The national government took out loans totaling $2.73 billion in the second quarter this year, all of it from the Japan International Cooperation Agency (JICA), the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) said on Friday.
The loans were the only foreign borrowings during the period the proceeds of which finance the government’s ongoing rail infrastructure buildup program.
According to the BSP, this was also $810 million or 23 percent lower than the year-ago borrowings of $3.54 billion.
The approved rail projects include Metro Manila Subway, the North South Commuter Railway and the Metro Rail Transit-3 rehabilitation program.
