The Marcos government has made P1.86 trillion in debt payments as of October, covering 91.6% of its total debt servicing target of P2.03 trillion for 2024.
This marks a 25.7% increase from P1.48 trillion during the same period in 2023, according to data from the Bureau of the Treasury.
A substantial portion of the payments—P1.22 trillion, or 65.6%—went toward amortization, which represents a 27.3% rise from the P958.96 billion allocated for principal repayments in the same period last year.
As a result, the government has already paid 96.8% of its programmed P1.26 trillion in principal payments for the year.
Interest payments also saw a significant rise, climbing 23% to P638.68 billion, or 83.7% of the P763.4 billion earmarked for interest expenses this year.
The government’s debt obligations are split between domestic and foreign creditors, with 77% of the payments going to local lenders. Of the total principal repayments, P999.74 billion was paid to domestic creditors, while P222.22 billion went to foreign lenders.
Domestic creditors also received the majority of the interest payments, amounting to P453.46 billion.
To finance its obligations, the government regularly issues Treasury bills and bonds, with T-bills maturing within a year and T-bonds with maturities extending beyond 20 years.
