Manila Bulletin
Fiscal discipline lowers debt by P2.2 T
The Department of Finance (DOF) stated that fiscal discipline prevented the Philippine national debt from reaching P15.4 trillion.
The country's sovereign debt reached a record P12.76 trillion in April 2022, with the debt-to-GDP ratio at 63.5 percent.
DOF Chief Economist Gil Beltran asserted that the administration practiced fiscal prudence during the COVID-19 pandemic, spending only what was affordable.
Beltran noted that yielding to pressure to spend more could have increased the national debt by an additional P2.2 trillion.
The Bayanihan Laws, which targeted vulnerable sectors, were instrumental in the pandemic response.
These laws provided for healthcare worker compensation, cash aid distribution, and implemented payment moratoriums and rental reprieves.
The government also opted not to support several stimulus bills that could have resulted in increased spending and revenue loss.
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The Department of Finance (DOF) stated that the Philippines' public debt would have reached P15.4 trillion by the end of 2022 if the government had yielded to proposals such as spending more on pandemic relief and suspending the fuel excise tax.
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The Philippines' total outstanding debt reached P12.76 trillion as of end-April 2022, an increase of 0.7% or P83.4 billion from the previous month.
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