Gross national government funding fell to 589 billion pesos in March, according to data from the Treasury Office.

Data released over the weekend showed actual gross borrowing of 589.88 billion pesos in the third month of 2022 was down from 617.29 billion pesos a year earlier.

During the month, local funding of 458.56 billion pesos decreased by 21% compared to 584.12 billion pesos a year ago. Domestic borrowing was generated through the issuance of treasury bills worth P457.79 billion.

External financing, meanwhile, jumped 295% to reach 131.32 billion pesos against 33.17 billion pesos a year ago. Total foreign borrowing in March was raised through project loans worth 13.99 billion pesos and global bonds worth 117.32 billion pesos.

In the first three months of the year, gross government borrowing amounted to 1,080 billion pesos.

Broken down, local financing reached 458.56 billion pesos, coming from the issuance of 457.79 billion pesos and 230.86 billion pesos of retail treasury bonds and fixed rate treasury bonds .

The government also generated 300 billion pesos through short-term borrowing from the Bangko Sentral ng Pilipinas.

External financing, meanwhile, reached P233 billion. It was raised from 26.62 billion pesos in project loans, 89.07 billion pesos in program loans and 117.32 billion pesos in global bonds.

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