The national government’s debt payments as of end-November 2019 rose by nearly 17 percent as interest payments and amortization increased versus the previous year’s level.
According to the Bureau of the Treasury (BTr), the government spent P805.26 billion for its domestic and international debts in January to November 2019.
Data posted in the BTr’s website showed this is higher than the P688.41 billion paid out in the same period in 2018.
Interest payments as of November totaled to P331.75 billion, 3.67 percent higher than the P320 billion paid out as of the same period a year ago.
Of the amount, P224.34 billion was paid to domestic creditors while P107.41 billion was for international debt.
Principal payments increased by 28.53 percent to P473.51 billion from the P368.4 billion paid out in the same period a year ago.
Of the total amortization made during the period, P343.84 billion was used to pay local lenders while P129.68 billion was spent to settle foreign obligations.
In November alone, debt payments jumped by 473.42 percent to P221.84 billion from P38.69 billion a year ago.
Amortization rose during the period while interest payments declined versus the previous year.
Principal payments stood at P204.58 billion, posting a 1,358.21 percent hike year-on-year, while interest payments amounted to P17.29 billion, 29.9 percent down from a year ago.
