The national government’s debt-to-gross domestic product (GDP) ratio as of end-September breached the government’s full year target amid the reported slower economic growth during the third quarter.
In a statement yesterday, the Bureau of the Treasury (BTr) said the debt-to-GDP ratio was recorded at 61.3 percent as of end-September 2024.
The latest debt ratio is higher compared to the 60.2 percent posted a year ago as well as the 60.1 percent at the end of 2023.
It is also above the government’s target of an end-December debt-to-GDP ratio of 60.6 percent.
The higher debt ratio comes after the government announced the third quarter 2024 GDP, which posted a slower growth of 5.2 percent year-on-year.
The latest economic expansion is the weakest recorded since the second quarter of 2023.
“The debt ratio reflects the accomplishment of 89.5 percent of the full-year borrowing program to fund 2024 expenditures,” the BTr said.
The national government’s total outstanding debt reached P15.89 trillion as of end-September 2024.
Meanwhile, the fiscal deficit settled at 5.1 percent for January to September 2024 compared with 5.7 percent for the same period in 2023.
It falls within the government’s goal of a full-year deficit-to-GDP of 5.6 percent.
