The government's debt payments have reached a total of 1.36 trillion pesos in the first seven months of the year.

 


Manila, Philippines — The Philippine government's debt payments surged by 40% to P1.36 trillion in the first seven months of 2024, primarily due to increased amortization to domestic lenders.

The Bureau of the Treasury reported that the Marcos administration's debt service payments rose from P972.39 billion in the same period last year. Approximately 67% of this total, or P907.3 billion, was allocated for amortization, a 45% increase from the previous year.

Meanwhile, interest payments climbed by 32% to P456.66 billion. The majority of both amortization and interest payments were made to domestic creditors, with 84% of amortization and 70% of interest going to local sources.



The government's outstanding debt reached a record P15.69 trillion by the end of July. For 2025, the government aims to settle P2.05 trillion in debts, consisting of P848.03 billion in interest payments and P1.2 trillion in principal amortization.

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