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Article: GOVT INTEREST PAYMENTS SEEN TO DECLINE STARTING YEAR 2007
- Article from:
- The Manila Times
- Article date:
- May 4, 2006
- Author:
CopyrightCopyright Content Parnership Pty Ltd May 4, 2006. Provided by ProQuest LLC. (Hide copyright information)
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BUDGET Secretary Rolando Andaya Jr. announced that government's interest payments for 2007 will decrease, affirming that "next year will be the turning point" because the annual debt service will decline from thereon.
Andaya has predicted that debt payments next year will come down to P316.83 billion from this year's P340 billion. He said the debt-service level in 2007 will be 4.7 percent of the gross domestic product (GDP), which is an improvement over the 5.7 percent of output for 2006.
He ascribed the decrease in interest spending to the improvement in the fiscal position of the government. Because of the government's good cash position, treasury bills and bonds rates dropped the past ...