The national government (NG) borrowings in the first six-months of the year increased 69 percent compared with the same period last year, data from the Bureau of Treasury showed Friday.

Total gross financing increased by P163.7 billion in January to June this year at P400.9 billion from P237.17 billion in the same month in 2009, which means less loan repayments has been made by the government during the period.

At end-June, the government borrowed more domestically at P247.9 billion from P133.2 billion in the same period last year, which is mainly composed of Treasury bonds.

Total external financing during period, meanwhile, amounted to P152.9 billion from P103.2 billion last year.

Program loans, meanwhile, amounted to P19.84 billion, comprising of the P4.493 billion Development Policy Loan from the Japan Bank for International Cooperation, the P6.740-billion Emergency Budget.

Support loan also from JBIC and P8.610 billion from the French government.

Project loans from various international lenders such as the Asian Development Bank and the International Bank for Reconstruction and Development, meanwhile, amounted to P12.9 billion during the six-month period.

Meanwhile, the national government has reversed the gross payment of P21.41 billion it made in the June in 2009 to a P23.96-billion gross borrowings this year.

In June, the government borrowed P21.4 billion from the domestic lenders and P2.55 billion from overseas debt market.

In the first semester of the year, the government tapped the global and Japanese-debt market to plug the budget gap which is now expected to hit a revised P325 billion this year or 3.9 percent of gross domestic product, from P293 billion previously.

The government issued $1.5 billion or P68.511 billion in global bonds in January, the first Southeast Asian country to issue debt for the year.

In February, the government issued another $1.1 billion or P51.743-billion worth of Samurai or yen-denominated bonds.