THE PHILIPPINES’ outstanding debt remains manageable despitestressed the need for a solid“We think the debt is still manageable. Most of our debt is long term, domestic and peso-denominated,” Kevin C. Chua, World Bank senior economist in Manila, said during a brierst quarter of 2022. This was above the 60% threshold considered as manageable by multilateral lenders for developing economies, and much higher than the 39.6% seen as of end-2019.
The Department of Finance last month unveiled a fiscal consolidation plan which aims to raise an average of P284 billion every year for the next 10 years to repay the P3.2-trillion additional debt incurred during the pandemic. “Global growth has been downgraded to 2.9% from 4.1%. This weak external environment will impact the economy because our main trading partners’ — China, United States — growth are decelerating and this will aOther risks to the Philippines economic outlook include geopolitical uncertainty, tightening global financing conditions, as well as threat of a new variant-driven surge in coronavirus disease 2019 cases.
Mr. Chua said the Philippines has to keep a close eye on inflation, especially since the Russia-Ukraine war continues to impact global food and commodity prices.
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