The Philippine economy is expected to grow faster than government debt over the next four years, Finance Secretary Ralph Recto said Wednesday.
“This means that the income of ordinary Filipinos would be higher. We would have a bigger economy and more jobs,” said Recto.“We recently achieved an all-time high gross national income per capita. This bodes well for our goal of reaching an upper middle-income country by 2025. This means we can expect higher income of each Filipino,” he said.
Data from the Bureau of Treasury show that the national government debt climbed to P15.48 trillion as of end-June 2024, a 0.9 percent increase from the end-May level primarily due to new borrowings and the peso’s depreciation against the US dollar.
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