The Philippines’ debt-to-gross domestic product (GDP) ratio ballooned to a fresh 17-year high as of the third quarter of 2022, data from the Bureau of the Treasury (BTr) showed.
as of the end of September 2022, as the government issued securities to raise funds to support the budget, coupled with the peso’s weakening against the US dollar.ING Bank Manila senior economist Nicholas Antonio Mapa told GMA News Online that the “debt-to-GDP ratio inched higher despite the sterling third quarter GDP report.”“This highlights the need for the government to address issues such as escalating debt and surging inflation.
Prior to the COVID-19 pandemic, the Philippines’ debt-to-GDP ratio reached a record low of 39.6% in 2019.
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