The Department of Budget and Management estimated, based on the 2024 Budget of Expenditures and Sources of Financing submitted to Congress, that the government's debt would reach P15.842 trillion by the end of 2024.As of June 2023, the total outstanding debt already stood at P14.148 trillion, short of the full-year target by just 3.2 percent or P475 billion.
Based on the Treasury report, the government significantly increased its reliance on borrowings from 2020 to 2022 to address the mounting costs of the health and socioeconomic crises triggered by the Covid-19 pandemic. Diokno explained that the public should look at the debt-to-gross domestic product ratio, which compares the government’s total debt to the size of the country’s economy or its ability to generate income.
To put the debt-to-GDP ratio in terms of an ordinary person's life, Diokno suggested to think about it in relation to personal finances, and to compare someone’s own debt to his annual income.
Source: Loan Digest (loandigest.net)
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