Govt debt payments to increase by P7bn


The Finance Ministry will pay P6.7 billion extra in debt obligations in the 2023-24 financial year, as part of funding the accelerated spending government is planning going forward.

According to draft budget estimates made available this week, the Ministry wants to set aside P17.1 billion for the repayment of interest and principle on various domestic and external loans in the upcoming financial year. This compares to P10.4 billion budgeted for the current financial year, which ends on March 31.

The loans include the payment of P3 billion to settle a local bond maturing in June this year. To finance the P7.6 billion deficit forecast for the upcoming fiscal year, government plans to raise a net of P3 billion from the local capital market and another P2.7 billion from external lenders.

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