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Article: RP INTEREST PAYMENTS SLIDE ON FISCAL GAINS

Article from:
The Manila Times
Article date:
November 18, 2006
Author:
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A STRONGER peso and continued positive market sentiment due to the Philippines' improving fiscal position has helped the government save billions in interest payments for its outstanding debt.

Department of Finance data showed that interest payments for October declined by 26.4 percent to P23.3 billion. For the first 10 months of the year, the government paid P277.8 billion in interest while saving as much as P25 billion.

"Because of the lower interest rates, we have actually saved about P25 billion in interest payments. So what we have lost in terms of P20 billion [in government securities taxes], we have gained P25 billion in terms of the interest payments," National Treasurer Omar T. ...

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