The national government’s debt payments as of end-May rose by more than 70 percent as amortization significantly increased during the period.
According to data posted by the Bureau of the Treasury on its website, the government spent P512.96 billion for its domestic and international debts in January to May.
Government data showed this is higher than the P301.44 billion paid out in the same period in 2019.
Principal payments posted a triple-digit increase by 134.5 percent to P352.85 billion, from the P150.47 billion paid out in the same period a year ago.
Of the total amortization made during the period, P246.21 billion was used to pay local lenders while P106.63 billion was spent to settle foreign obligations.
Interest payments as of May totaled to P160.12 billion, 6.05 percent higher than the P150.98 billion paid out as of the same period a year ago.
Of the said amount, P109.88 billion was paid to domestic creditors while P50.24 billion was for international debt.
In May alone, debt payments fell by 10.09 percent to P24.64 billion from P27.41 billion a year ago, as both amortization and interest payments went down for the month.
Principal payments stood at P6.29 billion, posting an 18.73 percent decline year-on-year.
Interest payments amounted to P18.35 billion, 6.69 percent down from a year ago.
