Government debt payments down 21% in 1Q

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MANILA, Philippines - The Aquino administration's debt payments in the first quarter of the year fell by a fifth from a year ago.

Data from the Bureau of the Treasury showed the government spent P261.241 billion to settle its obligations during the first three months of the year, 21 percent lower than the P332.065 billion paid during the same period in 2011.

In March alone, the government spent P66.096 billion to settle its debts, or a third lower than the P89.755 billion spent in the same month last year.

In the first quarter, the government shelled out P98.489 billion in interest payments, or nine percent higher than the P90.72 billion last year.

Principal payments amounted to P162.752 billion, or a third lower than the P241.345 billion in 2011. Bulk of principal payments at P170.535 billion went to domestic creditors.

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