Lower gov’t repayments bode ill for plan to cut debt

Indonesia Berita Berita

Lower gov’t repayments bode ill for plan to cut debt
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The national government’s payments to service its loans dropped by 12.6 percent in the 11 months to November of 2022, which suggests that the Philippines’ debt stock might not any time soon be reduced below 60 percent of GDP. | RonWDomingoINQ /PDI

reduced below 60 percent of gross domestic product , the threshold for what is considered a prudent indebtedness profile.

From January to November last year, the government shelled out a total of P991 billion in interest and principal payments on its borrowings, down from the P1.13 trillion paid out in the same period of 2021.Data from the Bureau of the Treasury show that in those 11 months, a total of P459.3 billion was spent on interest payments, showing an increase of 14 percent from the year-ago 402.1 billion.

On the other hand, a total of P531.8 billion in principal was repaid, a 27-percent drop from P732 billion in the first 11 months of last year.

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