Debt payments increase during the first quarter

MANILA, Philippines – Philippine debt payments rose after Manila retired existing bonds by exchanging them for newer securities maturing in five and seven years, a move seen to provide more bond market liquidity.

Some P291.55 billion was spent for the first three months this year to settle local and foreign obligations, data from the Bureau of Treasury (BTr) showed. The amount is 22 percent higher than P239.38 billion alloted during the same period last year.

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