NG debt service rises to P2.02T in 2024, driven by higher amortization and interest payments

The National Government (NG) debt service payments rose to P2.02 trillion in 2024, up from P1.604 trillion in 2023.

Amortization payments accounted for the majority at 62.22%, increasing by 28.92% to P1.26 trillion.

Interest payments also increased by 21.48% to P763.31 billion, although it fell short of the BTr's program by 0.02%.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the higher debt servicing to rising repayments from debts incurred during the COVID-19 pandemic and higher interest rates.

Economist Reinielle Matt M. Erece expects higher foreign loan repayments in 2025 due to expected depreciation of the Philippine peso relative to the dollar.