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Philippines’ Debt Ratio Widens as Pandemic Rages

  • Debt rose 20% from a year ago to $229 billion in December
  • Ratio still within ‘accepted sustainable treshold’: Treasury

The Philippine government’s outstanding debt reached 11.7 trillion pesos ($229 billion) at end-December, up by a fifth from a year ago, according to the Bureau of the Treasury.

The debt-to-GDP ratio widened to 60.5% in 2021 from 54.6% in the year previous. The Treasury, in a statement on Tuesday, said the ratio is still “within the accepted sustainable threshold as the economy continues to recover from the effects of the pandemic.”