• Foreign borrowings approved by the Bangko Sentral ng Pilipinas (BSP) jumped by more than 40 percent in 2023 after declining for two straight years, as the national government borrowed more from offshore creditors primarily to bankroll key infrastructure projects.
  • Data released by the central bank yesterday showed foreign borrowings approved by the BSP amounted to $14.49 billion in 2023, $4.17 billion higher than the $10.32 billion obtained in 2022 from foreign lenders.
  • The BSP attributed the increase to the rise in program and project loans that offset the decrease in global bond issuances. The regulator approved 24 medium to long-term borrowings in 2023.