Did you know that the Gov't debt ratio improves in September?
According to the news released by the Department of Finance, the Gov’t debt ratio improves in September. The share of debt to the country’s economy slid further as of September this year as the gross domestic product (GDP) continued to grow faster than government liabilities, latest data from the Department of Finance (DOF) showed.
Following a series of liability management measures of the DOF, Finance Undersecretary Gil Beltran reported that the government debt-to-GDP ratio further improved to 44.2 percent by end-September from 44.7 percent in the same month last year.
“Debt management measures led to the continuing drop in the debt-GDP ratio to 44.2 percent as of September 2016, an improvement from end-2015 ratio of 44.7 percent,” Beltran, who is the DOF’s chief economist, said in a report to Finance Secretary Carlos Dominguez III.
The debt-to-GDP ratio is projected to sustain the yearly decline until falling to about 35 percent by the end of the Duterte administration.
The national government debt as a proportion of GDP had continually dropped from 52.4 percent in 2010 to 44.7 percent in 2015.
“Strong fiscal fundamentals will continue to underpin robust economic growth during the rest of the year,” said Beltran.
The Bureau of Internal Revenue’s tax effort improved to 11.31 percent from 11.27 percent, while the Bureau of Customs’ figure slightly fell to 2.78 percent from 2.81 percent.
