The Bangko Sentral ng Pilipinas’ (BSP) policy-setting Monetary Board (MB) approved $5.56 billion worth of public sector foreign borrowings in the first quarter of 2023.
The Bangko Sentral ng Pilipinas’ policy-setting Monetary Board approved $5.56 billion worth of public sector foreign borrowings in the first quarter of 2023.
The foreign borrowings were composed of one US dollar-denominated bond issuance amounting to $3.0 billion, two project loans aggregating to $300 million, and five program loans totaling $2.26 billion. Under Section 20, Article VII of the 1987 Constitution , prior approval of the Bangko Sentral ng Pilipinas , through its MB, is required for all foreign loans to be contracted or guaranteed by the RP.
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