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Philippines’ debt eased to $248.73bn by 2022 end

Manila, Feb 2 (IANS) The Philippines’ debt eased to 13.42 trillion pesos ($248.73 billion) as of December 31, 2022, partly due to the appreciation of the peso against the US dollar, the Bureau of Treasury said on Thursday.

The Bureau said the Philippines’ debt-to-gross domestic product ratio was 60.9 percent by the end of 2022, improving from 63.7 per cent by the end of September 2022 and lower than the 61.8-per cent target presented in the medium-term fiscal framework, reports Xinhua news agency.

“This reflects the consistent drive to bolster debt sustainability through prudent cash and debt management backed by resurgent economic growth,” it added.

For December 2022, the Bureau said the Philippines’ total outstanding debt decreased by 1.7 per cent from the end of November 2022 level “due to the effects of local currency appreciation and the net redemption of domestic government securities”.

Of the total debt stock, the Bureau said 31.38 per cent was sourced externally, while 68.62 per cent were domestic borrowings.

According to the Bureau, the Southeast Asian country’s external debt increased by 18.3 per cent since the beginning of 2022.