Gross borrowings plunge by over half in Jan By Reine Juvierre S. Alberto
T WORLD FEATURES | B7
AP INVESTIGATION BARES ABUSIVE LABOR CONDITIONS IN INDIA’S SHRIMP INDUSTRY
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HE nationa l gover nment’s gross borrowings for Ja nu a r y t h i s ye a r plunged to over P203 billion, declining by more than half compared to a year ago due to downticks in external and domestic borrowings. Latest data released by the Bureau of the Treasury (BTr) showed the national government’s total borrowings in January 2024 dipped to P203.151 billion, P163.712 billion lower than the P366.863-billion borrowings recorded in the same
month last year. The decline in gross borrowings was due to the double-digit contraction in domestic borrowings, outpacing the 22-percent hike in external gross borrowings, based on Treasury data. Broken down, the bulk of the gross borrowings in January came from domestic sources at 30.34 percent while the remaining financing at 69.66 percent was borrowed externally, Treasury data indicated. The state’s gross domestic borrowings in January decreased to P141.505 billion from P179 billion last year due to lower sales
of the Treasury bills (T-bills) and fixed-rate Treasury bonds, based on Treasury data. The state borrowed P130.000 billion through the sale of fixedrate Treasury bonds, about 19.59 percent lower than the P161.675 billion amount it generated in January last year, Treasury data showed. The national government’s net Treasury bills reached P11.505 billion compared to the P17.625billion net redemption in the same month last year. Meanwhile, Treasur y data showed that the national government’s external gross borrowings
in January plunged by more than half to P61.646 billion, down by 67.13 percent from the P187.563 billion it recorded in the same month last year. The dip in external gross borrowings in January was attributed to higher payments as well as the absence of global bonds compared to last year, according to Treasury’s data. The national government recorded P84.539 billion in payments in January this year, which led to the contraction of net external borrowings to P22.893 billion.
BusinessMirror
See “Gross,” A2
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‘AS FOOD INFLATION DIPS, 2-4% TARGET TO BE MET’ w
n
Tuesday, March 26, 2024 Vol. 19 No. 163
P25.00 nationwide | 2 sections 26 pages |
By Andrea E. San Juan @andreasanjuan
T
HE country’s inflation should remain within 2 to 4 percent for the first half of 2024, ruling out more food inflation, according to a local think tank.
In its latest Market Call report, First Metro Investment Corp.-University of Asia and the Pacific (FMIC-UA&P) Capital Market Research said “Inflation should remain within the BSP target of 2 to 4 percent for the first half of H1.” This projection is anchored on the decline in Thai rice prices, which the think tank said started to go down in February, and “ruling out more food inflation from that end.” On the other hand, FMIC-UA&P said crude oil prices may only have “limited upside due to the tepid rebound of the Chinese economy.” Meanwhile, the think tank noted that increased infrastructure spending is expected to drive the country’s gross domestic product (GDP) growth and employment this year. “National government revenues and expenditures exceeded 2023 targets. The administration is poised to ramp up infrastructure spending (plus [public-private partnership] PPP projects) in 2024 to bolster GDP growth and employment,” FMIC-UA&P noted. According to an earlier story of the BusinessMirror, inflation for all income households accelerated to 3.4 percent while the increase in the commodity prices for the Bottom 30 percent reached 4.2 percent in February 2024. (Full story here:https:// businessmirror.com.ph/2024/03/06/high-rice-pricescited-in-3-4-february-inflation/#:~:text=Inflation%20 for%20All%20Income%20Households,National%20Statistician%20Claire%20Dennis%20S.) National Statistician Claire Dennis S. Mapa said rice prices accounted for 49 percent or 1.6 percentage points of the inflation of all income households and 79 percent or 3.3 percentage points of the 4.2-percent inflation experienced by the poorest Filipinos. See “Food,” A2
TRANSPORTATION Secretary Jaime J. Bautista and Manila International Airport General Manager Eric Ines inspect the departure area of Terminal 3 on Monday, March 25, 2024, ahead of the expected influx of passengers going home to their respective provinces to observe Holy Week. Story in A2 News. NONIE REYES
Bohol to include DOT in review unit for protected zones By Ma. Stella F. Arnaldo
@akosistellaBM Special to the BusinessMirror
T BOHOL Gov. Erico Aris Aumentado (third from left) and other provincial board members meet with Tourism Secretary Christina Garcia Frasco (third from left, with her back to the camera) and her team on issues surrounding the construction of a controversial resort in Chocolate Hills. PHOTO FROM GOV. AUMENTADO FB ACCOUNT
HE provincial government of Bohol is setting up a committee to review investments and applications for resort developments to ensure these respect environmental laws. Bohol Gov. Erico Aristotle Aumentado said this committee will include a representative from the Department of Tourism (DOT). He met recently with Tourism Secretary Christina Garcia Frasco. “We will create, through an ordinance, our own committee for clearer policy and guidelines. We’ll call it RED COM, or Review and Development Committee. DOT will be part of this committee. Every time they [investors] will ask for PAMB [Protected Area
Management Board] clearance, they will pass through this committee,” he said. He added, “There are environmentalists and landscaping architects on board so that before the permit application process for those developers who are located in protected zones, their property can be tracked first if it does not conflict with our sustainable tourism agenda.”
‘AMEND law creating PAMB’
THE meeting was held at BE Grand Resort in Panglao Island, on the sidelines of an international conference last week, to discuss issues relating to the construction of the controversial Captain’s Peak Garden & Resort within Chocolate Hills at Sagbayan town. See “Bill,” A2
PESO EXCHANGE RATES n US 56.1950 n JAPAN 0.3712 n UK 70.8226 n HK 7.1846 n CHINA 7.7736 n SINGAPORE 41.6784 n AUSTRALIA 36.5773 n EU 60.7468 n KOREA 0.0418 n SAUDI ARABIA 14.9841 Source: BSP (March 25, 2024)