THE Philippine government concluded 2024 with a total outstanding debt of P16.05 trillion, according to data from the Bureau of the Treasury (BTr).
This represents a 9.8% year-on-year increase, or P1.44 trillion, driven by increased government spending and the weakening peso.
While the total debt surpassed the Marcos administration’s P16.06-trillion projection for 2024, the final figure still fell short of the target.
The total debt at the end of 2024 equates to 60.7% of the gross domestic product (GDP), slightly exceeding the government’s program target of 60.6%. This debt-to-GDP ratio also marginally surpasses the 60% threshold considered “manageable” for developing countries.
