Philippines sees debt-to-GDP ratio falling to 50% by 2028

A general view of Metro Manila is seen on November 25, 2022. - AFP

MANILA, Nov 27 (Bloomberg): The Philippines expects the government’s debt-to-gross domestic product ratio to decline to about 50% by 2028 due to strong economic growth, Finance Secretary Benjamin Diokno said.

The ratio climbed to 62% this year from below 40% before Covid-19 hit as revenue fell while pandemic-related spending rose, Diokno said in a mobile-phone message on Saturday.

Debt is sustainable as long as the economy expands faster than the increase in public debt, he said. President Ferdinand Marcos Jr.’s economic team is aiming for growth of 6.5% to 8% annually from 2023 to 2028.

Separately, Economic Planning Secretary Arsenio Balisacan on Sunday gave his outlook for economic growth next year.

"After a likely over 7% growth in 2022, yes, we may slow down, given still-elevated external headwinds & internal challenges, but the economy will remain comparatively strong in 2023,” Balisacan said in a tweet. - Bloomberg

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Philippines , debt-to-GDP , Ratio , Falling , 50% , 2028


Next In Aseanplus News

Prosecution withdraws appeal to forfeit monies allegedly linked to 1MDB funds from nine entities
Asean News Headlines at 9pm on Tuesday (Feb 7, 2023)
Singapore inflation expected to stay high in first half of 2023, says Trade and Industry Minister
Indonesia's Pertamina targets 5% increase in 2023 oil and gas lifting
Olympics-Nordic countries jointly oppose Russian, Belarusian sports participation
Opportunities abound between Sabah and Japan to collaborate, says Liew
Seoul court rules South Korea responsible for Vietnam War massacre
Separatist rebels release passengers but take New Zealand pilot hostage drama in Papua (update)
Concern rises for lives of two Thai activists on hunger strike
Thai transgender actress Poyd Treechada is engaged to wealthy businessman

Others Also Read