MANILA, Philippines—The national government’s outstanding debt will hit a record-high P13.41 trillion by end of 2022 as the Department of Finance (DOF) on Friday (July 9) said the recent borrowing spree would finance the prolonged fight against the health and socioeconomic catastrophe inflicted by COVID-19.
Despite debt building up across emerging markets, UK-based Oxford Economics said in a report that the Philippines, Colombia, India and Malaysia “have the most fiscal space; their existing plans (as calibrated by the International Monetary Fund) entail primary balances well above those necessary to stabilize debt.”
“Existing fiscal plans, if implemented, would be more than suff…
Keep on reading: PH debt to hit record P13.41 trillion in year Duterte steps down