Philippine debt stock down to P13.42T at end-2022

The Philippine national government’s debt stock eased to P13.42 trillion as of Dec. 31 from P13.64 trillion on Nov. 30, thanks partly to the appreciation of the peso against the US dollar, according to the Bureau of the Treasury.

The BTr said the latest debt stock level represents 60.9 percent of Philippine gross domestic product, improving from 63.7 percent at the end of September 2022.

Also, the improved debt-to-GDP ratio is lower than the 61.8-percent target presented in the Marcos administration’s 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 BTr said in a statement.

The latest figures do not yet include the inflow of $3 billion from the government issuance of US-dollar bonds in January, as well as fresh domestic borrowings from that month.