PHL settles P225.3B in Q1 foreign and domestic obligations

May 3, 2013 3:40pm


The Philippines settled P225.3 billion worth of foreign and domestic obligation in the first quarter of the year, down 14 percent from P261.2 billion year earlier, Bureau of Treasury data released Friday showed.

Principal payments totaled P126.9 billion, down 22 percent in the same comparable period, including P74.46 billion paid to domestic creditors and P52.53 billion to foreign lenders.

Interest payments were down to  P98.3 billion from P98.4 billion, including P60.68 billion on domestic debt and P37.76 billion on foreign currency borrowings.

The government used its budget allocation on debt settlements to pay for its obligations, funded by tax and non-tax revenues.

The bulk of interest payments, or P48.39 billion, covered the yield on fixed-rate treasury bonds, while P11.97 billion went to retail T-bonds. — VS, GMA News