MANILA (XINHUA) – The Philippines’ debt eased to PHP13.42 trillion as of December 31, 2022, partly due to the appreciation of the peso against the US dollar, the Philippines Bureau of Treasury said yesterday.
The bureau said the Philippines’ debt-to-gross domestic product ratio was 60.9 per cent by the end of 2022, improving from 63.7 per cent by the end of September 2022 and lower than the 61.8-per-cent target presented in the medium-term fiscal framework.
“This reflects the consistent drive to bolster debt sustainability through prudent cash and debt management backed by resurgent economic growth,” the bureau said.
For December 2022, the bureau said the Philippines’ total outstanding debt decreased by 1.7 per cent from the end-November 2022 level “due to the effects of local currency appreciation and the net redemption of domestic government securities”.
Of the total debt stock, the bureau said 31.38 per cent was sourced externally, while 68.62 per cent were domestic borrowings.
According to the bureau, the Southeast Asian country’s external debt increased by 18.3 per cent since the beginning of 2022.
