Philippines' debt service bill rose 26% in 2024

The Philippines' debt service bill increased by 26% in 2024, reaching P2.02 trillion due to higher interest and amortization payments. This amount remained within the government's P2.03 trillion limit for the year. Amortization payments rose by 29%, with local principal repayments up 16% and external liabilities soaring by 98%. Interest expenses also grew by 21%, totaling P763.3 billion. For 2025, the government plans a debt repayment program of P2.05 trillion, which is 33% of its overall spending target. The projected budget deficit is P1.537 trillion, leading to plans for borrowing P2.55 trillion.