The country's debt payments nearly doubled to P94.1 billion in January from P48.5 billion in the same month last year, data from the Bureau of Treasury showed.
The Treasury said bulk of the debt service consisted of principal payments amounting to P56.5 billion, a hefty increase from P13.02 billion in 2009. Interest payments rose 6 percent to P37.6 billion from P35.5 billion.
Of the total principal payments, P54.2 billion was paid to domestic creditors while P2.2 billion was paid to foreign ones.
Meanwhile, P19.3 billion of January's interest payments was paid to local lenders while the remaining P18.2 billion was paid to offshore creditors.
Earlier, the Treasury reported that government debt payments inched up 2 percent to P622.3 billion for the whole year 2009 from P612.7 billion in 2008.
http://www.abs-cbnnews.com/business/03/16/10/philippine-debt-payments-double-january
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