The share of the country’s debt to the overall economy could widen to 46 to 47 percent this year because of the national government’s response to the coronavirus disease 2019 (Covid-19) pandemic crisis, an economist from a local bank estimated.
Over the weekend, Rizal Commercial Banking Corp. economist Michael Ricafort told The Manila Times the Philippines’ relatively lower debt-to-gross domestic product (GDP) ratio in recent year “gives the Philippine government greater leeway/flexibility to increase spending on stimulus measures and Covid-19 programs.”
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