AMID CONCERNS over the Philippines’ ballooning debt, Finance Secretary Benjamin E. Diokno said the debt-to-gross domestic product (GDP) ratio is “not the sole criterion that matters” in assessing the economy’s health. READ:
Mr. Diokno told reporters that the country’s debt-to-GDP ratio, which stood at 63.5% as of end-March, is still manageable.
Economic managers are aiming to bring down the debt-to-GDP ratio to 61.8% by yearend. The debt-to-GDP ratio is expected to steadily drop to 61.3% by next year all the way to 52.5% by 2028. Preliminary data from the BSP showed the country’s gross international reserves stood at $101.983 billion at end-June, falling 3.5% from the record $105.762-billion level seen in June 2021.Meanwhile, exports rose by 6.2% year on year to $6.310 billion in May but were oThe Development Budget Coordination Committee retained this year’s export growth target to 7%, but increased import growth goal to 18% from 15% previously.
“The government must improve its primary balance, either by cutting primary spending or raising more revenues, or doing a combination of both,” he said.scal policy might need to continue to be conducive to supporting the country’s economic recovery, especially given the diMr. Diokno said last week that it is not “crucial” to return to the 39.6% debt-to-GDP ratio seen as of end-2019, considering the country’s experience at the height of the coronavirus pandemic.
Leonardo A. Lanzona, director of the Ateneo Center for Economic Research and Development, said the government should still prioritize investing in human capital over debt repayment. “These were done by the economic teams of the previous three administrations and were successful in reducing the debt-to-GDP ratio and even led to credit rating upgrades,” Mr. Ricafort said.
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