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Article: Govt exceeds domestic borrowing ceiling
- Article from:
- The Manila Times
- Article date:
- March 2, 2009
- Author:
CopyrightCopyright Content Parnership Pty Ltd Mar 2, 2009. Provided by ProQuest LLC. (Hide copyright information)
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THE Philippines has exceeded its domestic borrowing program last year as the government sold more debt papers to avoid a wider deficit, Department of Finance (DOF) data showed.
Domestic borrowings of P501.1 billion surpassed by P62.4 billion the government's program of P438.67 billion. Last year's fresh debt likewise was P55.7 billion higher than the P445.38 billion in 2007.
The government had said it raised its spending last year to cushion Filipinos from the higher-than-expected inflation and a slowing economy.
The increase in borrowings was on account of the higher issuance of domestic papers through Treasury bills, bonds and retail Treasury bonds (RTB). These IOUs increased by 31 ...