The government has started to prepay some of its external loans, resulting in higher external debt service burden of $780 million for the first month of 2023, up by 70.67 percent versus $457 million same time in 2022. ManilaBulletin
Both principal and interest payments on debt servicing are up in January 2023.The government has started to prepay some of its external loans, resulting in higher external debt service burden of $780 million for the first month of 2023, up by 70.67 percent versus $457 million same time in 2022.
Principal external debt service are mostly fixed medium to long term credits. Interest payments are on fixed and revolving short-term credits of banks and non-banks. As previously explained by BSP Deputy Governor Francisco G. Dakila Jr., debt service burden decreases when there are no prepayments of loans and bond redemptions and repayments from the public and private sectors during a period or a month. The opposite happens when the government prepays or repays past external loans.
Public sector external debt amounted to $67.4 billion while private sector debt totaled $43.9 billion.
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