{"id":9863,"date":"2025-03-17T14:07:24","date_gmt":"2025-03-17T13:07:24","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=9863"},"modified":"2025-03-17T14:07:24","modified_gmt":"2025-03-17T13:07:24","slug":"philippines-national-government-debt-service-reaches-p2-02-trillion-for-2024","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/03\/17\/philippines-national-government-debt-service-reaches-p2-02-trillion-for-2024\/","title":{"rendered":"Philippines&#8217; National Government Debt Service Reaches P2.02 Trillion for 2024"},"content":{"rendered":"\n<p class=\"p2\"><span class=\"s1\">THE NATIONAL GOVERNMENT (NG) <\/span><span class=\"s2\">debt servicing obligations climbed to P2.02 tril<\/span><span class=\"s3\">lion<\/span> in 2024 as both interest and amortization <span class=\"s1\">expenditures rose, as reported by the Bureau of the <\/span><span class=\"s4\">Treas<\/span>ury (BTr).<\/p>\n<p class=\"p3\">Data from the Treasury indicated that the NG\u2019s debt repayments grew by 26% to P2.02 trillion last year from the P1.604 trillion noted in 2023.<\/p>\n<p class=\"p3\">Nonetheless, it did not meet the P2.027-trillion target for debt repayments by 0.3% last year.<\/p>\n<p class=\"p3\">Debt service encompasses the payments made by the NG on its local and international borrowings.<\/p>\n<p class=\"p3\">A majority or 62.22% of total debt expenditures were attributed to amortization payments.<\/p>\n<p class=\"p3\">Principal repayments surged by 28.92% to P1.26 trillion in 2024 from P975.28 billion the previous year. This was 0.47% lower than the BTr\u2019s P1.263-trillion objective for the year.<\/p>\n<p class=\"p3\"><span class=\"s5\">Amortization for domestic debt increased by 19.18% yearly to P1.018 trillion, while principal repayments on foreign debt soared by 97.58% to P239.293 billion last year.<\/span><\/p>\n<p class=\"p3\">Conversely, interest payments rose by 21.48% to P763.31 billion in 2024 compared to P628.33 billion in 2023. This was 0.02% lower than the P763.437-billion target for the entire year.<\/p>\n<p class=\"p3\">Interest paid on domestic debt increased by 23.89% to P539.83 billion in 2024 from P435.74 billion in 2023.<\/p>\n<p class=\"p3\"><span class=\"s5\">Specifically, of this amount, P340.5 billion was allocated for interest on fixed-rate Treasury bonds, P153.92 billion on retail Treasury bonds, and P32.69 billion on Treasury bills.<\/span><\/p>\n<p class=\"p3\">For external debt, interest payments rose by 16.04% to P223.48 billion from P192.59 billion the prior year.<\/p>\n<p class=\"p4\"><b>DECEMBER DEBT SERVICE<br \/>\n<\/b>In December alone, debt repayments declined by 3.73% to P66.3 billion from P68.87 billion compared to the same month in 2023.<\/p>\n<p class=\"p3\">Month on month, interest payments fell by 29.25% from P93.7 billion in November.<\/p>\n<p class=\"p3\"><span class=\"s5\">Amortization payments increased by 1.61% to P8.32 billion in December last year from P8.19 billion in December 2023. <span class=\"Apple-converted-space\"> <\/span> This was entirely comprised of principal repayments on external debt, as no payments were made on domestic debt in December.<\/span><\/p>\n<p class=\"p3\">Meanwhile, interest paid on domestic borrowings decreased by 4.45% to P57.98 billion in December compared to P60.68 billion in the same month in 2023.<\/p>\n<p class=\"p3\">In detail, interest payments on retail Treasury bonds amounted to P19.18 billion, while fixed-rate Treasury bonds stood at P14.51 billion and Treasury bills at P2.27 billion.<\/p>\n<p class=\"p3\"><span class=\"s4\">Interest payments on external debt jumped by 19.93% year on year to P20.54 billion in December from P17.13 billion in 2023.<\/span><\/p>\n<p class=\"p3\"><span class=\"s4\">Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort stated that the increased debt servicing illustrates the rising repayment obligations on the substantial debt accumulated by the government during the coronavirus disease 2019 (COVID-19) pandemic.<\/span><\/p>\n<p class=\"p3\">As of the end of 2024, the NG\u2019s total outstanding debt amounted to P16.05 trillion, reflecting a 9.8% increase from the end-2023 level.<\/p>\n<p class=\"p3\">\u201c(The) still relatively higher interest rates and weaker peso exchange rate since the onset of the Russia-Ukraine war in February 2022 have also enhanced debt servicing, particularly interest obligations. Additionally, (the) elevated peso equivalent for foreign\/external debts amid a weaker peso during this period (from P51 levels in early 2022, or at least 12% weaker since then),\u201d he explained.<\/p>\n<p class=\"p3\">Mr. Ricafort mentioned that the anticipated rate reductions by the US Federal Reserve would \u201csomewhat aid in lowering external debt servicing costs in the future.\u201d<\/p>\n<p class=\"p3\">\u201cHowever, this would be counterbalanced by [Donald] Trump\u2019s higher US import tariffs and other protectionist measures that could potentially limit Fed rate cuts,\u201d Mr. Ricafort noted.<\/p>\n<p class=\"p3\"><span class=\"s2\">Reinielle Matt M. Erece, an economist at Oikonomia Advisory and Research, Inc., expressed expectations for an increased debt servicing requirement this year primarily owing to external debt obligations.<\/span><\/p>\n<p class=\"p3\"><span class=\"s5\">\u201cNevertheless, I anticipate that in 2025, foreign loan repayments will be the primary driver rather than domestic borrowing repayments as the Philippine peso is projected to depreciate in comparison to the dollar, resulting in higher repayments necessary to fulfill the nation\u2019s financial commitments,\u201d he stated. \u2014<b> A.R.A. Inosante<\/b><\/span><\/p>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bworldonline.com\/top-stories\/2025\/03\/17\/659694\/ng-debt-service-bill-surges-to-p2-02-t-in-2024\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>THE NATIONAL GOVERNMENT (NG) debt servicing obligations climbed to P2.02 trillion in 2024 as both interest and amortization expenditures rose, as reported by the Bureau of the Treasury (BTr). Data from the Treasury indicated that the NG\u2019s debt repayments grew by 26% to P2.02 trillion last year from the P1.604 trillion noted in 2023. Nonetheless,<\/p>\n","protected":false},"author":3,"featured_media":9864,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[1740],"class_list":["post-9863","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy-and-markets","tag-return-a-list-of-comma-separated-tags-from-this-title-ng-debt-service-bill-surges-to-p2-02-t-in-2024"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Philippines&#039; National Government Debt Service Reaches P2.02 Trillion for 2024 - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/03\/17\/philippines-national-government-debt-service-reaches-p2-02-trillion-for-2024\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philippines&#039; National Government Debt Service Reaches P2.02 Trillion for 2024 - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"THE NATIONAL GOVERNMENT (NG) debt servicing obligations climbed to P2.02 trillion in 2024 as both interest and amortization expenditures rose, as reported by the Bureau of the Treasury (BTr). Data from the Treasury indicated that the NG\u2019s debt repayments grew by 26% to P2.02 trillion last year from the P1.604 trillion noted in 2023. 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