PH foreign debt low compared to other Asia nations

The Philippines' foreign debt load remains relatively low compared to other Asian countries, allowing the government some flexibility to borrow more during the COVID-19 crisis.

As of the first quarter of 2020, external debt was 19.7% of gross national income (GNI), down from 20.9% a year earlier.

This ratio is significantly lower than it was in 2000 during the Asian financial crisis when the debt-to-GNI ratio stood at 47.5%.

The DOF attributes this resilience to prudent debt management policies, which have helped shield the economy from external shocks like the current pandemic.