The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) approved $6.29 billion worth of proposed public sector foreign borrowings in the first quarter of the year, up by 118.91 percent from $2.87 billion in the same period last year.

The approved foreign borrowings have medium- to long-term maturities. These consist of several bond issuances amounting $3.33 billion, five project loans worth $1.46 billion, and three program loans amounting to $1.50 billion.

Proceeds of the bond issuances will be used to fund various budget requirements of the National Government, including socio-economic programs and projects, as well as settlement of maturing financial obligations.

The program loans are meant to fund projects on economic development and finance initiatives, while the project loans will fund initiatives in the areas of transportation and infrastructure. Bangko Sentral ng Pilipinas