The amount of the country’s debt relative to the size of the economy has shrunk as of the first quarter of 2023, Finance Secretary Benjamin Diokno said Thursday.
“The [Medium-Term Fiscal Framework] is our blueprint to reduce fiscal deficit, promote fiscal sustainability and enable robust economic growth,” Finance Secretary Benjamin Diokno said.
The debt-to-GDP ratio represents the amount of the government’s debt stock relative to the size of the economy.higher than the P13.752 trillion in February, and P13.698 trillion in January. Meanwhile, the economy as measured by GDP—total value of goods and services produced in a specific period—as elevated inflation, which stood at 8.3% in the same period, dampened consumer spending.
Diokno said the government’s Medium-Term Fiscal Framework aims to bring down the debt-to-GDP ratio to less than 60% by 2025 then further down to 51.1 percent in 2028, and reduce the budget deficit to 3.0% of GDP by 2028.
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