MANILA – The national government paid a bigger amount of its debt obligations last year, the Bureau of Treasury data showed.
Records showed that debt payments last year amounted to PHP1.60 trillion, 23.9 percent higher than the debt payment of PHP1.29 trillion in 2022.
The amount exceeded the PHP1.55 trillion debt payment earlier programmed by the government.
Of the total debt payments last year, PHP975.27 billion went to amortization, 23.4 percent higher paid in 2022 at PHP790.32 billion.
Interest payments, meanwhile, went up by 24.9 percent to PHP628.33 billion from PHP502.85 billion.
In particular, PHP435.74 billion went to interest payments to domestic lenders and PHP192.59 billion to foreign creditors.
As of end-December last year, the government’s total outstanding debt stood at PHP14.62 trillion. (PNA)
