Have less 60% of govt debt to GDP ratio

SECTOR: Economy

SONA YEAR: 2022

Have less 60% of govt debt to GDP ratio

PROMISE STATUS - DATE: In progress as of 07/17/2023

• The Philippines’ outstanding debt reached P14.10 trillion as of May, up by 1.3% over the previous month. The Bureau of the Treasury (BTr) said this is primarily due to “the net issuance of domestic and external debt and the depreciation of the local currency against the U.S. dollar.”
• As of May, debt to GDP ratio was at 62.1%. Economists pointed out that this is above the international threshold for debt sustainability of 60%. (See VERA FILES FACT SHEET: Is the Philippine debt still ‘manageable’?)
• In March, VERA FIles Fact Check flagged Marcos’ misleading posts that the national government’s borrowing decreased from P2.58 trillion in 2021 to P2.16 trillion in 2022, hence his administration’s budget management policy was effective. His posts refer only to gross borrowings or new debt that the government  incurred in 2022. (See VERA FILES FACT CHECK: Marcos’ claim on decreasing govt debt misleads)