Data from the Bureau of the Treasury showed the latest quarterly debt-to-GDP ratio was lower than 63.5% as of end-March.
At 62.1%, the debt-to-GDP ratio was higher than 60.4% at the end of 2021, and 39.6% at the end of 2019 or before the pandemic. “The quarterly easing of the debt-to-GDP ratio was partly due to relatively faster economic growth that widened the GDP base and also effectively reduced the debt-to-GDP ratio, as seen in previous economic cycles,” said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.
Mr. Ricafort attributed the reduction of the debt to the lack of large-scale lockdowns, which lessened the need for the government to ramp up borrowings.
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