same period in 2020. These consist of: (a) one (1) bond issuance amounting to US$3 billion; (b) three (3) project loans amounting to US$855.94 million; and (c) two (2) program loans amounting to US$800 million.

These borrowings will fund: (a) the Republic of the Philippines' general financing requirements (US$3.00 billion); (b) reform programs on youth employment and financial sector (US$800 million); (c) disaster resilience (US$300 million); (d) assistance to the agriculture sector (US$280 million); and (e) emergency response (US$275.94 million).

Under Section 20, Article VII of the 1987 Constitution of the Republic of the Philippines, prior approval of the Bangko Sentral ng Pilipinas (BSP), through the MB, is required for all foreign loans...

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