Debt servicing by the national government sharply rose in January from a month earlier, although declining year-on-year on lower amortizations and interest payments, data from the Bureau of the Treasury showed.
January debt payments amounted to P78.17 billion, 176 percent higher than the P28.29 billion paid in December 2015, but down by 34 percent compared with the P118.57 billion recorded a year earlier.
Government interest payments declined by 11 percent to P45.59 billion. Of the interest paid, domestic lenders received P23.29 billion while P22.3 billion went to service foreign debts.
Amortization expenses also fell by 51 percent year-on-year to P32.57 billion. Of the total, domestic payments amounted to P9.64 billion, while foreign amortizations reached P22.92 billion.
The Treasury bureau earlier reported that the government’s outstanding debt grew by 2.6 percent to P5.90 trillion as of January compared with the same period last year.
Domestic borrowings fell 0.1 percent to P3.82 trillion from a year ago, while loans from foreign investors rose to P2.07 trillion. National government-guaranteed obligations, meanwhile, rose by 6 percent to P442 billion.