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Philippines: Debt service payments reach P219.8 billion in January
MANILA, Philippines — The national government spent P219. 8 billion to settle its local and foreign debts in January, according to data from the Bureau of the Treasury (BTr).
Debt service payments during the month were almost double the P146.054 billion in January 2020 as principal payments paid on a monthly basis increased during the month.
The bulk of the total debt service in January was used to pay for amortization amounting to P172.773 billion, while the remaining P47.024 billion went to interest payments for foreign and local and debt instruments issued.
Amortizations for domestic creditors reached P49.891 billion, while principal payments to foreign creditors reached P122.89 billion.
Meanwhile, P29.377 billion in interest payments were made for issuances of domestic debt instruments that include Treasury bills and bonds, while P17.647 billion in interest payments were made for foreign debt papers.
The national government’s outstanding debt rose to fresh record high of P10.327 trillion ending in January 2021 as the government ramped up local borrowings to fund its pandemic responses.
National debt level during the month was 5.4 percent higher than the end-December 2020 level largely because of the reavailment of the P540 billion short-term loan facility from the Bangko Sentral ng Pilipinas (BSP).
Out of the total debt stock, 71 percent was sourced from domestic borrowings and 29 percent was sourced externally.
Domestic debt amounted to P7.325 trillion, 9.4 percent higher compared with end-December 2020 level owing to increased domestic financing and the provisional advances from the BSP.
External debt of P3.001 trillion was 3.2 percent lower from the previous month due to the net repayment of foreign loans amounting to P93.49 billion and the peso depreciation against the dollar.
Total government guaranteed obligations, meanwhile, fell slightly by 0.4 percent month-on-month to P456.39 billion in January after net repayments worth P320 million and P180 million were made to both local and foreign guarantees.
Source: https://www.philstar.com/business/2021/03/29/2087623/debt-service-payments-reach-p2198-billion-january