Philippines sees debt-to-gDP down to 50% by 2028

Finance Secretary Benjamin Diokno said the Philippines expects the debt-to- gross domestic product ratio to decline to about 50% by 2028 due to strong economic growth.

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

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

Economic Planning Secretary Arsenio Balisacan gave his outlook for economic growth next year, according to Economic Planning Secretary Arsenio Balisacan.

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

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