Finance Secretary Carlos Dominguez said the debt-to-GDP ratio is projected to reach 53.5 percent in 2020, up from the pre-pandemic goal of 40.2 percent and 2019’s historic low of 39.6 percent.
This year, the debt-to-GDP ratio is expected to settle at 57 percent, which is still within a “sustainable threshold”, Dominguez said. “We will continue to exercise discipline and prudence in managing our fiscal affairs. This, I believe, is the key to a strong and sustainable recovery,” Dominguez added.