The national government’s debt payments as of end-August rose by 49.35 percent as both interest payments and amortization increased versus the previous year’s levels.
According to the Bureau of the Treasury (BTr), the government spent P760.65 billion for its domestic and international debts in the first eight months of the year.
Data posted on the BTr’s website showed this is higher than the P509.3 billion paid out in the same period in 2019.
Interest payments as of August totaled to P269.61 billion, up 7.57 percent from the P250.65 billion paid out as of the same period last year.
Of the said amount, P188.48 billion was paid to domestic creditors while P81.13 billion was for international debt.
Principal payments also rose by 89.85 percent to P491.05 billion from the P258.65 billion paid out in the same period a year ago.
Of the total amortization made during the period, P374 billion was used to pay local lenders while P117.04 billion was spent to settle foreign obligations.
For the month of August, debt payments jumped by 382.56 percent to P152.4 billion from P31.58 billion a year ago.
Interest payments amounted to P22.55 billion, 14.98 percent up from a year ago, while amortization stood at P129.85 billion, increasing by 984.77 percent year-on-year. — Angela Celis