By Justine Irish D. Tabile, Senior Reporter
THE National Government’s (NG) debt service bill plunged by 88.55% in August as principal repayments fell sharply, the Bureau of the Treasury (BTr) said.
The latest Treasury data showed debt service declined to P76.12 billion in August from P664.72 billion in the same month a year ago.
Month on month, debt service dropped by 45.63% from P139.99 billion in July.
Debt service covers principal and interest payments on the government’s domestic and foreign borrowings.
Interest payments accounted for the bulk or 86.21% of the total debt service bill in August, while the rest went to principal repayments.
The government’s interest payments rose by 3.98% to P65.62 billion in August from P63.11…