THE Department of Finance said that the Philippine government is looking at the domestic front, in order to raise more than P2 trillion in borrowings this year.

According to the DOF, this is to beef up the state coffers.

The DOF explained that the country’s total borrowing requirement this year is at P2.46 trillion.

Based from the data of the Department of Budget and Management’s (DBM's) Budget of Expenditures and Sources of Financing for Fiscal Year 2024 revealed that the borrowing program is at P2.46 trillion.

This is higher than the P2.207 trillion borrowing program in 2023.

The DOG said that for this year, the government will maintain the 75:25 borrowing mix in favor of domestic sources.

The plan was presented during the DOF’s briefing session on the strategic financing program for 2024.

No less than Finance Secretary Ralph Recto made the presentation at the Bureau of the Treasury (BTr) office.

“The RTBs (Retail Treasury Bond) encourage ordinary Filipinos to start investing in safe and stable sources of passive income, while promoting financial inclusion. To further this agenda, the BTr is looking to engage more digital finance platforms, allowing the BTr to reach a wider investor base,” he said.