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Marcos says Philippines' debt-to-GDP ratio ‘worrying’

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Katrina Domingo, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="A view of the Metro Manila skyline as seen from Taytay, Rizal on January 11, 2023. George Calvelo, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/life/08/09/20230111-metro-manila-skyline-gc2273.jpg"/><figcaption>A view of the Metro Manila skyline as seen from Taytay, Rizal on January 11, 2023. <em>George Calvelo, ABS-CBN News</em></figcaption></figure></div><p>MANILA — President Ferdinand Marcos Jr. on Wednesday said the Philippine government is “worrying” about the country’s debt even if the country is “doing better than its neighbors.”</p><p>The Philippines debt-to-gross domestic product ratio is “not ideal” Marcos told members of the US-ASEAN Business Council who visited Malacañang.</p><p>“We worry about our debt-to-GDP ratio in the Philippines, as it stands at about 63 percent and that’s a little high for us and it is not ideal,” he said.</p><p>The Philippines sovereign debt grew to a <a href="https://news.abs-cbn.com/amp/business/08/01/23/philippine-debt-grows-to-p1415-trillion-in-june">new record</a> of P14.15 trillion at the end of June, according to data from the Bureau of Treasury. Since assuming the presidency last year, Marcos has added P1.36 trillion to the national debt.</p><p>“We’re doing better than our neighbors perhaps but nonetheless, it&#x27;s still something that we need to be looking at,” he said.</p><p>The Philippines is looking at improving its growth numbers to reduce that ratio, the President said.</p><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2755302" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><p>Marcos said he also “worries about the constriction of the economy by very high interest rates.”</p><p>The Bangko Sentral ng Pilipinas has so far raised its benchmark rate to 6.25 percent from a record low of 2 percent last year, as it tries to curb inflation which hit a 14-year high in January. </p><p>“This is something that we have to balance,” he said.</p><p>Despite these, the President underscored that the Philippines continues to register positive economic numbers.</p><p>“I am happy to report that the Philippines is on track not only for economic recovery but to achieving an upper-middle economic status within a couple of years,” he said.</p><p>“Despite global economic headwinds, our GDP post-pandemic defied predictions through sound economic and fiscal policies, responsive reforms, and an enabling economic environment that drove commerce and domestic consumption,” he said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/04/23/philippine-debt-hits-record-p141-trillion-in-may">Philippine debt hits record P14.1 trillion in May</a></li></ul><p>Despite international headwinds, the Philippines has been doing “reasonably well” when it comes to economic growth, the President said.</p><p>“In the estimate of the World Bank, originally for the Philippines was 5 percent. Growth for this year, that has been upgraded to 6 percent,” he said.</p><p>“There are new shocks that have come in, but I think we can take measures to continue the growth rate of our economy,” he said, noting that “aggressive infrastructure projects” have been started in the country.</p><p>While inflation in the Philippines has been on a downward trend since January, the country needs to achieve a 3.7 percent average inflation rate for the next five months for the country to hit the BSP&#x27;s’ forecast of 5.5 percent inflation for 2023, Assistant National Statistician Rachel Lacsa said last week.</p>

The Philippines debt-to-gross domestic product ratio is “not ideal” Marcos told members of the US-ASEAN Business Council who visited Malacañang.

Marcos says Philippines' debt-to-GDP ratio ‘worrying’

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Marcos says Philippines' debt-to-GDP ratio ‘worrying’

Katrina Domingo,

ABS-CBN News

Published Aug 09, 2023 05:31 PM PHT

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Updated Aug 09, 2023 06:02 PM PHT

Read More:

GDP ratio

business

President Ferdinand Marcos Jr

debt-to-GDP ratio

sovereign debt

national debt

economy

economic growth

GDP growth

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