Debt payments of the government in the first nine months of the year increased 7 percent to P459.54 billion on higher amortization from P429.25 billion year-on-year, Treasury data show over the weekend.
Interest payments in the January-to-September period declined less than 1 percent to P225.75 billion, while amortization rose 19 percent to P203.79 billion a year ago.
Data showed the government amortized P149.047 in domestic liabilities and P54.74 billion in foreign debt.
Debt payments by the government in September decreased 15 percent to P41.411 billion from P48.755 billion on year.
The treasury said the government paid P30.09 billion in interest payments in September, up 4 percent from P28.83 billion a year earlier.
Interest payments on domestic debt rose 12 percent to P15.959 billion from P22.107 billion, while those on foreign obligations dropped 13 percent to P7.98 billion from P9.14 billion a year ago.
Principal amortization declined to P11.317 billion in September from P19.92 billion last year.
Domestic debt amortization fell to P6.64 billion in September from P14.86 billion a year ago, that on foreign debt decreased to P4.66 billion from P5.06 billion.
“Interest payments for the month comprise a smaller portion of total expenditures at 16 percent from 18 percent a year ago,” the Bureau of Treasury said.
The national government incurred a budget deficit of P22.1 billion in September as government expenditures rose 17 percent to outpace the 6-percent revenue expansion in September.
Government revenues in September grew 6 percent to P164.1 billion while government spending increased 17 percent year-on-year to P186.2 billion, the fourth consecutive month of double-digit growth
The national government reduced its borrowing requirement from the original target after posting a fiscal surplus in the first half of 2015, compared with a programmed deficit for the six-month period.
The revised net financing program for 2015 is pegged at P296.8 billion from the original program of P310.4 billion.
The borrowing mix was also revised from 86 percent in the domestic market and 14 percent in foreign debt to 75 to 25.
The government plans to borrow P241.8 billion from the domestic market this year and P55 billion from foreign sources.