The Philippines’ outstanding debt in 2022 ended at P13.42 trillion registering a slightly lower debt-to-GDP ratio and expected economic growth according to the Bureau of Treasury.
The debt is also 1.7% lower compared to the November 2022 figures due to the acceleration of Philippine peso.
The Bureau of Treasury said that the improvement in numbers “reflects the consistent drive to bolster debt sustainability through prudent cash and debt management backed by resurgent economic growth”.
“Going forward, faster growth in the economy, together with tax and other fiscal reform measures to further structurally increase tax revenue collections and combined with more disciplined spending would help further reduce/improve the debt-to-GDP ratio to below the 60 percent international threshold to help sustain the country’s favorable credit ratings at 1-3 notches above the minimum investment grade,” RCBC Chief Economist Treasury Group Michael Ricafort said in a statement in an ABS-CBN report.
The Bureau of Treasury said that out of the total outstanding debt, P9.21 trillion are domestic borrowings while P4.21 trillion were external debt.
PH sovereign debt now at P13.42 trillion in December 2022
Source: Pinoy News Udpates PH
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