The Philippines has incurred an outstanding total debt of P13.418 trillion as of end-2022, up by 14.4 percent from end-2021’s P11.728 trillion, the Bureau of the Treasury (BOT) announced Thursday, Feb. 2. READ:
The Philippines has incurred an outstanding total debt of P13.418 trillion as of end-2022, up by 14.4 percent from end-2021’s P11.728 trillion, the Bureau of the Treasury announced Thursday, Feb. 2.
DOF Secretary Benjamin E. Diokno said Thursday that the debt-to-GDP ratio, despite the higher total NG debt, is still lower at 60.9 percent in 2022 against the 61.8 percent target under the Medium-Term Fiscal Framework .“Our medium-term fiscal plan and exemplary GDP growth have allowed us to outpace our borrowings. This gives us confidence that we can reach our targets by 2025,” Diokno.
The DOF in a statement said its debt management strategy prefers more domestic market borrowings over external sources to minimize foreign exchange risk. The debt-to-GDP ratio of 60.9 percent for 2022 was an improvement from 63.7 percent from end-September last year.
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