Q2 borrowings: ₧784B from local debt market By Andrea San Juan
T
WORLD » A6
TRUMP TEAM OFFERS 15-POINT CEASEFIRE PROPOSAL TO IRAN AS US SENDS MAJOR TROOP REINFORCEMENTS
ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
@andreasanjuan
HE Marcos administration will borrow a total of P784 billion from the domestic debt market from April to June 2026 to meet the country’s fiscal obligations and fund various government programs and projects. In a memorandum to all government securities eligible dealers on Wednesday, the Bureau of the Treasury (BTr) announced the schedule and volume of Treasury bills (Tbills) and Treasury bonds (T-bonds) offering for the second quarter. The borrowing plan for the sec-
ond quarter (Q2) is lower by 4.85 percent from the P824 billion the government set in the previous three months. The Q2 target, meanwhile, expanded by 6.67 percent from the P735 billion programmed in the second quarter of last year. Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC) explained: “Considerations include the catch up spending by the national government to make up for the underspending in the latter part of 2025 due to the anomalous flood control projects.” This quarter, the government
will auction off 91-, 182- and 364day tenor T-bills every Monday and raise a total of P364 billion. Broken down, P108 billion is programmed for April, while P128 billion is set for May and in June. It will also raise a total of P420 billion from long-term T-bonds every Tuesday with maturities ranging from three to 20 years. As such, P140 billion is targeted in April, P140 billion in May and P140 billion in June. This year, the government will borrow a total of P2.682 trillion from both external and domestic debt markets to meet its spending requirements, as well as to finance
its budget deficit. A 77:33 financing mix will be followed this year, as the government reduces its reliance on foreign borrowings to mitigate foreign exchange risks and foster the local capital market. External borrowings will be higher at P627.104 billion compared to last year’s target, while the government will raise P2.054 trillion, slightly lower than the previous year’s goal. The national government’s outstanding debt reached P18.133 trillion as of end-January 2026 and is seen to settle at P19.057 trillion at the end of 2026.
BusinessMirror A broader look at today’s business
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
‘ECONOMY BORE EARLY CRACKS PRE-OIL SHOCK’ www.businessmirror.com.ph
n
Thursday, March 26, 2026 Vol. 21 No. 165
P25.00 nationwide | 4 sections 30 pages | 7 DAYS A WEEK
By Bless Aubrey Ogerio
S
@blessogerio
IGNS of weakness had already begun to surface in the Philippine economy early this year, even before escalating tensions in the Middle East added pressure to the global outlook, according to the University of Asia and the Pacific (UA&P). In its latest Market Call report, UA&P said recent data, including a drop in employment in January, point to slower economic activity in the first quarter. The report estimates gross domestic product (GDP) growth at 3.1 percent year-on-year for the period. “The ‘green shoots’ in economic data that we saw last month have just withered with the escalating Iran war and corresponding rocketing of crude oil prices,” the report noted. Despite the weak start, UA&P remained hopeful. “Still, we anticipate a rebound in the following quarters, particularly in the second half of the year, with gross domestic product [GDP] projected to grow by more than 5 percent, See “Economy,” A2
FINAL PREPARATIONS FOR HOLY WEEK PRESENTATION Krus ng Kalbaryo Inc. (KNKI) propsman Gringo Nepomuceno carefully inspects and adjusts a costume ahead of its final fitting and dress rehearsal inside the Cruz compound in Barangay Sto. Niño, Cainta, Rizal. Nearby, Johnrain Bendaña Cruz prepares his Judaean armor as performers make last-minute refinements in anticipation of their Holy Week presentation. BERNARD TESTA
Exporters brace as energy crisis raises costs By Bless Aubrey Ogerio
R
@blessogerio
ISING fuel prices and supply chain disruptions are putting Philippine exporters under immediate pressure, prompting calls for government support following the declaration of a national energy emergency. The Philippine Exporters Confederation Inc. (Philexport) said it recognizes the government’s move to declare a State of National Energy Emergency as a proactive step to secure energy supply, stabilize fuel prices and protect the economy from external shocks linked to geopolitical tensions in the Middle East. “Recent measures including in-
tensified energy conservation protocols, contingency planning, and proposed emergency powers to manage fuel costs underscore the
urgency of addressing volatility in global oil markets,” the group said. However, Philexport stressed that exporters are already feel-
ing the impact of rising fuel costs, which are driving up expenses for transport, shipping and production, potentially weakening the country’s competitiveness in global markets. “Disruptions in global supply chains and freight routes further compound these pressures, particularly for time-sensitive and energy-intensive export sectors,” it added. To cushion the impact, the group urged the government to roll out targeted support measures for exporters. These include temporary relief on fuel and logistics costs, such as waiving government shares in port and toll fees, as well as the swift
ILO: PHL YOUTH TO GAIN GREEN, DIGITAL CONSTRUCTION SKILLS
T
HE International Labour Organization (ILO) and its partners are training young Filipino workers in green and digital construction skills, aiming to boost employability, support job creation, and prepare the sector for future demands. Construction, one of the country’s largest employers, is undergoing a “twin transition,” combining digitalization and environmentally sustainable practices, creating both challenges and opportunities for the workforce, the ILO said.
“The challenges and opportunities from the twin digital and green transitions are felt much more in the Philippines,” ILO director for the Philippines Khalid Hassan said at a partnership forum on DigiGreen construction skills on Wednesday. “Our focus is to ensure that training programs are accessible, especially for youth from low- to medium-skill backgrounds, who stand to benefit the most from these new job opportunities,” he added. Central to the organization’s See “ILO,” A2
See “Exporters,” A2
PESO EXCHANGE RATES n US 59.9260 n JAPAN 0.3778 n UK 80.4626 n HK 7.6577 n CHINA 8.6955 n SINGAPORE 46.9014 n AUSTRALIA 41.9122 n EU 69.5981 n KOREA 0.0400 n SAUDI ARABIA 15.9649 Source: BSP (March 25, 2026)