Debt-to-GDP ratio seen to drop to 50% by 2028 - BusinessWorld Online

Finance Secretary Benjamin E. Diokno answers questions from the media during a press briefing at the New Executive Building, Malacañan Palace, July 6. — PHILIPPINE STAR/ KRIZ JOHN ROSALESdomestic product ratio is expected to drop to around 50% by 2028 if it sustains its strong economic growth, Finance Secretary Benjamin E. Diokno said.

“While the absolute level of debt may increase, the economy’s ability to pay also increases from the economic gains and investments it pursued, including where the debt is used for. As long as the economy grows faster than the growth of public debt then the level of debt becomes sustainable,” Mr. Diokno said.

“What matters is the sustainability of debt, which depends on two things: the cost and the ability to pay it o“On the cost, the government’s prudent strategy over the years, which was expressed in the country’s strong credit ratings amid a sea of downgrades globally during the pandemic, enabled the government to meet itsEarlier this month, S&P Global Ratings armed the Philippines’ “BBB+” investment grade rating with a “stable” outlook.

In September, Moody’s Investors Service also affirmed the country’s long-term local and foreign currency issuer and senior unsecured ratings at “Baa2” with a “stable” outlook.

Source: News Formal (newsformal.com)

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