Govt debt payments surge to P664.72 billion in August

The national government's debt payments significantly increased to P664.72 billion in August, a substantial rise from P186.22 billion in the same month last year.

This surge was primarily driven by a nearly five-fold increase in amortization payments, reaching P601.61 billion.

Domestic amortization payments constituted the largest part of these payments, soaring from P122.03 billion to P597.88 billion.

In contrast, external amortization payments saw a considerable decrease of 67.3 percent, amounting to P3.73 billion in August.

Interest payments also rose by nearly 20 percent, totaling P63.1 billion for the month.

These amortization payments represent the repayment of the loan principal, thereby reducing the government's overall debt.