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The country’s sovereign debt could balloon to as much as P20 trillion by the end of President Ferdinand Marcos Jr.’s term in 2028, Finance Secretary Ralph Recto said Wednesday.The Finance chief, however, downplayed concerns about the rising national government outstanding debt balance as he said the country’s economic growth would outpace the increase in debts.
“Yes, it could be more or less 57% ,” Recto said.The Marcos administration’s economic managers, in particular, are targeting to bring down the debt-to-GDP ratio by 56% come 2028.Debt-to-GDP ratio measures the amount of the national government’s outstanding debt proportionate to the value of the economy during a specific period.A lower debt-to-GDP ratio indicates that the country can pay off its debt without having adverse impacts on the economy.
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