PH debt-to-GDP hits 14-year high of 54.5%

Updated THU · FEB 4, 2021 · 5:20 AM

The national government's debt-to-GDP ratio reached a 14-year high of 54.5% in 2020 due to increased borrowing during the pandemic.

This is up from 39.6% in 2019 and below the peak of 58.8% recorded in 2006.

The debt level decreased slightly at the end of December due to repayments and a stronger peso, but total outstanding debt still reached P9.795 trillion as of end-December 2020.

S&P Global Ratings projects the ratio to rise to 45.6% in 2021 before gradually decreasing by 2023.

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