{"id":19748,"date":"2024-07-15T03:13:32","date_gmt":"2024-07-15T03:13:32","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/debt-service-bill-jumps-in-may\/"},"modified":"2024-07-15T03:13:32","modified_gmt":"2024-07-15T03:13:32","slug":"debt-service-bill-jumps-in-may","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/debt-service-bill-jumps-in-may\/","title":{"rendered":"Debt service bill jumps in May"},"content":{"rendered":"
\n

THE NATIONAL GOVERNMENT\u2019S (NG) <\/span>debt service bill jumped year on year in May <\/span>due to a surge in interest payments, the Bureau<\/span> of the Treasury (BTr) said.<\/p>\n

Data from the Treasury bureau showed that debt payments rose by 40.64% to P68.98 billion in May from P49.05 billion in the same month a year ago.<\/p>\n

Month on month, debt payments dropped by 57.34% from P161.7 billion in April.<\/p>\n

The debt service refers to payments made by the government on its domestic and foreign debt.<\/span><\/p>\n

The bulk (88.57%) of May\u2019s debt service bill went to interest payments.<\/p>\n

Interest payments went up by 47.78% to P61.1 billion in May from P41.34 billion in the same month a year ago.<\/p>\n

Interest paid on domestic debt increased by 56% to P46.07 billion from P29.53 billion a year ago.<\/p>\n

Meanwhile, interest payments to foreign creditors grew by 27.18% to P15.03 billion in May from P11.82 billion a year ago.<\/span><\/p>\n

On the other hand, principal payments inched up by 2.34% to P7.88 billion from P7.7 billion last year.<\/p>\n

Month on month, amortization plunged by 92% from P94.2 billion in April.<\/p>\n

Broken down, amortization on domestic debt in May dropped by 96.8% to P85 million from P2.66 billion a year ago.<\/span><\/p>\n

Principal payments on external debt increased by 54.51% to P7.8 billion in May from P5.05 billion last year.<\/p>\n

FIVE MONTHS
\n<\/b>In the first five months of the year, the NG\u2019s <\/span>debt service bill increased by 48% to P1.22 trillion from P819.53 billion in the year-ago period.<\/p>\n

Amortization payments climbed by 51.73% to P895.13 billion in the first fi<\/span>ve months from P589.95 billion a year ago.<\/p>\n

Principal payments on domestic debt reached P754.86 billion, while those on external debt amounted to P140.27 billion.<\/p>\n

Meanwhile, interest payments in the January-to-May period jumped by 40.08% to P321.59 billion from P229.57 billion a year prior.<\/p>\n

Broken down, interest paid on domestic debt stood at P231.38 billion, while interest payments for external debt reached P90.21 billion.<\/p>\n

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the higher debt payments in May could be due to the elevated interest rates and weaker peso.<\/p>\n

\u201cThe higher debt servicing bill of the NG could be attributed to higher interest rates that increased borrowing costs\/financing costs,\u201d he said via Facebook Messenger.<\/p>\n

Mr. Ricafort said the weaker peso exchange rate increased the peso equivalent of external debt and debt servicing.<\/p>\n

The peso closed at P58.52 against the dollar as of end-May, depreciating by P0.94 from its P57.58 f<\/span>inish as of end-April.<\/p>\n

The Bangko Sentral ng Pilipinas has kept the key policy rate at an over 17-year high of 6.5% since October 2023.<\/p>\n

The higher debt payments could also ref<\/span>lect the wider budget def<\/span>icit, Mr. Ricafort said.<\/p>\n

The NG\u2019s budget deficit in May widened 43.1% to P174.9 billion amid strong spending over revenues, BTr said. In the first f<\/span>ive months of the year, the budget gap ballooned by 24.06% to P404.8 billion from P326.3 billion a year ago.<\/p>\n

\u201cThere could also be some payment of some multilateral foreign debts, as well as some maturity of some local government securities\/debts,\u201d Mr. Ricafort said.<\/p>\n

As of end-May, the NG\u2019s debt hit a record high P15.35 trillion, with P10.44 trillion coming from domestic sources and P4.9 trillion from foreign sources. \u2014 Beatriz Marie D. Cruz<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE NATIONAL GOVERNMENT\u2019S (NG) debt service bill jumped year on year in May due to a surge in interest payments, the Bureau of the Treasury (BTr) said. Data from the Treasury bureau showed that debt payments rose by 40.64% to P68.98 billion in May from P49.05 billion in the same month a year ago. Month [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[629,14644,4000,3895,170,4117],"class_list":["post-19748","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bill","tag-bworldonline","tag-debt","tag-jumps","tag-may","tag-service"],"yoast_head":"\nDebt service bill jumps in May - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/debt-service-bill-jumps-in-may\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Debt service bill jumps in May - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE NATIONAL GOVERNMENT\u2019S (NG) debt service bill jumped year on year in May due to a surge in interest payments, the Bureau of the Treasury (BTr) said. 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