MANILA, Philippines (Xinhua) - Debt payment in January to November 2013 fell by 20 percent on year to P526.98 billion ($11.82 billion), the Bureau of Treasury said today.
Principal payment in the 11-month period declined by 39 percent to P230.29 billion ($5.16 billion). Interest payments, however, went up by 5 percent on year to P296.69 billion ($6.65 billion) as of end-November.
The Philippine government borrows from the international and domestic market to supplement revenues and finance development programs.