THE PHILIPPINES will likely see its debt decline this year amid continued economic growth, Moody’s Investors Service said on Monday.
The Philippines will likely see its debt decline this year, according to Moody’s Investors Service. — PHILIPPINE STAR/EDD GUMBAN
The debt-to-GDP ratio stood at 63.7% as of the end of the third quarter, which is above the 60% threshold prescribed by multilateral lenders. This is the highest debt-to-GDP ratio in 17 years, and signiThis year, economic managers are aiming to bring down the debt-to-GDP ratio to 60-62%, as the Philippine economy is expected to expand by 6-7%.
“Debt affordability will fall from generally robust levels as interest rates rise and will be manageable for most in the region,” Moody’s said. “Growth will be lower than in 2022, but close to potential in most cases, underpinning broad credit stability. Slowing economic activity in large export markets such as the US and EU will weaken a major engine of growth for the region, although a modest upturn in China will provide support,” Moody’s said.
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