GOVERNMENT’S debt payments in the first quarter of the year plunged by nearly 40 percent to P313.65 billion, official data showed. This, even as the outgoing administration has vowed that a fiscal consolidation plan —crucial amid higher debt and deficit levels in the Covid-19 pandemic—will be ready in time for a briefing with the new economic team.
Interest payments rose by 18.65 percent to P149.33 billion in the first three months of the year from P125.86 billion in the comparable period in 2021. To recall, the national government’s outstanding debt as of end-March has already hit a new record-high at P12.68 trillion. This was higher by P586.29 billion or 4.8 percent from P12.09 trillion as of end-February this year. By the end of this year, the government expects the country’s outstanding debt to further balloon to P13.42 trillion.Finance Secretary Carlos G.
Source: Loan Digest (loandigest.net)
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