ICYMI: The government is scheduled to repay a record P1.6 trillion in debt next year — its highest yearly debt servicing on record.
As such, next year’s debt servicing expenditure will be higher than the P1.26 trillion set aside to pay outstanding obligations this year.
Debt payments under next year’s national budget will be composed of a record P1.02 trillion in principal amortization , on top of P582.3 billion in interest payments . Next year’s borrowings will include P1.65 trillion to be sourced locally, of which P1.59 trillion will come from the issuance of fixed-rate treasury bonds, while a net of P54.1 billion will be funded by short-dated T-bills .
External borrowings, meanwhile, will further go down to P553.5 billion next year from this year’s P561.5 billion and last year’s P568.7 billion.Among the foreign borrowings programmed for next year are the P219.2 billion program loans and P69.3 billion project loans from multilateral lenders and bilateral development partners, as well as P265 billion to be raised from offshore commercial bond issuances denominated in foreign currencies.
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