To familiarize everyone with key socioeconomic terms and concepts, we are launching this new social media series.
For this week, our buzzword is “public debt”.
It refers to financial obligations owed by the government and its various instrumentalities (e.g., branches, agencies, monetary institutions) to foreign governments, organizations, or individuals. It can be repaid through goods and services, but usually in cash. (Source: Department of Budget and Management)
A PIDS study projected that the public debt burden would be highest in 2023 at 66.8 percent of the gross domestic product (GDP) and may stay around that level until 2024 before gradually declining in the succeeding years.
Know more about sustainable public debt by reading “Fiscal Effects of the COVID-19 Pandemic: Assessing Public Debt Sustainability in the Philippines” available at https://pids.gov.ph/publication/discussion-papers/fiscal-effects-of-the-covid-19-pandemic-assessing-public-debt-sustainability-in-the-philippines.
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