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Debt, budget deficit levels rising but remain manageable: Finance chief

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MANILA - The Philippines’ rising debt and budget deficit levels remain manageable and sustainable, the Department of Finance said on Tuesday.

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.

 

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