PH ends 2021 with P11.73T debt, ratio at 60.5%

As of end-December 2021, the Philippine government's outstanding debt reached P11.73 trillion, marking an increase of nearly P2 trillion from the previous year.

The debt-to-GDP ratio rose to 60.5%, slightly above the international threshold of 60% considered manageable for developing economies.

Despite this, economist Michael Ricafort sees the current level as sustainable due to better fiscal performance and continued economic recovery.

Domestic borrowings accounted for 69.7% of total debt, while external sources made up 30.3%, with domestic debt growing by 22% year-on-year.