THE Philippines’s debt service nearly doubled in the January to May period this year on the back of higher amortization of debts, according to the Bureau of the Treasury (BTr).
Data showed the country’s debt service reached P819.526 billion in the first five months of the year, a 97.92-percent growth from the P414.069 billion posted in 2022.
The country’s debt service payments this year was at its highest in February at P375.714 billion, followed by P204.763 billion in April 2023.
Amortization of debt payments reached P589.952 billion in the January to May period this year, a growth of 204.72 percent from the P193.606 billion posted in the first five months of 2022.
In May 2023, however, BTr data showed debt service contracted 14.62 percent to P49.047 billion from P57.444 billion in the same period last year.
Based on the data, interest payments in May accounted for the bulk of the country’s debt service payments.
Interest payments reached P41.344 billion in May, a 22.21-percent growth from the P33.831 billion posted in May 2023.
Of this amount, domestic interest payments reached P29.529 billion and P11.815 billion was accounted for payments for foreign loans in May 2023.
For amortization, the amount reached P7.703 billion in May 2023, a 67.38-percent contraction from the P23.613 billion posted in May 2022.
This year, domestic amortization payments reached P2.656 billion while external payments amounted to P5.047 billion in May.
PHL debt service rises 98% to P819B in 5 mos
Source: News Paper Radio
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