THE NATIONAL GOVERNMENT’S debt service bill surged to P207 billion in September due to higher amortization payments, according to the Bureau of the Treasury (BTr).
THE NATIONAL GOVERNMENT’S
The BTr paid P128.33 billion in principal payments to domestic lenders, while payments to foreign creditors amounted to P18.77 billion. Interest paid on foreign debt in September climbed by 57.16% to P12.18 billion from P7.75 billion in the same month a year ago. Interest payments declined by 17.87% to P399.98 billion in the nine months ending in September. These included P306.21 billion worth of payments to domestic creditors and P93.77 billion to external creditors.
The government allocated P1.298 trillion on debt payments this year, with P785.21 billion for principal and P512.59 billion for interest.Meanwhile, the National Government’s outstanding debt as a share of GDP rose to 63.7% at the end of September, its highest rate in 17 years or since the 65.7% logged in 2005.
It remains above the 60% threshold considered manageable by multilateral lenders for developing economies.
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