Philippines plans P2.46 trillion in borrowing to fund 2024 budget

June 23, 2023 - 3:09 PM
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1000 cash
This undated file photo shows one thousand peso bills. (The STAR/Walter Bollozos/File Photo)

 The Philippines will borrow P2.46 trillion ($44.24 billion) to fund its budget next year, Budget Secretary Amenah Pangandaman said on Friday.

Of the borrowings, 25% will come from overseas sources and 75% domestically, the Philippine Treasury said.

($1 = 55.61 Philippine pesos)

—Reporting by Neil Jerome Morales and Karen Lema