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MANILA - Government debt payments at end-May fell slightly from the previous year, as the amount earmarked to settle the principal dropped by more than a fifth.
Data from the Bureau of Treasury showed the Philippines shelled out P337.192 billion for principal and interest payments in the first five months of the year, 12.4 percent lower than the P384.993 billion last year.
In May alone, debt payments rose to P37.378 billion from P34.705 billion in the same month last year.
Bulk of the debt servicing at end-May was earmarked to amortize the principal amount at P206.203 billion, which was 22.8 percent lower than the P267.196 billion in the same five-month period last year.
Of the total principal paid, P181.204 billion was meant for domestic creditors while the remaining P24.999 billion went to foreign lenders.
Interest payments were up by 11.2 percent to P130.989 billion from the P117.797 billion last year. Of the total, P81.573 billion was used for local debt and the remaining P49.416 billion for foreign obligations.
Last week, the government said it borrowed P377.848 billion at end-May, 40 percent higher than the P270.88 billion in the same period last year.
The government relies on borrowings to supplement revenues and bridge a budget deficit expected to reach P279 billion this year.
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