Govt debt payments drop sharply in Feb

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Debt servicing by the national government declined sharply in February from a month earlier on lower amortizations, but rose slightly from a year earlier due to higher interest, data from the Bureau of the Treasury showed.

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Debt payments amounted to P25.215 billion, 67 percent lower than January’s P78.170 billion, but up by 3.43 percent compared to the P24.378 billion recorded a year earlier.

Government interest payments likewise plunged by 53.3 percent to P21.280 billion from January’s P45.594 billion, but increased by 12.5 percent from P18.902 billion in February 2015.

Of the interest amount, domestic payments fell 10 percent to P16.162 billion, while servicing to foreign debts surged by 446.2 percent to P5.118 billion, year-on-year, respectively.

Meanwhile, amortization expenses fell by 28.1 percent year-on-year to P3.935 billion from P5.476 billion. It also dropped 87.9 percent when compared to January’s 32.576 billion.

Of the total, domestic payments fell by 100 percent from P1.678 billion. Foreign amortizations, at P3.935 billion, were 3.6 percent higher.

Debt payments for the first two months of 2016 eased 27.6 percent to P103.38 billion from
P142.95 billion in the same period a year earlier.

The Treasury bureau earlier reported that the government’s outstanding debt grew by 3.2 percent to P5.941 trillion as of February from P5.757 trillion during the same period last year.

Domestic borrowings climbed to P3.85 trillion or 0.57 percent higher from a year ago while loans from foreign investors rose to P2.091 trillion. National government-guaranteed obligations, meanwhile, rose by 8.9 percent to P454 billion.

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