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Debt servicing of the national government increased last year due to higher interest payments, data from the Bureau of the Treasury showed.
Photo Insert: The debt service burden excludes actual outflows such as rescheduling or refinancing of existing debt and conversion of debt to equity.
The Marcos administration’s debt payments reached P1.293 trillion from January to December 2022, up seven percent from P1.204 trillion paid out in the previous year.
Debt servicing refers to payments of both interest and principal.
The debt service burden excludes actual outflows such as rescheduling or refinancing of existing debt and conversion of debt to equity.
Payment of interest rose by 17 percent to P502.85 billion from P429.43 billion in 2021.
Principal payments consist mainly of domestic payments amounting to P383.45 billion. This is up 15 percent against the P333.33 billion registered a year ago. Interest servicing to foreign creditors, on the other hand, jumped 24 percent to P119.4 billion from P96.1 billion.
