Govt debt payments down 3.4% in Sept

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DEBT servicing by the national government declined in September from a year earlier due to lower amortizations during the month, data from the Bureau of the Treasury (BTr) showed.

Debt payments amounted to P39.99 billion in September, 3.43 percent lower than the P41.41 billion posted a year ago.

Month on month, national government debt servicing in September fell 14 percent from P46.76 billion in August.

Of the total debt servicing in September, interest payments rose 8 percent to P32.6 billion from P30.09 billion a year ago, and were up 39 percent from P23.44 billion recorded in August.

Domestic interest payments rose 8 percent from a year ago to P24.06 billion in September while servicing of foreign debt rose 6.9 percent to P8.54 billion.

Amortization expense dropped 34 percent year-on-year to P7.38 billion from P11.31 billion and was down 68 percent from P23.32 billion in August.

Domestic amortization fell to P2.15 billion from P6.64 billion a year ago, while foreign amortization rose 12 percent to P5.23 billion from P4.66 billion in the same month last year.

For the first nine months of 2016, debt payments were down 4.41 percent from a year ago at P440.54 billion.

The BTr reported that the outstanding debt of the national government hit the P6-trillion mark in September, up by 2.5 percent or P150.98 billion from a year earlier, on the back of a sharp depreciation of the peso against the US dollar and other major reserve currencies.

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