MANILA – The Philippines’ foreign borrowings surged to $4.89 billion in the second quarter of 2025, up 25.38 percent from $3.90 billion in the same period a year earlier, the central bank said on Tuesday.
In a statement, the Bangko Sentral ng Pilipinas (BSP) said the Monetary Board approved the public sector’s proposed foreign borrowings, all of which have medium- to long-term maturities. These include eight project loans worth $4.14 billion and three program loans amounting to $750 million.
The funds are intended to support government programs and infrastructure projects in transportation, flood control, climate change resilience, healthcare, and civil service modernization.
Total approved foreign borrowings for the first half of 2025 reached $11.18 billion, compared to $13.68 billion for the entire year of 2024.
Under Philippine law, all proposed foreign loans by the national government, its agencies, and government-owned or -controlled corporations must receive prior clearance from the BSP’s Monetary Board. The review process is part of the central bank’s mandate to ensure the country’s external debt remains sustainable.