THE country's debt service burden declined by almost 20 percent in April from a year earlier, the Bangko Sentral ng Pilipinas reported late Friday.Preliminary data showed that the debt service burden plunged 19.8 percent to $4.64 billion as of end-April from $5.79 billion in the same period last year.Principal payments also fell by 41.5 percent to $2.12 billion from $3.61 billion, but interest payments slightly increased by 16.3 percent to $2.53 billion from $2.17 billion.
90 billion of the amount was owed by the public sector, up 4.97 percent from the $75.16 billion recorded in the same period in 2023.Private-sector debt amounted to $49.79 billion, 14.06 percent higher than the $43.65 billion reported at the end of March last year.As a percent of gross domestic product , the debt service burden declined to 3.0 percent as of the first quarter of 2024 from 4.3 percent a year earlier.External debt, meanwhile, was equivalent to 29.0 percent of GDP from 28.
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