The government paid P479.35 billion to creditors in the first 10 months, up 5.9 percent from a year ago, the Treasury said Monday.
Data showed debt payments this year increased from P452.69 billion recorded a year ago, as the government increased its principal amortization.
The Treasury said debt payments represented 15 percent of total government expenditures in the 10-month period.
National government debt increased 4.3 percent to P5.96 trillion in October from a year ago, despite the higher debt payments.
Interest payments in January to October slightly dropped by 0.83 percent to P271.895 billion from P274.158 billion in the same period last year.
Principal amortization jumped 16.2A percent in the 10-month period to P207.451 billion from P178.536 billion a year earlier.
The Treasury said of the total amortization, domestic debt payments surged 51.5 percent to P149.800 billion while foreign amortization fell 27.63 percent to P57.651 billion.
Debt payments in October alone went down by 14.13 percent to P19.801 billion from P23.059 billion recorded in the same month last year.
The 45.19-percent decline in amortization pulled down debt payments in October.
Principal amortization dropped to P3.657 billion in October from P6.672 billion in October 2014 while interest payment declined 3.72 percent to P16.144 billion.
Local interest payments decreased 8.61 percent to P9.403 billion while foreign interest payments grew 4.06 percent to P6.741 billion.
“Interest payments for the month declined by 4 percent year-on-year to P16.1 billion due to lower domestic payments. As a percentage of total expenditures, cumulative IP for 2015 is at 15 percent compared to 17 percent a year ago,” the Treasury said.
Domestic debt amortization fell 81.93 percent in October to P753 million, offsetting the 15.97- percent increase to P2.904 billion in international debt amortization.
The government incurred a P52.6-billion budget deficit in October, up by 56 percent from a year ago. A deficit is incurred when the government’s total expenditures exceed the revenue it generates, excluding money borrowed.
The government said in 2016, it would allocate P419.3 billion or 14 percent of the P3.002 trillion 2016 national budget for debt servicing.
Outstanding national government debt as a percentage of the gross domestic product is expected to drop to 41.8 percent next year.