Gov't spent P174.35B for debt servicing in Jan-Feb – Treasury

The government spent a total of P174.35 billion in January and February to pay a portion of its debts, the Bureau of the Treasury reported Monday. The amount is 10.66 percent lower than the P195.16 billion allocated to debt servicing in the same period in 2012. Of the amount, the government paid P101.58 billion to the principal, 18.28 percent less than the P124.3 billion paid in 2012 and consisting of P55.22 billion in domestic debt and P46.36 billion in foreign borrowings. The government also paid P72.76 billion in interest, 2.69 percent more year-on-year and consisting of P45.33 billion charged on domestic debt and P27.43 billion on foreign borrowings. In February, the government repaid P62.62 billion, of which P44.7 billion was principal payment, 12 percent less than the P39.87 billion paid in the same month in 2012. Interest payments reached P17.92 billion. — BM, GMA News