MANILA, Philippines (Xinhua) - Philippine debt payment in the first ten months this year declined by 20 percent on year to P498 billion ($11.3 billion), the Bureau of Treasury said today.
Principal payment in the 10-month period fell by 38.2 percent on year to P219.5 billion ($4.98 billion). Interest payment rose 4.5 percent on year to P278.6 billion ($6.32 billion).
The government borrows from the international and domestic market to supplement revenues and finance development programs.