DEBT servicing by the national government rose to P83.81 billion in June on the back of higher amortization and interest payments, data released by the Bureau of the Treasury (BTr) over the weekend showed.

The June amount was a 172.5-percent increase from P30.75 billion in the same month last year.

Amortization expenses, which accounted for 65.2 percent of the total, surged by 717.7 percent to P54.71 billion from P6.69 billion a year ago.

No domestic amortization were recorded during the month. Foreign amortization jumped by 740.3 percent to P54.71 billion.

Interest payments, meanwhile, grew by 20.7 percent to P29.06 billion from P24.06 billion a year ago.

Domestic interest payments rose to P23.45 billion, while foreign ones surged to P5.64 billion.

Year-to-date, debt payments dropped by 7.3 percent to P385.25 billion from P415.89 billion in the same period in 2018.

Interest payments increased by 7.4 percent to P180.07 billion in January to June, while amortization expenses declined by 18 percent to P205.18 billion in the same period.

The government’s outstanding debt stood at P7.868 trillion in June, up over P46.89 billion from a month ago because of net repayments of both domestic and foreign loans and foreign exchange fluctuations.

Last year, the government forwarded P775.589 billion to creditors, a 13.9-percent increase from P680.466 billion in 2017.