MANILA – The share of the country's total liabilities to the gross domestic product (GDP) improved last year.
"With the 2023 full-year Gross Domestic Product (GDP) growth of 5.6 percent, the debt-to-GDP ratio improved to 60.2 percent from 60.9 percent at the end of 2022," the Bureau of the Treasury (BTr) said in a report released on Wednesday.
"The end-2023 level also falls below the 61.2 percent target outlined in the medium-term fiscal framework consistent with efforts to improve debt sustainability," the BTr added.
The debt-to-GDP is the widely used indicator for tracking debt sustainability.
The country's total outstanding debt amounted to PHP14.62 trillion, higher by 8.9 percent from the end-2022 level.
The BTr said of the total debt stock, domestic debt amounted to PHP10.02 trillion, up by 8.7 percent year on year.
"However, month on month, this reflects a decrease of PHP6.48 billion or 0.06 percent compared to the end-November 2023 level, primarily attributed to the net redemption of government securities," it said.
External debt, on the other hand, amounted to PHP4.6 trillion, higher by 9.2 percent from the end-December 2022 level. (PNA)
