Philippines’ strong growth, peso appreciation ease debt worries

MANILA, Philippines – The Philippines’ stronger-than-expected growth in 2022 lowered the ratio of debt relative to the size of the economy, the latest figures of the Bureau of the Treasury (BTr) showed.

The Philippines ended 2022 with a debt stock of P13.4 trillion in December, 1.7% lower, or from the record high of P13.64 trillion in November. On a year-to-date basis, sovereign debt grew 14.4% or by P1.69 trillion from end-2021.

BTr said that the decline from November to December was due to the peso’s appreciation...