The national government’s total debt payments in the first two months of 2024 rose 6.84 percent as interest payments went up versus the previous year’s level, data released by the Bureau of the Treasury (BTr) showed.
According to the latest cash operations report, the national government’s debt payments in January to February stood at P452.51 billion, higher than the P423.55 billion recorded during the same period a year ago.
Interest payments as of February totaled to P122.05 billion, 50.53 percent up from the P81.08 billion paid out as of the same period the previous year.
The BTr said the year-on-year growth was on account of reissuances of domestic securities with coupon payments falling within the period.
Of the total interest payments made, P83.17 billion was paid to domestic creditors while P38.88 billion was for international debt.
On the other hand, amortization declined by 3.5 percent to P330.47 billion from the P342.47 billion paid out in January to February 2023.
Of the total principal payments made during the period, P243.76 billion was used to pay local lenders while P86.7 billion was spent to settle foreign obligations.
In February alone, debt payments amounted to P293.62 billion, recording a 21.85 percent decline from the P375.71 billion paid out in the same period in 2023.
Amortization amounted to P245.79 billion while interest payments totaled to P47.83 billion.
The BTr previously reported that the national government posted a wider budget deficit in February amid the double-digit hike in expenditures.
The government incurred a budget shortfall of P164.7 billion in February 2024, higher compared to the P106.4 billion recorded in the previous year.
The wider budget gap stemmed from the 22.14 percent year-over-year increase in expenditures, matched with the moderate revenue growth of 5.73 percent.
With the February turnout, the year-to-date fiscal balance reverted to a deficit of P76.7 billion, which is 26.56 percent higher relative to last year’s P60.6 billion budget gap.
