THE Bangko Sentral ng Pilipinas (BSP) through the Monetary Board said that they approved the USD3.32 billion worth of medium- to long-term (MLT) foreign borrowings for the fourth quarter of 2023.

The public sector’s foreign borrowings from October to December 2023 jumped by 65.8 percent from the USD2 billion level in the same period in 2022.

Likewise the amount lifted the total MLT foreign borrowings last year to USD14.49 billion.

This consisted of 24 MLT borrowings —two bond issuances worth USD4 billion; 12 project loans worth USD5.67 billion; and 10 program loans worth USD4.82 billion.

Meanwhile, the external borrowings done last year are being aimed to fund the national government’s programs in infrastructure, agriculture, education, economic recovery and development.

It also includes the environment protection and climate resilience, and coronavirus disease 2019 (Covid-19) response.

They also said that a big chunk of the foreign borrowings in 2023 is expected to fund the public sector’s infrastructure projects, including transportation projects, amounting to USD4.07 billion.

The government borrowed USD4 billion from foreign sources for its general financing requirements, USD3.07 billion for economic recovery and development, environmental protection and climate resilience projects and programs, and USD2.27 billion for Covid-19 pandemic response projects and programs.