The Department of Finance said a transparent debt reporting proposed in the G-20 will benefit the Philippines.
Finance Undersecretary Gil Beltran, also the DoF’s chief economist, said the Philippines was among the economies with low and declining debt ratios, plunging from 66.6 percent of the GDP in 2005 to 22.5 percent as of end-June 2018.
He said compared with the country’s Asian peers, the country’s debt ratios had dropped below the Asian average of 30.9 percent of GDP in June 2018.
“Furthermore, all the projects being financed by external funds are subject to multiple-agency evaluations such that only those projects with the highest economic rates of return are selected,” Beltran said.
“Transparent debt reporting will facilitate the decision-making of investors and lenders and will shift attention to those economies that do their homework such as the Philippines,” he said.
Beltran added the Philippines had been prudent in tapping external sources and transparent in its external debt reporting.