Outstanding public sector debt declined 1.6 percent year-on-year to P7.3 trillion as of end-September 2015.
The Finance Department said at P7.3 trillion, the public sector debt represented 55.8 percent of the gross domestic product, down from 60.3 percent of GDP in the same period in 2014.
“This figure marks the lowest OPSD debt-to-GDP ratio ever since the earliest comparable period of 1998, and is a marked difference from 2009, when it stood at 70.9 percent, a 15.1 percentage point difference,” the Finance Department said.
Outstanding public sector debt covers the general government debt, borrowings of both the 14 non-financial public corporations and the financial public corporations, less the intra-sector debt holdings.
“We will continue to closely monitor GOCC debt to ensure they remain healthy and resilient from external volatility. Over the past six years we have seen our GOCCs get their acts together. As long as there’s still room for improvement, you can expect the government to continue pushing for progress,” Finance Secretary Cesar Purisima said.