According to Finance Minister Ralph Recto, the country's outstanding debt is not a cause for concern as the country's economy is large enough to generate the resources needed to service its debts without difficulty.
Recto: National debt not really a concern
“Sa unang tingin, tilla napakalaki ng ating utang na maabot ng trilyon. Pero, uulitin ko, hindi po tayo dapat mabahala ditto. That's a good thing, Recto said Monday during the House Committee on Appropriations' deliberation on the proposed P6.352 trillion 2025 budget.
The country's public debt is expected to rise to 16 trillion pesos by the end of 2024.
Recto noted that the country had the lowest debt-to-GDP ratio in 2019, with total nominal debt of only 7.7 trillion pesos.
