Gov’t debt payment down 2.1% in Nov. | Inquirer Business

Gov’t debt payment down 2.1% in Nov.

/ 03:20 AM January 25, 2016

THE AMOUNT of debt paid by the government last November slid by 2.1 percent year-on-year to P26.5 billion mainly due to lower interest payments, the latest Bureau of the Treasury data showed.

In 2014, the government settled P27.1 billion in combined amortization of principal and interest.

In November last year, the government paid almost P16 billion in interest, down from P18.1 billion a year ago.

Article continues after this advertisement

Interest payments for domestic debt amounted to P14.1 billion and for foreign liabilities, P1.9 billion.

FEATURED STORIES

Payments for amortization, meanwhile, went up to P10.5 billion from almost P9 billion a year ago.

The amortization paid for domestic liabilities reached P4.1 billion and for foreign debt, P6.4 billion.

Article continues after this advertisement

During the first 11 months, debt payments totaled P505.8 billion, up 5.4 percent from P479.8 billion a year ago.

Article continues after this advertisement

End-November payments for interest hit P287.9 billion, while amortization payments reached almost P218 billion.

Article continues after this advertisement

For 2016, the government is allocating P419.3 billion or 14 percent of the P3.002-trillion national budget for debt servicing. The outstanding government debt as a percentage of the gross domestic product is seen declining to 41.8 percent this year.

In 2014, the government serviced debt worth P515 billion—the smallest in over a decade, on the back of a record-low amount paid for amortization. Ben O. de Vera

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Business, debts, economy, News

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.