The national government paid P27.4 billion worth of debt in May, down 83 percent year-on-year due to lower amortization payments.
Total debt servicing in May dropped from P159.1 billion a year ago, the latest Bureau of the Treasury data showed.
In May, the government settled P19.7 billion in interests, down from P21.1 billion during the same month last year.
Interest payments for domestic borrowings from the sale of Treasury bills and bonds reached P15.8 billion, while those for foreign loans amounted P3.9 billion.
The government also serviced P7.7 billion in principal amortization in May, dropping from P137.9 billion a year ago.
All of the month’s amortization payments were for foreign obligations, which included prepayments made due to bond exchange transactions.
From January to May, the government paid a total of P301.4 billion in debt—P150.9 billion in interest payments and P150.5 billion in amortization.
The P3.7-trillion 2019 national budget had allocated P399.6 billion for debt service.