Phl debt declines to P14.9 T in March

The country's outstanding debt declined by nearly two percent to P14.93 trillion as of end-March from a record P15.18 trillion a month ago as the government settled its obligations to both local and foreign lenders, according to the Bureau of the Treasury.

- KEISHA TA-ASAN

On a yearly basis, however, the debt stock picked up by 7.7 percent from P13.86 trillion.

For March alone, the government reduced the debt pile by P252.98 billion due to net repayments of both domestic government securities.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the decline in the country's outstanding debt was largely brought about by the maturities of the government's retail Treasury bonds (RTBS) in March worth around P700 billion.

The government raised a record P584.86 billion from its offering of fiveyear RTBs.