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Gov't eyes lower debt ratio by '28
Manila Bulletin
|August 18, 2025
Despite an increase in the Philippines' general government (GG) debt-to-gross domestic product (GDP) ratio to 57.1 percent in 2024, the Marcos Jr. administration is targeting to gradually lower this debt ratio to the 54-percent level by the end of 2028.
This was indicated in the national government’s (NG) midterm update on its Philippine Development Plan (PDP) 2023-2028—the current administration’s medium-term socioeconomic blueprint—published last Friday, Aug. 15, which retained its debt management strategies.
But the historically used NG debt-to-GDP ratio has been replaced by the GG debt ratio as a core indicator of the updated PDP 2023-2028 target “as it presents a more holistic view of the government's liabilities.”
The GG debt ratio is also the metric that credit rating agencies monitor for their ratings actions, as it excludes intragovernmental debt holdings.
This story is from the August 18, 2025 edition of Manila Bulletin.
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