The Bureau of Treasury on Thursday said the Philippine government will borrow P117 billion from the local debt market this third quarter, unchanged from the amount under the January-March borrowing program.
The bureau will sell P54 billion worth of Treasury bills in six auctions from July to September, as well as P63 billion worth of Treasury bonds.
The government issues Treasury bills and bonds to finance its budget deficit, which has been programmed at P290 billion or 3.2 percent of the expected economic output this year.
According to the Department of Finance on Wednesday, the national government’s posted a P9.601-billion deficit last month. — VS, GMA News
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