MANILA -- President Benigno "Noynoy" Aquino III has approved the borrowing program for next year amounting to P307.8 billion.

The approval was announced by Presidential Communications Development and Strategic Planning Secretary Ricky Carandang at a press briefing Tuesday.

“The borrowing mix will be 70-30 in favor of domestic borrowings. The net borrowings expected for next year P307.8 billion; P45.1 billion will be external or foreign; P262.7 billion will be domestic,” Carandang said.

He added that the decision was made following a meeting of the President with Finance Secretary Cesar Purisima and Budget Secretary Florencio Abad last Monday.

Carandang encouraged reporters to attend the mid-year economic briefing to be held at Dusit Thani Hotel in Makati City at 8 a.m. on Wednesday to learn the actual status of the economy.

On another matter, Carandang still cannot confirm if Aquino will set a bilateral meeting with United States President Barack Obama during his first foreign trip to US this September.

He said the President will be stay in the US for about a week.

“This will be his first foreign trip as president and this is going to be very important and his debut on the world’s stage. So we are looking forward to that," the Palace spokesperson noted. (Jill Beltran/Sunnex)