Philippine Debt-to-GDP Ratio Reached 54.5% in 2020

The recession in 2020 caused by economic challenges and international borrowing raised to withstand the coronavirus pandemic brought the debt-to-GDP ratio of the Philippines to 54.5%, a 14-year high.

The debt of the country by the end of 2020 was recorded at ₱9.79 trillion.

Luis Dumlao, Ateneo de Manila University economics department chair, said “At 85%, people start to think you are in danger. We are far off from it,”

Source: Inquirer