Debt servicing made by the government as of August this year amounted to P416.02 billion, or a big 35-percent increase from debt servicing of P309.14 billion it made during the same eight-month period in 2014.
The increase in debt servicing this year came after an increase in the amortization on the principal debt made by the government.
As of August 2015, amortization on the principal debt amounted to P192.48 billion, or nearly the entire amount of amortization made for the full year of 2014, which reached P193.82 billion.
Interest payments continued to constitute the bigger chunk of debt payments, with P225.66 billion being alloted for interests from January to August 2015.
However, the government pointed out that the proportion of interest payments in relation to total expenditures of the government had been shrinking, suggesting that more money is freed up for projects that have social or economic impact.
Total disbursements made by the government from January to August 2015 amounted to P1.44 trillion, of which 15.6 percent, or P225.66 billion, were was used for interest payments. Interest payments constituted 18 percent of total expenditures for the full year of 2014.
Debt payments to domestic creditors constituted a bigger part of the total debt payments as of August.
A total of P152.33 billion were spent for interest payments to domestic debt, while P142.40 billion were used as amortization on domestic debt.
Interest payments made for foreign debt amounted to P73.33 billion, while amortization on foreign debt amounted to P50.08 billion.