THE PHILIPPINES’ outstanding debt as a share of the gross domestic product (GDP) will remain high in the medium term, easing only after 2024, Philippine Institute for Development Studies (PIDS) researchers said. READ:
Economic managers are targeting 6-7% GDP growth this year, slower than the 7.6% GDP expansion in 2022. — PHILIPPINE STAR/WALTER BOLLOZOS
The PIDS study showed the debt-to-GDP ratio might peak at 66.8% this year until 2024, before easing to 66.4% in 2025, 66% in 2026 and 65.7% in 2027. This is slightly above the 60% threshold considered manageable by multilateral lenders for developing economies, but much higher than the pre-pandemic level of 39.6% in 2019.
At the end of 2022, the National Government’s outstanding debt stood at P13.42 trillion, higher by 14.4% from P11.73 trillion at the end of 2021. Despite the elevated debt, the think tank said the government should continue spending to jumpstart the economy.
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