Debt payments by the Philippine government breached the P1-trillion mark last year amid heightened borrowings during the prolonged pandemic, data from the Bureau of the Treasury showed.
From January to December 2021, the national government’s debt servicing amounted to P1.204 trillion, an increase of 30 percent compared with P926.46 billion in the previous year, the Treasury report stated.
Meanwhile, the government paid off P69.9 billion worth of debts in December alone, lower by 5.2 percent against the P73.77 billion recorded in the same month a year earlier. According to the treasury bureau, the increase was driven by more borrowings from both local and foreign creditors.
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