Philippines’ debt-to-GDP ratio to go down to 35%

MANILA: As the Duterte administration pivots to neighbouring economic giants such as China and Japan that offer financing for infrastructure projects, the share of foreign borrowings may exceed the government’s medium-term programme and reach 30% of the total, said the Philippines’ chief economist said.

Socioeconomic Planning Secre­tary Ernesto Pernia said the yearly borrowing programme of 80% domestic and 20% external until 2022 was a very safe mix of debt.