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THE government’s principal payments last month on its
multi-trillion-peso debt declined year-on-year, the Bureau of
Treasury data showed Tuesday.
Out of the country’s P3.881-trillion
outstanding debt, the government paid P10.8 billion of the principal
amount in May. Last month’s figure is 16 percent lower than the
P13 billion in the same period last year. Similarly, last month’s
payment dropped almost five-fold from P48.6 billion in April.
Of the principal amount paid last month, P7.6
billion went to domestic lenders and P3.1 billion to offshore banks.
Interest payments last month likewise decreased
to P14.02 billion from P18.73 billion in April, and P14.04 billion
in May last year.
Domestic interest payments reached P12 billion,
while the foreign component amounted to P2.2 billion.
For the first five months this year, total debt
servicing reached P331.53 billion, 1.1 percent higher than the P328
billion in the same period last year.
At end-May, principal payments reached P198.5
billion, or 3-percent lower than last year’s P204.68 billion. Of
the total, government payments to local and foreign banks reached
P150 billion and P48.4 billion, respectively.
Interest payments during the first-five months
of the year increased 8 percent to P133 billion from P123.16 billion
last year. Government paid P65 billion to local banks and P57.95
billion to foreign lenders.
At end-May, the government borrowed P216.049
billion, or P17.519-billion higher than the prepayment of P192.533
billion. Despite the higher amount, the borrowing for that period is
still lower than last year’s by P35.862 billion.
Of the total borrowings, external funding
amounted to P42.08 billion, 15.6-percent lower than the P97.059
billion last year. Domestic money, however, grew 21.2 percent to
P173.969 billion from P143.489 billion a year ago.
Gross borrowings in the first five months
reached P216.049 billion, or 10.2-percent lower than P240.548
billion year-on-year.
The government borrowed P7.865 billion in
project loans; while constructive receipts of cash reached P4.888
billion; program loans, P13.933 billion; and ROPs (Republic of the
Philippines bonds or debt papers), P20.279 billion.
Domestic borrowings at end-May reached P117.443
billion from short-term IOUs, and P56.526 billion from fixed rate
Treasury bonds.
-- Chino S. Leyco
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