• Govt debt servicing down 15% in Sept

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    Debt servicing by the national government eased in September, declining by double digits from a year earlier on the back of lower amortizations, data from the Bureau of the Treasury showed.

    Debt payments amounted to P41.41 million, 15 percent lower than the P48.76 billion recorded a year earlier. Compared to August, however, debt servicing in September surged by 68 percent from P24.64 billion.

    Government interest payments inched up by 4.4 percent to P30.09 billion. Of the amount, domestic lenders received P22.11 billion while P7.9 billion went to service foreign debts.

    Offsetting high interest payments were the government’s amortization expenses, which at P11.32 billion were lower by 43 percent year-on-year.

    Of the total, domestic payments fell by 55 percent to P6.65 billion. Foreign amortizations stood at P4.67 billion, 7.7 percent lower than the yearago figure.

    Year to date, debt payments were up 7 percent to P459.55 billion from P429.26 billion.

    Earlier, the Treasury bureau reported that the government’s outstanding debt rose by 3.7 percent to P5.94 trillion as of September from the same period last year.

    Domestic borrowings climbed to P3.88 trillion, or 3.4 percent from a year ago, while loans from foreign investors rose to P2.05 trillion.

    National government-guaranteed obligations during the month fell 2.4 percent to P445 billion.

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